8 unchanged sentences
There were no cash dividend payments during the years ended December 31, 2024 and 2023.
−Removed: In connection with our receipt of financial assistance under PSP1, PSP2 and PSP3, we agreed not to pay dividends on AAG common stock through September 30, 2022, when this restriction expired.
If we determine to make any dividends in the future, such 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.
11 unchanged sentences
Purchases of Equity Securities by the Issuer and Affiliated Purchasers
−Removed: The remaining authority under our most recent $2.0 billion share repurchase program expired in December 2020, and in connection with our receipt of financial assistance under PSP1, PSP2 and PSP3, we agreed not to repurchase shares of AAG common stock through September 30, 2022, when this restriction expired.
−Removed: No repurchases of AAG common stock were made in 2023 or 2022 following the lapse of these restrictions.
−Removed: As of December 31, 2023, the Board of Directors of AAG had not authorized another share repurchase program.
+Added: No repurchases of AAG common stock were made in 2024 or 2023.
Any future determination to enter into a share repurchase program will be at the discretion of the Board of Directors, subject to applicable legal limitations, and will depend upon our results of operations, financial condition, contractual restrictions and other factors deemed relevant by the Board of Directors.
6 unchanged sentences
The Tax Benefit Preservation Plan was subsequently ratified by our stockholders at the 2022 Annual Meeting of Stockholders of AAG.
+Added: AAG entered into Amendment No.
+Added: 1 to the Tax Benefit Preservation Plan to extend the expiration date to October 29, 2027, subject to approval by stockholders by October 29, 2025.
The Tax Benefit Preservation Plan is designed to reduce the likelihood that we experience an "ownership change” for purposes of Section 382 by deterring certain acquisitions of AAG common stock.
12 unchanged sentences
Total operating expenses 51,597 49,754 47,364
−Removed: Operating income (loss) 3,034 1,607 (1,059)
−Removed: Net income (loss) 822 127 (1,993)
−Removed: Earnings (loss) per common share:
+Added: Operating income 2,614 3,034 1,607
+Added: Net income 846 822 127
+Added: Earnings per common share:
Basic $ 1.29 $ 1.26 $ 0.20
26 unchanged sentences
Labor contract expenses (2)
+Added: A330 fleet-related adjustments (3)
Severance expenses 13 23
−Removed: Fleet impairment (4)
−Removed: Litigation reserve adjustments — 37
Other operating special items, net 34 (41)
6 unchanged sentences
Pre-tax special items, net $ 667 $ 1,341
−Removed: Income tax special items, net — (9)
−Removed: Total special items, net $ 1,341 $ 263
Reconciliation of Pre-Tax Income Excluding Net Special Items:
11 unchanged sentences
(1) See Note 2 to AAG’s Consolidated Financial Statements in Part II, Item 8A for further information on net special items.
−Removed: (2) Labor contract expenses relate to one-time charges resulting from the ratification of a new collective bargaining agreement with our mainline pilots, including a one-time payment of $754 million as well as adjustments to other benefit-related items of $235 million.
−Removed: (3) Severance expenses included costs associated with headcount reductions in certain corporate functions.
−Removed: (4) Fleet impairment included a non-cash impairment charge to write down the carrying value of our retired Airbus A330 fleet to the estimated fair value due to the market conditions for certain used aircraft.
+Added: (2) Labor contract expenses for 2024 related to one-time charges resulting from the ratification of new CBAs with our mainline flight attendants and passenger service team members, including one-time payments and adjustments to vacation accruals resulting from pay rate increases.
+Added: Labor contract expenses for 2023 related to one-time charges resulting from the ratification of a new CBA with our mainline pilots, including a one-time payment of $754 million as well as adjustments to other benefit-related items of $235 million.
(3) We retired our Airbus A330 fleet in 2020 as a result of the decline in demand for air travel due to the COVID-19 pandemic.
+Added: In 2022, we recorded a non-cash impairment charge to write down the carrying value of our retired Airbus A330 fleet to their then estimated fair value due to the market conditions for certain used aircraft, and in 2024, we entered into a sales agreement for our remaining Airbus A330 aircraft, resulting in a $42 million gain.
+Added: (4) Regional operating special items, net for 2024 included a $33 million non-cash write down of regional aircraft resulting from the decision to permanently park 43 Embraer 145 aircraft.
(5) Debt refinancing and extinguishment costs in 2023 primarily included cash charges for premiums paid in connection with the early repayment of debt.
−Removed: See Note 4 to AAG’s Consolidated Financial Statements in Part II, Item 8A for further information.
(6) Mark-to-market adjustments on equity investments, net included net unrealized gains and losses associated with certain equity investments.
31 unchanged sentences
Total operating expenses 51,550 49,715 47,312
−Removed: Operating income (loss) 3,069 1,653 (961)
−Removed: Net income (loss) 1,188 338 (1,777)
+Added: Operating income 2,654 3,069 1,653
+Added: Net income 1,262 1,188 338
Consolidated Balance Sheet data (at end of period):
9 unchanged sentences
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.