American Airlines Group Inc. American Airlines, Inc. Form 10-K Year Ended December 31, 2018 Table of Contents Page PART I Item 1. Business 5 Item 1A. Risk Factors 16 Item 1B. Unresolved Staff Comments 35 Item 2. Properties 36 Item 3. Legal Proceedings 39 Item 4. Mine Safety Disclosures 39 PART II Item 5. Market for American Airlines Group’s Common Stock, Related Stockholder Matters and Issuer Purchases of Equity Securities 40 Item 6. Selected Consolidated Financial Data 43 Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations 48 Item 7A. Quantitative and Qualitative Disclosures About Market Risk 78 Item 8A. Consolidated Financial Statements and Supplementary Data of American Airlines Group Inc. 80 Item 8B. Consolidated Financial Statements and Supplementary Data of American Airlines, Inc. 129 Item 9. Changes In and Disagreements with Accountants on Accounting and Financial Disclosure 174 Item 9A. Controls and Procedures 174 PART III Item 10. Directors, Executive Officers and Corporate Governance 178 Item 11. Executive Compensation 178 Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 178 Item 13. Certain Relationships and Related Transactions, and Director Independence 178 Item 14. Principal Accountant Fees and Services 178 PART IV Item 15. Exhibits and Financial Statement Schedules 179 Item 16. Form 10-K Summary 199 SIGNATURES 200 3