ANNUAL REPORT PROJECT (10-K)
https://www.wallstreetmojo.com/fortune-100/
Objective:
The goal of this assignment is to develop your understanding of the structure and layout of a company's
annual financial report (10-K). Through this exercise, you will gain practical experience in identifying key
financial data and learning where to locate critical information within the report.
Instructions:
Company Selection:
Select a Fortune 100 company and download its most recent 10-K.
Locate Information:
For each question listed in the assignment, identify the relevant section within the selected 10-K report
where the information is presented.
Specific Report Year:
Ensure that your responses are derived from the most recent year of the annual report. Reports from
other years will not be accepted.
Focus on Comprehension:
This is an exercise in locating and interpreting information, not in performing calculations. Your task is to
accurately identify where specific data is presented in the 10-K and demonstrate your understanding of
its layout and content.
By completing this assignment, you will enhance your ability to navigate and interpret a company's
financial disclosures, a critical skill for accounting and financial professionals.
Submission Requirements:
Submit the following to the Canvas dropbox:


This document with the answers to each question and the page number where found.
The 10-K used to locate the answers.
Annual Report Questions
1. Company Name and Ticker Symbol
What is the full name of the company and its ticker (trading) symbol? (Page#: 1)
American Airlines Group Inc.
AAL
2. CEO’s Name
Who is the company’s Chief Executive Officer (CEO)? (Page#: 207)
Robert D. Isom
3. Stock Exchange Listing
On which stock exchange is the company listed? (Page#: 1)
The Nasdaq Global Select Market
4. Corporate Headquarters Address
What is the address of the company’s corporate headquarters? (Page #: 1)
1 Skyview Drive, Fort Worth, Texas 76155
5. State of Incorporation
In which state is the company incorporated? (Page #: 1)
Delaware
6. Independent Auditors
Who are the company’s independent auditors? (Page #: 86)
KPMG LLP
7. Fiscal Year-End
What is the fiscal year-end date for the financial statements? (Page #: 1)
December 31, 2022
8. Outstanding Shares
How many shares of common stock were outstanding at the end of the fiscal year? (Page #: 2)
As of February 17, 2023, there were 651,430,518 shares of American Airlines Group Inc. common stock
outstanding.
9. Market Value of Common Stock
What is the current market value of the company’s common stock? (Page #: 2)
The aggregate market value of the voting stock held by non-affiliates of the registrant as of June 30,
2022, was approximately $8.2 billion.
10. Total Revenue
What is the company’s total revenue for the reporting year? (Page #: 87)
$48,971 (in millions)
11. Net Income or Loss
What is the company’s net income (or loss) for the reporting year? (Page #: 87)
$127 (in millions)
12. Operating Expenses
What are the company’s total operating expenses? (Page #: 87)
$47,364 (in millions)
13. Total Assets
What are the company’s total assets, and how are they categorized? (Page #: 89)
$64,716 (in millions); current assets, operating property and equipment, operating lease right-of-use
assets, and other assets
14. Total Liabilities
What are the company’s total liabilities, and how are they categorized? (Page #: 89)
$70,515 (in millions); current liabilities, noncurrent liabilities, commitments and contingencies
15. Total Equity
What is the company’s total equity, and what are its components? (Page #: 89)
$(5,799) (in millions); common stock, accumulated other comprehensive loss, retained deficit
16. Earnings Per Share (EPS)
What is the company’s earnings per share (EPS) for the year? (Page #: 102)
Basic EPS $0.20
17. Current Assets and Liabilities
What are the amounts of the company’s current assets and current liabilities? (Page #: 136)
$21,607 (in millions)
$21,082 (in millions)
18. Ratio or Financial metric
Does the company present any ratio or financial metric? (Page #: N/A)
none found.
19. Long-Term Debt
How much long-term debt does the company report? (Page #: 89)
$32,389 (in millions)
20. Interest Rates
What interest rates are associated with the company’s outstanding debt? (Page #: 103)
6.14%, 8.99%, 2.88% to 7.13%, 3.33% to 8.01%, 2.25% to 5.38%, 6.5%, 3.75%, 5.0%
21. Cash and Cash Equivalents
What is the company’s cash and cash equivalents balance? (Page #: 136)
$429 (in millions)
22. Statement of Cash Flows
What are the main categories and amounts reported in the statement of cash flows? (Page #: 137)
Operating, Investing, and Financing
23. Net Cash Flow from Operating Activities
What is the net cash flow from operating activities? (Page #: 137)
$1,329 (in millions)
24. Net Cash Flow from Investing Activities
What is the net cash flow from investing activities? (Page #: 137)
$693 (in millions)
25. Net Cash Flow from Financing Activities
What is the net cash flow from financing activities? (Page #: 137)
$(1,847) (in millions)
26. Depreciation and Amortization
How much depreciation and amortization expense are reported? (Page #: 134)
$1,969 (in millions)
27. Inventory Balance
What is the company’s total inventory balance, and how does it compare to the prior year? (Pg #: N/A)
Service company that does not have inventory/.
28. Accounts Receivable and Payable
What are the amounts of accounts receivable and accounts payable? (Page #: 136)
Accounts receivable, net $2,117 (in millions)
Accounts payable $2,071 (in millions)
29. Responsibility for Financial Statements
Who is responsible for the preparation and integrity of the financial statements? (Page #: 85 and 132)
These consolidated financial statements are the responsibility of American’s management.
American’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’s Annual Report on Internal Control Over Financial Reporting.
30. Auditor’s Opinion
What is the auditor’s opinion on the financial statements? (Page #: 85)
In our opinion, the consolidated financial statements present fairly, in all material respects, the financial
position of the Company as of December 31, 2022 and 2021, and the results of its operations and its
cash flows for each of the years in the three-year period ended December 31, 2022, in conformity with
U.S. generally accepted accounting principles.
31. Material Weaknesses in Internal Controls
Does the auditor’s report identify any material weaknesses in internal controls? (Page #: N/A)
None identified.
32. Critical Audit Matters (CAMs)
Does the audit report refer to any critical audit matters (CAMs)? If so, what are they? (Page #: 86)
We identified the evaluation of the sufficiency of audit evidence over the realizability of tax operating loss
and other carryforwards as a critical audit matter. Evaluating the sufficiency of audit evidence required
subjective auditor judgment in order to assess the extent of procedures performed in assessing the
realizability of the tax operating loss and other carryforwards.
33. Auditor’s Responsibility
What is the auditor’s stated responsibility for the financial statements? (Page #: 132)
Our responsibility is to express an opinion on these consolidated financial statements based on our
audits.
34. Disagreements with Auditors
Were there any changes or disagreements with the auditors during the fiscal year? (Page #:176)
None.
35. Date of Auditor’s Report
What is the date of the auditor’s report? (Page #: 178)
February 22, 2023
36. Gross Profit
What is the company’s gross profit, and how does it compare to the prior year? (Page #: N/A)
Sales – Cost of Goods sold = gross profit. Without inventory, there is no COGS, so AA cannot report
gross profit.
37. Operating Income
What is the company’s operating income, and how does it compare to the prior year? (Pg #: 87)
$1,607 (in millions)
38. Property, Plant, and Equipment (PP&E)
What is the breakdown of the company’s property, plant, and equipment (PP&E)? (Page #: 89)
Flight equipment, Ground property and equipment, Equipment purchase deposits
39. Legal Disputes or Litigation
Does the company report any significant legal disputes or litigation? (Page #: 126-127)
Yes.
Private Party Antitrust Action Related to Passenger Capacity.
Private Party Antitrust Action Related to the Merger.
Government Antitrust Action Related to the Northeast Alliance.
Private Party Antitrust Actions Related to the Northeast Alliance.
40. Goodwill and Intangible Assets
What goodwill or intangible assets does the company report, and what are the associated amounts?
(Page #: 89, 142, 143)
Goodwill $4,091 (in millions)
Goodwill represents the purchase price in excess of the fair value of the net assets acquired and
liabilities assumed in connection with the 2013 merger with US Airways Group, Inc. (US Airways Group).
Intangibles, net $2,059 (in millions)
Intangible assets consist primarily of certain domestic airport slots and gate leasehold rights, customer
relationships, marketing agreements, commercial agreements, international slots and route authorities
and tradenames.