AAL 10-Q report for 2026-03-31

AAL 10-Q report for 2026-03-31 aal-20260331 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the Quarterly Period Ended March 31, 2026 ☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the Transition Period From                     to Commission file number 1-8400 American Airlines Group Inc. (Exact name of registrant as specified in its charter) Delaware 75-1825172 (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.) 1 Skyview Drive, Fort Worth, Texas 76155 (Address of principal executive offices) (Zip Code) (682) 278-9000 (Registrant’s telephone number, including area code) Commission file number 1-2691 American Airlines, Inc. (Exact name of registrant as specified in its charter) Delaware 13-1502798 (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.) 1 Skyview Drive, Fort Worth, Texas 76155 (Address of principal executive offices) (Zip Code) (682) 278-9000 (Registrant’s telephone number, including area code) Securities registered pursuant to Section 12(b) of the Act: Title of each class Trading Symbol(s) Name of each exchange on which registered Common Stock, $0.01 par value per share AAL The Nasdaq Global Select Market Preferred Stock Purchase Rights — (1) (1) Attached to the Common Stock 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.  American Airlines Group Inc. ☒ Yes ☐ No American Airlines, Inc. ☒ Yes ☐ No 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 (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).  American Airlines Group Inc. ☒ Yes ☐ No American Airlines, Inc. ☒ Yes ☐ No 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. American Airlines Group Inc. ☒ Large accelerated filer ☐ Accelerated filer ☐ Non-accelerated filer ☐ Smaller reporting company ☐ Emerging growth company American Airlines, Inc. ☐ Large accelerated filer ☐ Accelerated filer ☒ Non-accelerated filer ☐ Smaller reporting company ☐ Emerging growth company 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. American Airlines Group Inc. ☐ American Airlines, Inc. ☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). American Airlines Group Inc. ☐ Yes ☒ No American Airlines, Inc. ☐ Yes ☒ No As of April 17, 2026, there were 661,385,137 shares of American Airlines Group Inc. common stock outstanding. As of April 17, 2026, there were 1,000 shares of American Airlines, Inc. common stock outstanding, all of which were held by American Airlines Group Inc. American Airlines Group Inc. American Airlines, Inc. Form 10-Q Quarterly Period Ended March 31, 2026 Table of Contents Page PART I: FINANCIAL INFORMATION Item 1A. Condensed Consolidated Financial Statements of American Airlines Group Inc. 6 Condensed Consolidated Statements of Operations 6 Condensed Consolidated Statements of Comprehensive Loss 7 Condensed Consolidated Balance Sheets 8 Condensed Consolidated Statements of Cash Flows 9 Condensed Consolidated Statements of Stockholders’ Deficit 10 Notes to the Condensed Consolidated Financial Statements 11 Item 1B. Condensed Consolidated Financial Statements of American Airlines, Inc. 22 Condensed Consolidated Statements of Operations 22 Condensed Consolidated Statements of Comprehensive Loss 23 Condensed Consolidated Balance Sheets 24 Condensed Consolidated Statements of Cash Flows 25 Condensed Consolidated Statements of Stockholder’s Equity 26 Notes to the Condensed Consolidated Financial Statements 27 Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations 37 Item 3. Quantitative and Qualitative Disclosures About Market Risk 51 Item 4. Controls and Procedures 52 PART II: OTHER INFORMATION Item 1. Legal Proceedings 53 Item 1A. Risk Factors 53 Item 5. Other Information 53 Item 6. Exhibits 54 SIGNATURES Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations 37 Item 3. Quantitative and Qualitative Disclosures About Market Risk 51 Item 4. Controls and Procedures 52 PART II: OTHER INFORMATION Item 1. Legal Proceedings 53 Item 1A. Risk Factors 53 Item 5. Other Information 53 Item 6. Exhibits 54 SIGNATURES 55 1 General This report is filed by American Airlines Group Inc. (AAG) and its wholly-owned subsidiary American Airlines, Inc. (American). References in this report to “we,” “us,” “our,” the “Company” and similar terms refer to AAG and its consolidated subsidiaries. References in this report to “mainline” refer to the operations of American only and exclude regional operations. Capitalized terms used but not defined herein shall have the meanings given to them in our Annual Report on Form 10-K for the year ended December 31, 2025 (2025 Form 10-K). Note Concerning Forward-Looking Statements Certain 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 “may,” “will,” “expect,” “intend,” “anticipate,” “believe,” “estimate,” “plan,” “project,” “could,” “should,” “would,” “continue,” “seek,” “target,” “guidance,” “outlook,” “if current trends continue,” “optimistic,” “forecast” 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: • downturns in economic conditions could adversely affect our business; • we will need to obtain sufficient financing or other capital to operate successfully; • 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 may cause our business to be vulnerable to adverse economic and industry conditions; • if our financial condition worsens, provisions in our credit card processing and other commercial agreements may adversely affect our liquidity; • the loss of key personnel whom we depend on to operate our business, or the inability to attract, develop and retain additional qualified personnel could adversely affect our business; • our business has been and will continue to be materially affected by many changing economic, geopolitical, commercial, regulatory and other conditions beyond our control, including global events that affect travel behavior; • the airline industry is intensely competitive and dynamic; • union disputes, employee strikes and other labor-related disruptions may adversely affect our operations and financial performance; • 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; • any damage to our reputation or brand image could adversely affect our business or financial results; • risks of losses and adverse publicity from any public incidents involving our company, people or brand; • changes to our business model that are designed to increase revenues and reduce costs may not be successful and may cause operational difficulties or decreased demand; • our intellectual property rights, particularly our branding rights, are valuable, and any inability to protect them may adversely affect our business and financial results; 2 • we may be a party to litigation in the normal course of business or otherwise, which could affect our financial position and liquidity; • we rely heavily on technology and automated systems, including artificial intelligence, to operate our business, and any failures could harm our business, results of operations and financial condition; • evolving data privacy requirements could increase our costs, and any significant cybersecurity 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; • we are exposed to risks from cyberattacks, and any cybersecurity incidents involving us, our third-party service providers, or one of our AAdvantage partners or other business partners; • we have a significant amount of goodwill, which is assessed for impairment at least annually. We may never realize the full value of our intangible or long-lived assets, causing us to record material impairment charges; • the commercial relationships that we have with other companies, including any related equity investments, may not produce the returns or results we expect; • 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 consumer demand, our operating results and liquidity; • our business is subject to extensive government regulation; • we can be adversely affected by any prolonged partial or full U.S. Government shutdown; • 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; • we may be adversely affected by conflicts overseas, terrorist attacks or other acts of violence, domestically or abroad; the travel industry continues to face ongoing security concerns; • we are subject to risks associated with climate change, including increased regulation of our greenhouse gas emissions, changing consumer preferences and the potential for increased impacts of severe weather events on our operations and infrastructure; • we are subject to various risks associated with environmental and social matters, and many forms of environmental and noise regulation; • a shortage of pilots or other personnel could materially adversely affect our business; • we depend on a limited number of suppliers for aircraft, aircraft engines and parts. Delays in scheduled aircraft deliveries, unexpected grounding of aircraft or aircraft engines whether by regulators or by us, or other loss of anticipated fleet capacity, and failure of new aircraft to receive regulatory approval, be produced or otherwise perform as and when expected, adversely impacts our business, results of operations and financial condition; • we rely on third-party distribution channels and must effectively manage the costs, rights and functionality of these channels; • 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; 3 • interruptions or disruptions in service at one of our key facilities; • increases in insurance costs or reductions in insurance coverage, and heavy taxation of the airline industry; • risks related to ownership of AAG common stock; and other risks as described in Part I, Item 1A. Risk Factors in our 2025 Form 10-K, Part I, Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations and Part II, Item 1A. Risk Factors of this report and other risks and uncertainties listed from time to time in our filings with the Securities and Exchange Commission (the SEC). 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. Any forward-looking statements speak only as of the date of this report or as of the dates indicated in the statements. 4 Table of Contents PART I: FINANCIAL INFORMATION This report on Form 10-Q is filed by both AAG and American and includes the Condensed Consolidated Financial Statements of each company in Item 1A and Item 1B, respectively. 5 Table of Contents ITEM 1A. CONDENSED CONSOLIDATED FINANCIAL STATEMENTS OF AMERICAN AIRLINES GROUP INC. AMERICAN AIRLINES GROUP INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In millions, except share and per share amounts)(Unaudited) Three Months Ended March 31, 2026 2025 Operating revenues: Passenger $ 12,495 $ 11,391 Cargo 214 189 Other 1,203 971 Total operating revenues 13,912 12,551 Operating expenses: Aircraft fuel and related taxes 2,928 2,587 Salaries, wages and benefits 4,674 4,222 Regional expenses 1,404 1,351 Maintenance, materials and repairs 982 922 Other rent and landing fees 890 826 Aircraft rent 309 297 Selling expenses 507 450 Depreciation and amortization 475 468 Special items, net 14 70 Other 1,770 1,628 Total operating expenses 13,953 12,821 Operating loss ( 41 ) ( 270 ) Nonoperating income (expense): Interest income 55 94 Interest expense, net ( 397 ) ( 428 ) Other expense, net ( 93 ) ( 44 ) Total nonoperating expense, net ( 435 ) ( 378 ) Loss before income taxes ( 476 ) ( 648 ) Income tax benefit ( 94 ) ( 175 ) Net loss $ ( 382 ) $ ( 473 ) Loss per common share: Basic and diluted $ ( 0.58 ) $ ( 0.72 ) Weighted average shares outstanding (in thousands): Basic and diluted 661,181 658,880 See accompanying notes to condensed consolidated financial statements. 6 Table of Contents AMERICAN AIRLINES GROUP INC. CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (In millions)(Unaudited) Three Months Ended March 31, 2026 2025 Net loss $ ( 382 ) $ ( 473 ) Other comprehensive income (loss), net of tax: Pension, retiree medical and other postretirement benefits 19 18 Investments ( 2 ) — Total other comprehensive income, net of tax 17 18 Total comprehensive loss $ ( 365 ) $ ( 455 ) See accompanying notes to condensed consolidated financial statements. 7 Table of Contents AMERICAN AIRLINES GROUP INC. CONDENSED CONSOLIDATED BALANCE SHEETS (In millions, except share and par value amounts) March 31, 2026 December 31, 2025 (Unaudited) ASSETS Current assets Cash $ 903 $ 954 Short-term investments 6,391 4,882 Restricted cash and short-term investments 717 735 Accounts receivable, net 2,008 2,075 Aircraft fuel, spare parts and supplies, net 3,131 2,792 Prepaid expenses and other 834 767 Total current assets 13,984 12,205 Operating property and equipment Flight equipment 47,303 46,597 Ground property and equipment 10,605 10,479 Equipment purchase deposits 592 656 Total property and equipment, at cost 58,500 57,732 Less accumulated depreciation and amortization ( 25,675 ) ( 25,192 ) Total property and equipment, net 32,825 32,540 Operating lease right-of-use assets 6,943 7,091 Other assets Goodwill 4,091 4,091 Intangibles, net of accumulated amortization of $ 850 and $ 848 , respectively 2,064 2,066 Deferred tax asset 2,457 2,368 Other assets 1,374 1,413 Total other assets 9,986 9,938 Total assets $ 63,738 $ 61,774 LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT) Current liabilities Current maturities of long-term debt and finance leases $ 4,195 $ 3,753 Accounts payable 3,610 2,840 Accrued salaries and wages 1,969 2,128 Air traffic liability 10,031 7,158 Loyalty program liability 4,210 3,725 Operating lease liabilities 1,053 1,058 Fuel financing 360 914 Other accrued liabilities 2,978 2,916 Total current liabilities 28,406 24,492 Noncurrent liabilities Long-term debt and finance leases, net of current maturities 23,522 25,254 Pension and postretirement benefits 1,219 1,568 Loyalty program liability 7,376 6,839 Operating lease liabilities 5,762 5,905 Other liabilities 1,530 1,443 Total noncurrent liabilities 39,409 41,009 Commitments and contingencies Stockholders’ equity (deficit) Common stock, $ 0.01 par value; 1,750,000,000 shares authorized, 661,385,137 shares issued and outstanding at March 31, 2026; 660,301,080 shares issued and outstanding at December 31, 2025 7 7 Additional paid-in capital 7,402 7,387 Accumulated other comprehensive loss ( 4,372 ) ( 4,389 ) Retained deficit ( 7,114 ) ( 6,732 ) Total stockholders’ deficit ( 4,077 ) ( 3,727 ) Total liabilities and stockholders’ equity (deficit) $ 63,738 $ 61,774 See accompanying notes to condensed consolidated financial statements. 8 Table of Contents AMERICAN AIRLINES GROUP INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In millions)(Unaudited) Three Months Ended March 31, 2026 2025 Net cash provided by operating activities $ 4,223 $ 2,456 Cash flows from investing activities: Capital expenditures and aircraft purchase deposits ( 811 ) ( 824 ) Purchases of short-term investments ( 2,773 ) ( 1,806 ) Sales of short-term investments 1,263 1,349 Decrease in restricted short-term investments 15 85 Other investing activities ( 22 ) ( 8 ) Net cash used in investing activities ( 2,328 ) ( 1,204 ) Cash flows from financing activities: Payments on long-term debt and finance leases ( 2,324 ) ( 1,362 ) Proceeds from issuance of long-term d Item 1A. Risk Factors 53 Item 5. Other Information 53 Item 6. Exhibits 54 SIGNATURES 55 1 General This report is filed by American Airlines Group Inc. (AAG) and its wholly-owned subsidiary American Airlines, Inc. (American). References in this report to “we,” “us,” “our,” the “Company” and similar terms refer to AAG and its consolidated subsidiaries. References in this report to “mainline” refer to the operations of American only and exclude regional operations. Capitalized terms used but not defined herein shall have the meanings given to them in our Annual Report on Form 10-K for the year ended December 31, 2025 (2025 Form 10-K). Note Concerning Forward-Looking Statements Certain 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 “may,” “will,” “expect,” “intend,” “anticipate,” “believe,” “estimate,” “plan,” “project,” “could,” “should,” “would,” “continue,” “seek,” “target,” “guidance,” “outlook,” “if current trends continue,” “optimistic,” “forecast” 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: • downturns in economic conditions could adversely affect our business; • we will need to obtain sufficient financing or other capital to operate successfully; • 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 may cause our business to be vulnerable to adverse economic and industry conditions; • if our financial condition worsens, provisions in our credit card processing and other commercial agreements may adversely affect our liquidity; • the loss of key personnel whom we depend on to operate our business, or the inability to attract, develop and retain additional qualified personnel could adversely affect our business; • our business has been and will continue to be materially affected by many changing economic, geopolitical, commercial, regulatory and other conditions beyond our control, including global events that affect travel behavior; • the airline industry is intensely competitive and dynamic; • union disputes, employee strikes and other labor-related disruptions may adversely affect our operations and financial performance; • 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; • any damage to our reputation or brand image could adversely affect our business or financial results; • risks of losses and adverse publicity from any public incidents involving our company, people or brand; • changes to our business model that are designed to increase revenues and reduce costs may not be successful and may cause operational difficulties or decreased demand; • our intellectual property rights, particularly our branding rights, are valuable, and any inability to protect them may adversely affect our business and financial results; 2 • we may be a party to litigation in the normal course of business or otherwise, which could affect our financial position and liquidity; • we rely heavily on technology and automated systems, including artificial intelligence, to operate our business, and any failures could harm our business, results of operations and financial condition; • evolving data privacy requirements could increase our costs, and any significant cybersecurity 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; • we are exposed to risks from cyberattacks, and any cybersecurity incidents involving us, our third-party service providers, or one of our AAdvantage partners or other business partners; • we have a significant amount of goodwill, which is assessed for impairment at least annually. We may never realize the full value of our intangible or long-lived assets, causing us to record material impairment charges; • the commercial relationships that we have with other companies, including any related equity investments, may not produce the returns or results we expect; • 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 consumer demand, our operating results and liquidity; • our business is subject to extensive government regulation; • we can be adversely affected by any prolonged partial or full U.S. Government shutdown; • 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; • we may be adversely affected by conflicts overseas, terrorist attacks or other acts of violence, domestically or abroad; the travel industry continues to face ongoing security concerns; • we are subject to risks associated with climate change, including increased regulation of our greenhouse gas emissions, changing consumer preferences and the potential for increased impacts of severe weather events on our operations and infrastructure; • we are subject to various risks associated with environmental and social matters, and many forms of environmental and noise regulation; • a shortage of pilots or other personnel could materially adversely affect our business; • we depend on a limited number of suppliers for aircraft, aircraft engines and parts. Delays in scheduled aircraft deliveries, unexpected grounding of aircraft or aircraft engines whether by regulators or by us, or other loss of anticipated fleet capacity, and failure of new aircraft to receive regulatory approval, be produced or otherwise perform as and when expected, adversely impacts our business, results of operations and financial condition; • we rely on third-party distribution channels and must effectively manage the costs, rights and functionality of these channels; • 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; 3 • interruptions or disruptions in service at one of our key facilities; • increases in insurance costs or reductions in insurance coverage, and heavy taxation of the airline industry; • risks related to ownership of AAG common stock; and other risks as described in Part I, Item 1A. Risk Factors in our 2025 Form 10-K, Part I, Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations and Part II, Item 1A. Risk Factors of this report and other risks and uncertainties listed from time to time in our filings with the Securities and Exchange Commission (the SEC). There may be other factors of which we are not currently aware t Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations – “Critical Accounting Policies and Estimates” in our 2025 Form 10-K. ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK AAG’s and American’s Market Risk Sensitive Instruments and Positions Our primary market risk exposures include the price of aircraft fuel, foreign currency exchange rates and interest rate risk. Our exposure to these market risks has not changed materially from our exposure discussed in our 2025 Form 10-K except as updated below. Aircraft Fuel As of March 31, 2026, 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 this 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 2026 forecasted fuel consumption, we estimate that a one cent per gallon increase in the price of aircraft fuel would increase our 2026 annual fuel expense by approximately $45 million. See Part I, Item 1A. Risk Factors – “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 consumer demand, our operating results and liquidity” in our 2025 Form 10-K . 51 Table of Contents Foreign Currency We 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 Euro, Canadian dollar, British pound sterling and various Latin American currencies (primarily the Brazilian real). We do not currently have a foreign currency hedge program. Generally, 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, 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 – “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” in our 2025 Form 10-K for additional discussion of this and other currency risks. Interest Our 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. If annual interest rates increase 100 basis points, based on our March 31, 2026 variable-rate debt and short-term investments balances, annual interest expense on variable rate debt would increase by approximately $140 million and annual interest income on short-term investments would increase by approximately $70 million. ITEM 4. CONTROLS AND PROCEDURES Management’s Evaluation of Disclosure Controls and Procedures The term “disclosure controls and procedures” 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’s rules and forms, and is accumulated and communicated to the company’s management, including the principal executive and principal financial officers, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure. An evaluation of the effectiveness of AAG’s and American’s disclosure controls and procedures as of March 31, 2026 was performed under the supervision and with the participation of AAG’s and American’s management, including AAG’s and American’s principal executive officer, the Chief Executive Officer (CEO), and principal financial officer, the Chief Financial Officer (CFO). Based on that evaluation, AAG’s and American’s management, including AAG’s and American’s CEO and CFO, concluded that AAG’s and American’s disclosure controls and procedures were effective as of March 31, 2026 at the reasonable assurance level. Changes in Internal Control over Financial Reporting During the quarter ended March 31, 2026, there have been no changes in AAG’s or American’s internal control over financial reporting that have materially affected, or are reasonably likely to mate

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