Table of Contents December 31, 2015.
We currently do not have an interest rate hedge program.
If our interest rates increased 10% in 2015, our interest expense would have increased by approximately $23 million.
Additional information regarding our debt obligations as of December 31, 2015 is as follows (in millions):
## Table 0 ##
American’s Market Risk Sensitive Instruments and Positions The risk inherent in American’s 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 management may take to mitigate American’s exposure to such changes.
Therefore, actual results may differ.
See Note 9 to American’s Consolidated Financial Statements in Part II, Item 8B for additional discussion regarding risk management matters.
Aircraft Fuel American’s 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’s business.
Because of the amount of fuel needed to operate American, even a relatively small increase or decrease in the price of fuel can have a material effect on American’s 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 $1.00 per gallon to a high of approximately $3.34 per gallon during the period from January 1, 2012 to December 31, 2015.
As of December 31, 2015, American did not have any fuel hedging contracts outstanding to hedge its fuel consumption.
As such, and assuming American does not enter into any future transactions to hedge its fuel consumption, American will continue to be fully exposed to fluctuations in fuel prices.
American’s current policy is not to enter into transactions to hedge its fuel consumption, although American reviews that policy from time to time based on market conditions and other factors.
American’s 2016 forecasted mainline and regional fuel consumption is presently approximately 4.4 billion gallons, and based on this forecast, a one cent per gallon increase in aviation fuel price would result in a $44 million increase in annual expense.
Foreign Currency American 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’s 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.
A uniform 10% strengthening in the value of the U. S.  dollar from 2015 levels relative to each of the currencies in which American has foreign currency exposure would have resulted in an increase in its nonoperating expense, net of approximately $220 million for the year ended December 31, 2015, and does not address any exposure to foreign currency held on its consolidated balance sheet.
Generally, fluctuations in foreign currencies, including devaluations, cannot be predicted by American and can significantly affect the value of American’s assets located outside the United States.
These conditions, as well as
Table of Contents NOTES TO CONSOLIDATED FINANCIAL STATEMENTS OF AMERICAN AIRLINES GROUP INC.  information generated by market transactions involving comparable assets, as well as pricing guides and other sources.
The current market for the aircraft, the maintenance condition of the aircraft and the expected proceeds from the sale of the assets, among other factors, were considered.
The market approach was utilized to value certain intangible assets such as airport take off and landing slots when sufficient market information was available.
The income approach was primarily used to value intangible assets, including customer relationships, marketing agreements, certain international route authorities, and the US Airways tradename.
The income approach indicates value for a subject asset based on the present value of cash flows projected to be generated by the asset.
Projected cash flows are discounted at a required market rate of return that reflects the relative risk of achieving the cash flows and the time value of money.
The cost approach, which estimates value by determining the current cost of replacing an asset with another of equivalent economic utility, was used, as appropriate, for certain assets for which the market and income approaches could not be applied due to the nature of the asset.
The cost to replace a given asset reflects the estimated reproduction or replacement cost for the asset, less an allowance for loss in value due to depreciation.
The fair value of US Airways’ Dividend Miles loyalty program liability was determined based on the weighted average equivalent ticket value of outstanding miles which were expected to be redeemed for future travel at December 9, 2013.
The weighted average equivalent ticket value contemplates differing classes of service, domestic and international itineraries and the carrier providing the award travel.
Pro-forma Impact of the Merger The Company’s unaudited pro-forma results presented below include the effects of the Merger as if it had been consummated as of January 1, 2012.
The pro-forma results include the depreciation and amortization associated with the acquired tangible and intangible assets, lease and debt fair value adjustments, the elimination of any deferred gains or losses, adjustments relating to reflecting the fair value of the loyalty program liability and the impact of income changes on profit sharing expense, among others.
In addition, the pro-forma results below reflect the impact of higher wage rates related to memorandums of understanding with US Airways’ pilots that became effective upon closing of the Merger, as well as the elimination of the Company’s reorganization items, net and Merger transition costs.
However, the pro-forma results do not include any anticipated synergies or other expected benefits of the Merger.
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, 2012.
## Table 1 ##
5.
Basis of Presentation and Summary of Significant Accounting Policies (a) Basis of Presentation The consolidated financial statements for the full years of 2015 and 2014 and the period from December 9, 2013 to December 31, 2013 include the accounts of the Company and its wholly-owned subsidiaries.
For the periods prior to December 9, 2013, the consolidated financial statements do not include the accounts of US Airways Group.
All significant intercompany transactions have been eliminated.
The 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
Table of Contents NOTES TO CONSOLIDATED FINANCIAL STATEMENTS OF AMERICAN AIRLINES, INC.
Certificate of Incorporation (the Certificate of Incorporation) contains transfer restrictions applicable to certain substantial stockholders.
Although the purpose of these transfer restrictions is to prevent an ownership change from occurring, there can be no assurance that an ownership change will not occur even with these transfer restrictions.
A copy of the Certificate of Incorporation was attached as Exhibit 3.1 to a Current Report on Form 8-K filed by AAG with the SEC on December 9, 2013.
Reorganization Items, Net Reorganization items refer to revenues, expenses (including professional fees), realized gains and losses and provisions for losses that are realized or incurred in the Chapter 11 Cases.
The following table summarizes the components included in reorganization items, net on the consolidated statement of operations for the year ended December 31, 2013 (in millions):
## Table 2 ##
(1) In exchange for employees’ contributions to the successful reorganization, including agreeing to reductions in pay and benefits, American agreed in the Plan to provide each employee group a deemed claim, which was used to provide a distribution of a portion of the equity of the reorganized entity to those employees.
Each employee group received a deemed claim amount based upon a portion of the value of cost savings provided by that group through reductions to pay and benefits as well as through certain work rule changes.
The total value of this deemed claim was approximately $1.7 billion.
(2) Amounts include allowed claims (claims approved by the Bankruptcy Court) and estimated allowed claims relating to (i) the rejection or modification of financings related to aircraft and (ii) entry of orders treated as unsecured claims with respect to facility agreements supporting certain issuances of special facility revenue bonds.
The Debtors recorded an estimated claim associated with the rejection or modification of a financing or facility agreement when the applicable motion was filed with the Bankruptcy Court to reject or modify such financing or facility agreement and the Debtors believed that it was probable the motion would be approved, and there was sufficient information to estimate the claim.
(3) Pursuant to the Plan, the Debtors agreed to allow certain post-petition unsecured claims on obligations.
As a result, during the year ended December 31, 2013, American recorded reorganization charges to adjust estimated allowed claim amounts previously recorded on rejected special facility revenue bonds of $180 million, allowed general unsecured claims related to the 1990 and 1994 series of special facility revenue bonds that financed certain improvements at John F.  Kennedy International Airport (JFK), and rejected bonds that financed certain improvements at Chicago O’Hare International Airport (ORD), which are included in the table above.
(4) The Plan allowed unsecured creditors receiving AAG Series A Preferred Stock a conversion discount of 3.5%.
Accordingly, American recorded the fair value of such discount upon the confirmation of the Plan by the Bankruptcy Court.
capital deployment program will be subject to market and economic conditions, applicable legal requirements and other relevant factors.
Our capital deployment program does not obligate us to continue a dividend for any fixed period, and payment of dividends may be suspended at any time at our discretion.
Stock Performance Graph The following stock 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 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.
The following stock performance graph compares our cumulative total stockholder return on an annual basis on our common stock with the cumulative total return on the Standard and Poor’s 500 Stock Index and the AMEX Airline Index from December 9, 2013 (the first trading day of AAG Common Stock) through December 31, 2015.
The comparison assumes $100 was invested on December 9, 2013 in AAG 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.
## Table 3 ##
Purchases of Equity Securities by the Issuer and Affiliated Purchasers Since July 2014, our Board of Directors has approved several share repurchase programs aggregating $7.0 billion of authority of which, as of December 31, 2015, $2.4 billion remained unused under repurchase programs
ITEM 6.
SELECTED CONSOLIDATED FINANCIAL DATA Selected Consolidated Financial Data of AAG The selected consolidated financial data presented below under the captions “Consolidated Statements of Operations data” and “Consolidated Balance Sheet data” for the years ended December 31, 2015, 2014 and 2013 and as of December 31, 2015 and 2014 are derived from AAG’s audited consolidated financial statements included elsewhere in this report.
The selected consolidated financial data for the years ended December 31, 2012 and 2011 and as of December 31, 2013, 2012 and 2011 are derived from AAG’s audited consolidated financial statements not included in this report.
The selected consolidated financial data should be read in conjunction with AAG’s consolidated financial statements for the respective periods, the related notes and the related reports of KPMG LLP for 2015 and 2014 and Ernst & Young LLP for 2011 to 2013, both independent registered public accounting firms.
On December 9, 2013, a subsidiary of AMR Corporation merged with and into US Airways Group, which survived as a wholly-owned subsidiary of AAG.
On December 30, 2015, in order to simplify AAG’s internal corporate structure and as part of the integration efforts following the business combination of AAG and US Airways Group, AAG caused US Airways Group to be merged with and into AAG, with AAG as the surviving corporation, and, immediately thereafter, US Airways, a subsidiary of US Airways Group, merged with and into American, with American as the surviving corporation.
AAG’s consolidated financial data provided in the tables below include the results of US Airways Group beginning on December 9, 2013, the effective date of the Merger.
Pursuant to the Plan and the Merger Agreement, holders of AMR common stock formerly traded under the symbol “AAMRQ” received shares of AAG Common Stock principally over the 120-day distribution period following the Effective Date.
In accordance with U. S.  Generally Accepted Accounting Principles (GAAP), the 2013, 2012 and 2011 weighted average shares and earnings (loss) per share calculations have been adjusted to retrospectively reflect these distributions, which were each made at the rate of approximately 0.7441 shares of AAG Common Stock per share of AAMRQ.
Former holders of AMR common stock as of the Effective Date 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 the Effective Date may change in the future to reflect additional retrospective adjustments for future AAG Common Stock distributions to former holders of AMR common stock.
## Table 4 ##

<table><tr><td></td><td colspan="7"> Expected Maturity Date</td></tr><tr><td></td><td>2016</td><td>2017</td><td>2018</td><td>2019</td><td>2020</td><td>2021 and Thereafter</td><td> Total</td></tr><tr><td>Fixed-rate debt</td><td>$1,200</td><td>$1,121</td><td>$1,651</td><td>$1,946</td><td>$1,360</td><td>$5,698</td><td>$12,976</td></tr><tr><td>Weighted avg. interest rate</td><td>5.0%</td><td>5.1%</td><td>5.0%</td><td>4.9%</td><td>4.9%</td><td>5.7%</td><td></td></tr><tr><td>Variable-rate debt</td><td>$1,066</td><td>$477</td><td>$483</td><td>$1,432</td><td>$2,227</td><td>$2,146</td><td>$7,831</td></tr><tr><td>Weighted avg. interest rate</td><td>3.0%</td><td>3.0%</td><td>3.0%</td><td>2.9%</td><td>2.8%</td><td>1.0%</td><td></td></tr></table>
<table><tr><td></td><td>December 31, 2013  (In millions)</td></tr><tr><td>Revenue</td><td>$40,678</td></tr><tr><td>Net Income</td><td>2,526</td></tr></table>
<table><tr><td></td><td>December 31, 2013</td></tr><tr><td>Labor-related deemed claim -1</td><td>$1,733</td></tr><tr><td>Aircraft and facility financing renegotiations and rejections -2,-3</td><td>320</td></tr><tr><td>Fair value of conversion discount -4</td><td>218</td></tr><tr><td>Professional fees</td><td>199</td></tr><tr><td>Other</td><td>170</td></tr><tr><td>Total reorganization items, net</td><td>$2,640</td></tr></table>
<table><tr><td></td><td>12/9/2013</td><td>12/31/2013</td><td>12/31/2014</td><td>12/31/2015</td></tr><tr><td>American Airlines Group Inc.</td><td>$100</td><td>$103</td><td>$219</td><td>$175</td></tr><tr><td>Amex Airline Index</td><td>100</td><td>102</td><td>152</td><td>127</td></tr><tr><td>S&P 500</td><td>100</td><td>102</td><td>114</td><td>113</td></tr></table>
<table><tr><td></td><td colspan="5">Year Ended December 31,</td></tr><tr><td></td><td> 2015</td><td> 2014</td><td>2013</td><td>2012</td><td>2011</td></tr><tr><td></td><td colspan="5">(In millions, except share and per share data)</td></tr><tr><td>Consolidated Statements of Operations data:</td><td></td><td colspan="4"></td></tr><tr><td>Total operating revenues</td><td>$40,990</td><td>$42,650</td><td>$26,743</td><td>$24,855</td><td>$23,979</td></tr><tr><td>Total operating expenses</td><td>34,786</td><td>38,401</td><td>25,344</td><td>24,707</td><td>25,016</td></tr><tr><td>Operating income (loss)</td><td>$6,204</td><td>$4,249</td><td>$1,399</td><td>$148</td><td>$-1,037</td></tr><tr><td>Reorganization items, net -1</td><td>$—</td><td>$—</td><td>$-2,655</td><td>$-2,208</td><td>$-118</td></tr><tr><td>Net income (loss)</td><td>$7,610</td><td>$2,882</td><td>$-1,834</td><td>$-1,876</td><td>$-1,979</td></tr><tr><td>Earnings (loss) per common share:</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Basic</td><td>$11.39</td><td>$4.02</td><td>$-6.54</td><td>$-7.52</td><td>$-7.95</td></tr><tr><td>Diluted</td><td>$11.07</td><td>$3.93</td><td>$-6.54</td><td>$-7.52</td><td>$-7.95</td></tr><tr><td>Shares used for computation (in thousands):</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Basic</td><td>668,393</td><td>717,456</td><td>280,213</td><td>249,490</td><td>249,000</td></tr><tr><td>Diluted</td><td>687,355</td><td>734,016</td><td>280,213</td><td>249,490</td><td>249,000</td></tr><tr><td>Cash dividends declared per common share</td><td>$0.40</td><td>$0.20</td><td>$—</td><td>$—</td><td>$—</td></tr><tr><td>Consolidated Balance Sheet data (at end of period):</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Total assets</td><td>$48,415</td><td>$43,225</td><td>$41,741</td><td>$23,396</td><td>$23,719</td></tr><tr><td>Long-term debt and capital leases, net of current maturities</td><td>18,330</td><td>16,043</td><td>15,212</td><td>7,019</td><td>6,592</td></tr><tr><td>Pension and postretirement benefits -2</td><td>7,450</td><td>7,562</td><td>5,828</td><td>6,780</td><td>9,204</td></tr><tr><td>Mandatorily convertible preferred stock and other bankruptcy settlement obligations</td><td>193</td><td>325</td><td>5,928</td><td>—</td><td>—</td></tr><tr><td>Liabilities subject to compromise</td><td>—</td><td>—</td><td>—</td><td>6,606</td><td>4,843</td></tr><tr><td>Stockholders’ equity (deficit)</td><td>5,635</td><td>2,021</td><td>-2,731</td><td>-7,987</td><td>-7,111</td></tr><tr><td>Consolidated Statements of Operations data excluding special items -3 (Unaudited):</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Operating income (loss) excluding special items</td><td>$7,284</td><td>$5,073</td><td>$1,935</td><td>$535</td><td>$-238</td></tr><tr><td>Net income (loss) excluding special items</td><td>6,269</td><td>4,184</td><td>1,244</td><td>-130</td><td>-1,062</td></tr></table>

Question: In what year is Total operating revenues greater than 42000?
Answer: 2014