"Labor risk, we have a very, very strong partnership with all of our employee groups."

"Combining that with the productivity and probably the single biggest initiative we have on the cash front, on the CASM front is the 50-seat reduction or the upgauging in the airline."

"We don't expect to be at a run rate benefit of optimal 50-seaters in the system until the end of 2015. So this is going to be a sizeable benefit for us and help lend to the confidence that we have in our ability to hit these types of cost goals for the foreseeable future and contribute to additional margin expansion going forward."

"We would be creation of a global carrier. We’ve really diversified globally the footprint, both with the network, but also the sources of revenue."

"And then when you combine that with the immunized joint ventures which effectively become very similar to mergers in terms of how we can cooperate without any trust community on capacity, you get to a much more disciplined global framework similar to the some of the consolidation that you’ve seen in the U.S. which has really, really helped to derisk some of that revenue volatility that we’ve seen over time and better able to position the airline to respond to demand shots like we saw in 2009, 2001 etcetera."