<SEC-DOCUMENT>0001246360-16-007404.txt : 20161209
<SEC-HEADER>0001246360-16-007404.hdr.sgml : 20161209
<ACCEPTANCE-DATETIME>20161209202810
ACCESSION NUMBER:		0001246360-16-007404
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20161209
FILED AS OF DATE:		20161209
DATE AS OF CHANGE:		20161209

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ALASKA AIR GROUP, INC.
		CENTRAL INDEX KEY:			0000766421
		STANDARD INDUSTRIAL CLASSIFICATION:	AIR TRANSPORTATION, SCHEDULED [4512]
		IRS NUMBER:				911292054
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	BUSINESS ADDRESS:	
		STREET 1:		19300 INTERNATIONAL BOULEVARD
		CITY:			SEATTLE
		STATE:			WA
		ZIP:			98188
		BUSINESS PHONE:		206-392-5040

	MAIL ADDRESS:	
		STREET 1:		19300 INTERNATIONAL BOULEVARD
		CITY:			SEATTLE
		STATE:			WA
		ZIP:			98188

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ALASKA AIR GROUP INC
		DATE OF NAME CHANGE:	19920703

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			PEDERSEN BRANDON
		CENTRAL INDEX KEY:			0001274498

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-08957
		FILM NUMBER:		162045100
</SEC-HEADER>
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<SEQUENCE>1
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    <issuer>
        <issuerCik>0000766421</issuerCik>
        <issuerName>ALASKA AIR GROUP, INC.</issuerName>
        <issuerTradingSymbol>ALK</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001274498</rptOwnerCik>
            <rptOwnerName>PEDERSEN BRANDON</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>19300 INTERNATIONAL BLVD</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>SEATTLE</rptOwnerCity>
            <rptOwnerState>WA</rptOwnerState>
            <rptOwnerZipCode>98188</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>false</isDirector>
            <isOfficer>true</isOfficer>
            <isTenPercentOwner>false</isTenPercentOwner>
            <isOther>false</isOther>
            <officerTitle>EXEC VP/FINANCE &amp; CFO</officerTitle>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeHolding>
            <securityTitle>
                <value>RESTRICTED STOCK UNIT</value>
                <footnoteId id="F1"/>
            </securityTitle>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>13360</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
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                </transactionShares>
                <transactionPricePerShare>
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                <transactionAcquiredDisposedCode>
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                </transactionShares>
                <transactionPricePerShare>
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                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
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                </sharesOwnedFollowingTransaction>
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            <transactionDate>
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                <equitySwapInvolved>false</equitySwapInvolved>
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            <transactionAmounts>
                <transactionShares>
                    <value>4681</value>
                    <footnoteId id="F6"/>
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                <transactionPricePerShare>
                    <value>89.853</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>D</value>
                </transactionAcquiredDisposedCode>
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    <derivativeTable>
        <derivativeTransaction>
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                <value>EMPLOYEE STOCK OPTION (RT TO BUY)</value>
            </securityTitle>
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                <transactionPricePerShare>
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                <transactionAcquiredDisposedCode>
                    <value>D</value>
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            <exerciseDate>
                <value>2015-02-11</value>
                <footnoteId id="F3"/>
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            <expirationDate>
                <value>2024-02-11</value>
            </expirationDate>
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                <underlyingSecurityTitle>
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                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>2446</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
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                <directOrIndirectOwnership>
                    <value>D</value>
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            <securityTitle>
                <value>EMPLOYEE STOCK OPTION (RT TO BUY)</value>
            </securityTitle>
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                <value>48.945</value>
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            <transactionDate>
                <value>2016-12-09</value>
            </transactionDate>
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                <footnoteId id="F4"/>
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                <value>2024-05-12</value>
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    <footnotes>
        <footnote id="F1">STOCK UNITS AWARDED UNDER THE 2008 PERFORMANCE INCENTIVE PLAN; SUBJECT TO FORFEITURE.</footnote>
        <footnote id="F2">EXERCISE AND SALE EFFECTED PURSUANT TO A RULE 10b5-1 TRADING PLAN ADOPTED BY MR. PEDERSEN ON 4/26/2016.</footnote>
        <footnote id="F3">REMAINING OPTIONS VEST AS FOLLOWS:  2,444 ON 02/11/2017 AND 2,446 ON 02/11/2018.</footnote>
        <footnote id="F4">REMAINING OPTIONS VEST AS FOLLOWS:  664 ON 05/12/2017 AND 666 ON 05/12/2018.</footnote>
        <footnote id="F5">SALE OF 3,776 ALK SHARES EFFECTED PURSUANT TO A RULE 10b5-1 TRADING PLAN ADOPTED BY MR. PEDERSEN ON 4/26/2016.</footnote>
        <footnote id="F6">THE PRICE REPORTED IN COLUMN 4 IS A WEIGHTED AVERAGE PRICE.  THESE SHARES SOLD IN MULTIPLE TRANSACTIONS AT PRICES RANGING FROM $89.231 TO $90.00, INCLUSIVE.  THE REPORTING PERSON UNDERTAKES TO PROVIDE TO ALASKA AIR GROUP, ANY SECURITY HOLDER OF ALASKA AIR GROUP, OR THE STAFF OF THE SECURITIES AND EXCHANGE COMMISSION, UPON REQUEST, FULL INFORMATION REGARDING THE NUMBER OF SHARES SOLD AT EACH SEPARATE PRICE WITHIN THE RANGES SET FORTH IN THIS FOOTNOTE.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>/S/ JEANNE E. GAMMON, ATTORNEY IN FACT FOR BRANDON S. PEDERSEN</signatureName>
        <signatureDate>2016-12-09</signatureDate>
    </ownerSignature>
</ownershipDocument>
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</SEC-DOCUMENT>
