<SEC-DOCUMENT>0001246360-21-000660.txt : 20210415
<SEC-HEADER>0001246360-21-000660.hdr.sgml : 20210415
<ACCEPTANCE-DATETIME>20210415111410
ACCESSION NUMBER:		0001246360-21-000660
CONFORMED SUBMISSION TYPE:	3
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20210406
FILED AS OF DATE:		20210415
DATE AS OF CHANGE:		20210415

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			VON MUEHLEN CONSTANCE E
		CENTRAL INDEX KEY:			0001855774

	FILING VALUES:
		FORM TYPE:		3
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-08957
		FILM NUMBER:		21827716

	MAIL ADDRESS:	
		STREET 1:		C/O ALASKA AIR GROUP, INC.
		STREET 2:		19300 INTERNATIONAL BLVD
		CITY:			SEATTLE
		STATE:			WA
		ZIP:			98188

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
</SEC-HEADER>
<DOCUMENT>
<TYPE>3
<SEQUENCE>1
<FILENAME>form.xml
<DESCRIPTION>PRIMARY DOCUMENT
<TEXT>
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<ownershipDocument>

    <schemaVersion>X0206</schemaVersion>

    <documentType>3</documentType>

    <periodOfReport>2021-04-06</periodOfReport>

    <noSecuritiesOwned>0</noSecuritiesOwned>

    <issuer>
        <issuerCik>0000766421</issuerCik>
        <issuerName>ALASKA AIR GROUP, INC.</issuerName>
        <issuerTradingSymbol>ALK</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001855774</rptOwnerCik>
            <rptOwnerName>VON MUEHLEN CONSTANCE E</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>EVP AND COO</officerTitle>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeHolding>
            <securityTitle>
                <value>COMMON STOCK</value>
            </securityTitle>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>3339</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeHolding>
        <nonDerivativeHolding>
            <securityTitle>
                <value>COMMON STOCK</value>
            </securityTitle>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>117</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>HELD BY SPOUSE</value>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeHolding>
    </nonDerivativeTable>

    <derivativeTable>
        <derivativeHolding>
            <securityTitle>
                <value>RESTRICTED STOCK UNITS</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>0</value>
            </conversionOrExercisePrice>
            <exerciseDate>
                <value>2022-02-14</value>
                <footnoteId id="F1"/>
            </exerciseDate>
            <expirationDate>
                <value>2029-02-14</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>COMMON STOCK</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>1490</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </derivativeHolding>
        <derivativeHolding>
            <securityTitle>
                <value>RESTRICTED STOCK UNITS</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>0</value>
            </conversionOrExercisePrice>
            <exerciseDate>
                <value>2023-02-11</value>
                <footnoteId id="F1"/>
            </exerciseDate>
            <expirationDate>
                <value>2030-02-11</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>COMMON STOCK</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>1190</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </derivativeHolding>
        <derivativeHolding>
            <securityTitle>
                <value>RESTRICTED STOCK UNITS</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>0</value>
            </conversionOrExercisePrice>
            <exerciseDate>
                <value>2021-11-05</value>
                <footnoteId id="F2"/>
            </exerciseDate>
            <expirationDate>
                <value>2030-11-05</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>COMMON STOCK</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>2960</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </derivativeHolding>
        <derivativeHolding>
            <securityTitle>
                <value>RESTRICTED STOCK UNITS</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>0</value>
            </conversionOrExercisePrice>
            <exerciseDate>
                <value>2022-01-21</value>
                <footnoteId id="F1"/>
            </exerciseDate>
            <expirationDate>
                <value>2029-01-21</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>COMMON STOCK</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>20</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </derivativeHolding>
        <derivativeHolding>
            <securityTitle>
                <value>RESTRICTED STOCK UNITS</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>0</value>
            </conversionOrExercisePrice>
            <exerciseDate>
                <value>2024-04-03</value>
                <footnoteId id="F1"/>
            </exerciseDate>
            <expirationDate>
                <value>2031-04-03</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>COMMON STOCK</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>4110</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </derivativeHolding>
        <derivativeHolding>
            <securityTitle>
                <value>EMPLOYEE STOCK OPTION (RT TO BUY)</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>66.89</value>
            </conversionOrExercisePrice>
            <exerciseDate>
                <value>2019-02-13</value>
                <footnoteId id="F3"/>
            </exerciseDate>
            <expirationDate>
                <value>2028-02-13</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>COMMON STOCK</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>3930</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </derivativeHolding>
        <derivativeHolding>
            <securityTitle>
                <value>EMPLOYEE STOCK OPTION (RT TO BUY)</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>64.86</value>
            </conversionOrExercisePrice>
            <exerciseDate>
                <value>2020-01-21</value>
                <footnoteId id="F4"/>
            </exerciseDate>
            <expirationDate>
                <value>2029-01-21</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>COMMON STOCK</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>90</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </derivativeHolding>
        <derivativeHolding>
            <securityTitle>
                <value>EMPLOYEE STOCK OPTION (RT TO BUY)</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>66.57</value>
            </conversionOrExercisePrice>
            <exerciseDate>
                <value>2020-02-14</value>
                <footnoteId id="F5"/>
            </exerciseDate>
            <expirationDate>
                <value>2029-02-14</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>COMMON STOCK</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>5690</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </derivativeHolding>
        <derivativeHolding>
            <securityTitle>
                <value>RESTRICTED STOCK UNITS</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>0</value>
            </conversionOrExercisePrice>
            <exerciseDate>
                <value>2021-09-09</value>
                <footnoteId id="F6"/>
            </exerciseDate>
            <expirationDate>
                <value>2030-09-09</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>COMMON STOCK</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>503</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>HELD BY SPOUSE</value>
                </natureOfOwnership>
            </ownershipNature>
        </derivativeHolding>
        <derivativeHolding>
            <securityTitle>
                <value>EMPLOYEE STOCK OPTION (RT TO BUY)</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>64.55</value>
            </conversionOrExercisePrice>
            <exerciseDate>
                <value>2021-02-11</value>
                <footnoteId id="F7"/>
            </exerciseDate>
            <expirationDate>
                <value>2030-02-11</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>COMMON STOCK</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>5170</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </derivativeHolding>
        <derivativeHolding>
            <securityTitle>
                <value>EMPLOYEE STOCK OPTIONS (RT TO BUY)</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>39.18</value>
            </conversionOrExercisePrice>
            <exerciseDate>
                <value>2021-11-05</value>
                <footnoteId id="F8"/>
            </exerciseDate>
            <expirationDate>
                <value>2030-11-05</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>COMMON STOCK</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>2540</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </derivativeHolding>
        <derivativeHolding>
            <securityTitle>
                <value>EMPLOYEE STOCK OPTION (RT TO BUY)</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>69.49</value>
            </conversionOrExercisePrice>
            <exerciseDate>
                <value>2022-04-03</value>
                <footnoteId id="F9"/>
            </exerciseDate>
            <expirationDate>
                <value>2031-04-03</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>COMMON STOCK</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>10060</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </derivativeHolding>
    </derivativeTable>

    <footnotes>
        <footnote id="F1">RESTRICTED STOCK UNITS CLIFF VEST 3 YEARS FROM GRANT AND CONVERT INTO COMMON STOCK ON A ONE-FOR-ONE-BASIS.</footnote>
        <footnote id="F2">RESTRICTED STOCK UNITS (RSUs) WILL VEST ANNUALLY IN EQUAL INSTALLMENTS ON THE FIRST THREE ANNIVERSARIES OF THE GRANT DATE (986 RSUs ON 11/5/2021; 987 RSUs ON 11/5/2022 AND 987 RSUs ON 11/5/2023).  RSUs CONVERT INTO COMMON STOCK ON A ONE-FOR-ONE-BASIS.</footnote>
        <footnote id="F3">OPTIONS VEST IN 25% INCREMENTS OVER FOUR YEARS.  2,947 OPTIONS ARE CURRENTLY EXERCISABLE; THE REMAINING 983 OPTIONS WILL VEST ON 2/13/2022.</footnote>
        <footnote id="F4">OPTIONS VEST IN 25% INCREMENTS OVER FOUR YEARS. 45 OPTIONS ARE CURRENTLY EXERCISABLE; THE REMAINING 45 OPTIONS WILL VEST AS FOLLOWS 22 OPTIONS ON 1/21/22 AND 23 OPTIONS ON 1/21/2023.</footnote>
        <footnote id="F5">OPTIONS VEST IN 25% INCREMENTS OVER FOUR YEARS. 2,845 OPTIONS ARE CURRENTLY EXERCISABLE; THE REMAINING 2,845 OPTIONS WILL VEST AS FOLLOWS:  1,422 OPTIONS ON 2/14/2022 AND 1,423 OPTIONS ON 2/14/2023.</footnote>
        <footnote id="F6">RESTRICTED STOCK UNITS (RSUs) WILL VEST AS FOLLOWS:  168 RSUs ON 9/9/2021; 167 RSUs ON 3/9/2022; AND 168 RSUs ON 9/9/2022.  RSUs CONVERT INTO COMMON STOCK ON A ONE-FOR-ONE-BASIS.</footnote>
        <footnote id="F7">OPTIONS VEST IN 25% INCREMENTS OVER FOUR YEARS. 1,292 OPTIONS ARE CURRENTLY EXERCISABLE; THE REMAINING 3,878 OPTIONS WILL VEST AS FOLLOWS:  1,293 OPTIONS ON 2/11/2022; 1,292 ON 2/11/2023; AND 1,293 OPTIONS ON 2/11/2024.</footnote>
        <footnote id="F8">OPTIONS VEST IN 33% INCREMENTS OVER THREE YEARS. THE OPTIONS WILL VEST AS FOLLOWS:  846 OPTIONS ON 11/5/2021; 847 OPTIONS ON 11/5/2022; AND 847 OPTIONS ON 11/5/2023.</footnote>
        <footnote id="F9">OPTIONS VEST IN 25% INCREMENTS OVER FOUR YEARS. THE OPTIONS WILL VEST AS FOLLOWS:  2,515 OPTIONS ON 4/3/22; 2,515 OPTIONS ON 4/3/23; 2,515 OPTIONS ON 4/3/24; AND 2,515 OPTIONS ON 4/23/25.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>/S/JEANNE E GAMMON, ATTORNEY IN FACT FOR CONSTANCE E VON MUEHLEN</signatureName>
        <signatureDate>2021-04-15</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
