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How should airlines spend their record profits?

How should airlines spend their record profits?

Thanks to low fuel costs, high demand and a series of airline mergers, the nation’s largest carriers have been reporting record profits for a few years now.

But instead of paying out more dividends to shareholders or raises to managers, it might be time to invest money in ways that will make passengers happy in the long run.

That is the conclusion of a report by the corporate consulting firm PwC, also known as PricewaterhouseCoopers.

The report released this week noted that the 10 largest carriers had an average operating margin of 17.4% in 2015, a stark turnaround from the heavy losses suffered by the carriers during the economic recession and the...