American Airlines Group Inc. (NASDAQ:AAL)

The current maturities of long-term debt and finance leases declined from US$2,861 million in 2019 to US$2,489 million in 2021. However, there was a notable increase in the following years, reaching US$3,274 million in 2022 and further rising to US$3,632 million in 2023. This trend indicates a shift towards higher short-term debt obligations in the most recent periods.

Net long-term debt, excluding current maturities, showed a significant increase from US$21,454 million in 2019 to a peak of US$35,571 million in 2021. This was followed by a gradual reduction in the subsequent years, dropping to US$32,389 million in 2022 and further decreasing to US$29,270 million in 2023. The pattern reflects a buildup of long-term liabilities up to 2021, after which the company began to reduce its non-current debt levels.

The total long-term debt including current maturities increased steadily from US$24,315 million in 2019 to a peak of US$38,060 million in 2021. After 2021, total debt levels decreased consistently, reaching US$35,663 million in 2022 and further to US$32,902 million in 2023. Despite the decline post-2021, the total debt remains substantially higher than the levels at the end of 2019, indicating an overall increase in leverage compared to the pre-2020 period.

The data reflects an overall trend of increased leverage through 2021, with both short-term maturities and long-term debt rising sharply. Beginning in 2022, there is a clear attempt to reduce long-term liabilities, although current maturities continue to rise, suggesting a shifting profile of debt towards near-term obligations. The increased current maturities might imply pressure on liquidity or upcoming refinancing requirements. The reduction in long-term debt net of current maturities post-2021 is indicative of some deleveraging efforts. However, total liabilities remain elevated compared to the 2019 baseline, pointing to sustained high debt levels in the most recent periods.