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American Airlines Group Inc. (NASDAQ:AAL)

This company has been moved to the archive! The financial data has not been updated since February 21, 2024.

Common-Size Balance Sheet: Assets
Quarterly Data

American Airlines Group Inc., common-size consolidated balance sheet: assets (quarterly data)

Microsoft Excel
Dec 31, 2023 Sep 30, 2023 Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019
Cash 0.92 0.88 0.91 0.68 0.68 0.50 0.59 0.56 0.41 0.43 0.45 0.40 0.40 0.40 0.72 0.81 0.47 0.51 0.51 0.55
Short-term investments 11.10 15.23 17.02 16.53 13.17 16.35 17.83 17.96 18.29 20.81 24.32 20.05 10.67 12.79 14.49 5.30 5.91 7.94 8.21 6.60
Restricted cash and short-term investments 1.44 1.41 1.46 1.43 1.54 1.43 1.47 1.41 1.49 1.35 1.38 1.17 0.98 0.81 0.84 0.27 0.26 0.26 0.25 0.26
Accounts receivable, net 3.21 3.08 3.08 2.98 3.30 2.99 2.70 2.28 2.26 1.95 1.72 1.41 2.16 1.81 1.36 1.74 2.92 3.02 3.14 3.09
Aircraft fuel, spare parts and supplies, net 3.81 3.75 3.39 3.46 3.52 3.32 3.34 2.97 2.70 2.70 2.47 2.42 2.60 2.60 2.56 3.02 3.09 2.94 2.76 2.74
Prepaid expenses and other 1.04 1.09 1.22 1.36 1.38 1.48 1.32 1.17 0.93 0.81 0.91 0.90 1.07 1.24 1.40 1.11 1.04 0.97 1.02 1.00
Current assets 21.52% 25.43% 27.09% 26.43% 23.59% 26.07% 27.26% 26.35% 26.08% 28.05% 31.25% 26.35% 17.89% 19.66% 21.36% 12.25% 13.68% 15.65% 15.90% 14.24%
Flight equipment 66.28 62.29 60.32 59.92 61.35 58.74 57.02 56.91 56.95 55.07 51.86 54.60 60.99 59.86 59.92 67.10 70.90 69.18 68.48 69.12
Ground property and equipment 16.35 15.46 14.86 15.02 15.32 14.55 14.12 13.97 14.04 13.32 12.60 13.27 14.83 15.06 14.54 16.39 15.74 15.09 14.54 14.69
Equipment purchase deposits 1.21 1.22 1.14 0.96 0.95 0.96 0.91 0.81 0.78 0.91 0.99 1.65 2.33 3.03 2.77 2.97 2.79 2.56 2.21 1.99
Property and equipment, at cost 83.83% 78.97% 76.32% 75.90% 77.61% 74.26% 72.05% 71.69% 71.78% 69.30% 65.44% 69.52% 78.14% 77.94% 77.22% 86.46% 89.43% 86.83% 85.23% 85.80%
Accumulated depreciation and amortization -35.04 -32.83 -31.31 -30.76 -30.95 -29.27 -27.92 -27.39 -27.34 -25.76 -23.76 -24.51 -27.02 -26.56 -25.55 -28.07 -31.10 -30.24 -29.23 -29.19
Property and equipment, net 48.79% 46.14% 45.01% 45.14% 46.67% 44.99% 44.13% 44.30% 44.44% 43.54% 41.68% 45.01% 51.12% 51.39% 51.67% 58.39% 58.33% 56.59% 56.00% 56.61%
Operating lease right-of-use assets 12.59 11.99 12.01 11.74 12.51 11.33 11.05 11.49 11.81 11.40 10.98 11.65 12.96 12.71 12.90 14.71 14.56 14.45 14.69 15.01
Goodwill 6.49 6.23 6.08 6.13 6.32 6.14 6.02 6.07 6.15 5.98 5.65 5.96 6.60 6.52 6.34 6.98 6.82 6.69 6.60 6.73
Intangibles, net of accumulated amortization 3.25 3.12 3.06 3.08 3.18 3.10 3.06 2.92 2.99 2.92 2.77 2.94 3.27 3.25 3.17 3.51 3.47 3.42 3.40 3.48
Deferred tax asset 4.58 4.38 3.95 4.62 4.79 5.52 5.68 5.93 5.35 5.23 5.01 5.29 5.22 3.86 2.67 2.11 1.08 1.09 1.28 1.66
Other assets 2.78 2.72 2.81 2.87 2.94 2.85 2.80 2.93 3.17 2.88 2.66 2.80 2.93 2.62 1.88 2.04 2.06 2.11 2.14 2.28
Other assets 17.10% 16.45% 15.90% 16.70% 17.23% 17.61% 17.56% 17.86% 17.67% 17.01% 16.08% 16.99% 18.02% 16.25% 14.07% 14.65% 13.43% 13.31% 13.42% 14.15%
Noncurrent assets 78.48% 74.57% 72.91% 73.57% 76.41% 73.93% 72.74% 73.65% 73.92% 71.95% 68.75% 73.65% 82.11% 80.34% 78.64% 87.75% 86.32% 84.35% 84.10% 85.76%
Total assets 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%

Based on: 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).

The asset composition of the balance sheet exhibits a distinct three-phase evolution: a stable pre-pandemic operational structure, a period of significant liquidity accumulation between 2020 and 2021, and a subsequent transition toward the restoration of fixed-asset dominance by late 2023.

Liquidity and Current Asset Dynamics
Current assets as a percentage of total assets showed substantial volatility, rising from 14.24% in March 2019 to a peak of 31.25% in June 2021. This surge was primarily driven by a dramatic increase in short-term investments, which climbed from approximately 6.60% to 24.32% during the same period. This indicates a strategic prioritization of liquidity preservation. Following this peak, short-term investments trended downward, reaching 11.10% by December 2023, coinciding with a general reduction of total current assets to 21.52%.
Fixed Asset and Flight Equipment Trends
Flight equipment represented the largest single asset category, though its relative weight declined significantly during the pandemic. From a high of 70.90% in December 2019, the proportion fell to 51.86% in June 2021. This decline was not necessarily a reduction in absolute fleet size but a result of the denominator effect caused by the massive increase in cash and short-term investments. By December 2023, flight equipment recovered to 66.28% of total assets. Net property and equipment followed a similar trajectory, bottoming at 41.68% in June 2021 before rising to 48.79% at the end of 2023.
Depreciation and Asset Aging
Accumulated depreciation and amortization as a percentage of total assets remained relatively stable around 29% in 2019 but saw a notable increase toward the end of the analyzed period, reaching -35.04% by December 2023. This upward trend in relative depreciation suggests an aging asset base or a slower pace of new capital expenditure relative to the depreciation of existing flight equipment.
Deferred Tax Assets and Intangibles
Deferred tax assets experienced a significant expansion, rising from 1.66% in March 2019 to a peak of 5.93% in March 2022. This pattern typically reflects the recognition of net operating losses that provide future tax benefits. In contrast, goodwill and intangibles remained relatively stable, with goodwill fluctuating narrowly between 5.65% and 6.98% and intangibles staying between 2.77% and 3.51% throughout the five-year period.
Non-Current Asset Structure
The overall concentration of non-current assets shifted from 85.76% in early 2019 to a low of 68.75% in June 2021. The recovery of these assets to 78.48% by December 2023 signals a return to a capital-intensive asset structure typical of the industry, as the temporary liquidity cushions were utilized or depleted.

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