Common-Size Balance Sheet: Assets
Quarterly Data
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American Airlines Group Inc. pages available for free this week:
- Statement of Comprehensive Income
- Balance Sheet: Liabilities and Stockholders’ Equity
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Enterprise Value to FCFF (EV/FCFF)
- Dividend Discount Model (DDM)
- Net Profit Margin since 2013
- Return on Assets (ROA) since 2013
- Current Ratio since 2013
- Price to Book Value (P/BV) since 2013
- Analysis of Revenues
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American Airlines Group Inc., common-size consolidated balance sheet: assets (quarterly data)
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).
- Cash and liquidity positions
- Cash as a percentage of total assets remained relatively stable around 0.4% to 0.5% from early 2019 through the end of 2021 but displayed a notable upward trend starting in 2022, increasing sharply to nearly 0.9% by the fourth quarter of 2023. Short-term investments fluctuated significantly; after a decline in early 2020, they rose substantially in mid-2020 and remained elevated through early 2022, peaking above 24%, then trended downward into 2023, declining to approximately 11% by the fourth quarter. Restricted cash and short-term investments showed a modest but steady increase over the period, reaching around 1.4% by 2023. Overall, the liquidity profile indicates a cautious buildup of more liquid assets in recent years, possibly reflecting strategic cash management in response to market conditions.
- Current assets
- The total current assets percentage of total assets rose markedly from around 14% in early 2019 to above 31% by mid-2021, corresponding with increases in short-term investments and accounts receivable. However, from late 2021 onward, current assets gradually declined to approximately 21.5% by the end of 2023. This pattern suggests a temporary accumulation of current assets during 2020-2021, likely to manage uncertainty or operational adjustments, followed by a partial normalization.
- Accounts receivable and prepaid expenses
- Accounts receivable declined notably in 2020, dropping to a low of approximately 1.36% during the second quarter, then steadily recovered to just above 3% by early 2023. Prepaid expenses showed a similar pattern, increasing during 2020 to a peak of 1.4%, followed by a retrenchment in 2021 and slight fluctuations thereafter, stabilizing near 1% by late 2023. These trends reflect shifts in operational volumes and prepayments likely tied to fluctuating business activity during the pandemic period.
- Property and equipment
- Flight equipment as a proportion of total assets experienced a decline from about 70% in 2019 to just above 54% by early 2021, coinciding with the pandemic onset, followed by a gradual recovery reaching over 66% by the final quarter of 2023. Ground property and equipment remained relatively stable with minor fluctuations near the 14-16% range. Equipment purchase deposits decreased notably in 2021 to below 1%, then showed gradual recovery to about 1.2% by late 2023. Total property and equipment at cost followed a similar trajectory, falling from nearly 89% in late 2019 to about 69.5% in early 2021, then rebounding steadily to reach over 83% by the end of 2023. Accumulated depreciation displayed a decreasing absolute value percentage early in the pandemic, from around -31% in late 2019 to -23.76% in mid-2021, then deepened again to -35% by the end of 2023. Overall, net property and equipment declined during the initial pandemic period but showed consistent recovery afterward, indicating asset base stabilization and possible reinvestment.
- Right-of-use assets and intangible assets
- Operating lease right-of-use assets decreased from roughly 15% to near 11% through 2021, then fluctuated modestly between 11% and 12.6% through 2023. Goodwill as a percentage of total assets slowly declined from about 6.7% in 2019 to approximately 5.6% in early 2021 but rebounded moderately to 6.5% by the end of 2023. Intangible assets net of amortization showed a mild decrease during the pandemic period followed by a stable upward trend in recent quarters, rising modestly from 2.9% to above 3.2%. These observations suggest moderate adjustments to leased assets and intangible valuations, possibly reflecting revisions in lease agreements and ongoing amortization, accompanied by some growth in intangible asset values post-pandemic.
- Deferred tax assets and other assets
- The deferred tax asset component increased significantly during 2020, from about 1% early in 2019 to a peak above 5%, then declined gradually to just below 4% by mid-2023 before a slight increase at year-end. Other assets remained relatively stable, fluctuating between about 2% and 3% of total assets over the entire period. The other assets category overall decreased slightly from approximately 14.7% in early 2020 to around 15-17% throughout 2023. The rise and partial normalization of deferred tax assets align with changes in profitability expectations and tax positions influenced by the pandemic’s financial impacts.
- Noncurrent assets
- Noncurrent assets as a percentage of total assets showed a sharp decline from near 87% in early 2020 to about 69% by early 2021, followed by a steady increase to approximately 78.5% by the end of 2023. This pattern reflects the temporary shift towards more current assets during peak pandemic uncertainty and a rebound toward pre-pandemic capital structure over subsequent years.