Stock Analysis on Net
Stock Analysis on Net

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: Liabilities and Stockholders’ Equity 

American Airlines Group Inc., common-size consolidated balance sheet: liabilities and stockholders’ equity

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Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Current maturities of long-term debt and finance leases 5.76 5.06 3.74 4.51 4.77
Accounts payable 3.73 3.32 2.67 1.93 3.44
Accrued salaries and wages 3.77 2.65 2.24 2.77 2.57
Air traffic liability 9.83 10.42 9.16 7.67 8.01
Loyalty program liability 5.48 4.90 4.36 3.28 5.32
Current operating lease liabilities 2.08 2.26 2.27 2.66 2.85
Other accrued liabilities 4.34 4.61 4.16 3.90 3.56
Current liabilities 34.99% 33.22% 28.59% 26.72% 30.52%
Long-term debt and finance leases, net of current maturities 46.42 50.05 53.52 48.05 35.76
Pension and postretirement benefits 4.83 4.38 7.60 11.40 10.09
Loyalty program liability 9.32 9.23 9.39 11.55 9.04
Noncurrent operating lease liabilities 10.23 10.14 9.94 10.93 12.37
Other liabilities 2.47 1.94 2.00 2.42 2.42
Noncurrent liabilities 73.26% 75.74% 82.45% 84.35% 69.68%
Total liabilities 108.25% 108.96% 111.04% 111.07% 100.20%
Common stock, $0.01 par value 0.01 0.01 0.01 0.01 0.01
Additional paid-in capital 11.69 11.27 10.88 11.12 6.58
Accumulated other comprehensive loss -7.76 -7.08 -8.94 -11.45 -10.55
Retained earnings (deficit) -12.19 -13.15 -13.00 -10.75 3.77
Stockholders’ deficit -8.25% -8.96% -11.04% -11.07% -0.20%
Total liabilities and stockholders’ deficit 100.00% 100.00% 100.00% 100.00% 100.00%

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

Current maturities of long-term debt and finance leases
This liability declined from 4.77% in 2019 to 3.74% in 2021, followed by a rise to 5.76% by 2023, indicating increased short-term debt obligations in recent years.
Accounts payable
Accounts payable fell significantly in 2020 to 1.93% from 3.44% in 2019, then gradually increased to 3.73% by 2023, suggesting a recovery and return to typical supplier credit levels.
Accrued salaries and wages
This item showed relative stability around 2.5-3% of total liabilities, with a notable increase to 3.77% in 2023, potentially reflecting increased payroll liabilities or timing differences.
Air traffic liability
The air traffic liability remained a substantial part of liabilities, declining slightly in 2020 but rising steadily to 10.42% in 2022, then decreasing slightly to 9.83% in 2023, reflecting passenger revenue deferrals and adjustments over the period.
Loyalty program liability (current)
Current loyalty program liability dropped from 5.32% in 2019 to 3.28% in 2020, then increased to 5.48% in 2023, indicating fluctuations in customer rewards obligations in response to business activity.
Current operating lease liabilities
There was a consistent decline from 2.85% in 2019 to 2.08% in 2023, suggesting a reduction in short-term lease liabilities, potentially linked to changes in leasing strategies or asset usage.
Other accrued liabilities
This category increased from 3.56% in 2019 to a peak of 4.61% in 2022, then slightly decreased to 4.34% in 2023, indicating rising miscellaneous current liabilities over time.
Current liabilities
Current liabilities as a whole showed a U-shaped trend, decreasing from 30.52% in 2019 to 26.72% in 2020, then rising steadily to 34.99% in 2023, which may indicate increasing short-term obligations in the recent period.
Long-term debt and finance leases, net of current maturities
Long-term debt rose sharply from 35.76% in 2019 to a peak of 53.52% in 2021, before declining to 46.42% in 2023, reflecting debt restructuring and repayment activities following the pandemic period.
Pension and postretirement benefits
This liability increased to 11.4% in 2020, then decreased markedly to around 4.8% by 2023, suggesting funding improvements or remeasurements impacting these obligations.
Loyalty program liability (noncurrent)
The noncurrent loyalty program liability increased from 9.04% in 2019 to 11.55% in 2020, followed by a gradual decrease to 9.32% in 2023, paralleling trends in the current portion and reflecting ongoing management of these long-term obligations.
Noncurrent operating lease liabilities
These liabilities declined from 12.37% in 2019 to 9.94% in 2021, then stabilized around 10.2% through 2023, indicating a reduction and stabilization of long-term lease obligations.
Other liabilities
Maintaining relative stability near 2.4%, other liabilities showed a slight dip and subsequent rebound, indicating steady minor liabilities over time.
Noncurrent liabilities
Noncurrent liabilities increased markedly from 69.68% in 2019 to 84.35% in 2020, then declined to 73.26% in 2023, reflecting shifts in long-term financing and benefit obligations post-pandemic.
Total liabilities
Total liabilities exceeded 100% in all years, peaking at 111.07% in 2020 and 111.04% in 2021, then declining modestly to 108.25% in 2023, demonstrating persistent high leverage relative to equity components throughout the period.
Common stock
This account remained negligible at 0.01%, indicating minimal impact on the overall financial structure from par value stock changes.
Additional paid-in capital
Additional paid-in capital approximately doubled from 6.58% in 2019 to around 11.7% in 2023, reflecting equity injections or retained share premiums enhancing the equity base.
Accumulated other comprehensive loss
This item remained negative throughout, ranging between -10.55% and -7.08%, showing some improvement yet still indicating accumulated losses impacting equity.
Retained earnings (deficit)
Retained earnings moved into a significant deficit starting in 2020, falling to around -13% in 2021 and 2022, with a slight improvement to -12.19% in 2023, demonstrating ongoing earnings challenges and accumulated losses during the period.
Stockholders’ deficit
The overall stockholders’ deficit worsened sharply to about -11% in 2020 and 2021, improving somewhat to -8.25% by 2023, indicating reduced but still negative equity attributable to shareholders.
Total liabilities and stockholders’ deficit
By definition, this remained constant at 100% each year, confirming the balance between liabilities and equity components despite shifts in their relative proportions.