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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: Liabilities and Stockholders’ Equity

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

Microsoft Excel
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).

The capital structure is defined by a sustained stockholders' deficit and a high proportion of liabilities relative to total assets. Total liabilities consistently exceeded 100% of the total liabilities and stockholders' deficit from 2019 through 2023, peaking at 111.07% in 2020 and 2021, indicating that the company's total obligations surpassed its total assets during this period.

Current Liabilities Analysis
Current liabilities exhibited a general upward trajectory from 26.72% in 2020 to 34.99% in 2023. This growth is driven by increases in air traffic liability, which rose from 8.01% in 2019 to 9.83% in 2023, and current maturities of long-term debt, which climbed to 5.76% by the end of 2023. These trends suggest an increase in short-term obligations relative to the overall balance sheet size.
Long-Term Debt and Obligations
Long-term debt and finance leases, net of current maturities, showed a sharp increase during the 2020-2021 period, reaching a peak of 53.52% in 2021 compared to 35.76% in 2019. A subsequent gradual reduction occurred, bringing this figure down to 46.42% by 2023. Concurrently, pension and postretirement benefits saw a significant contraction, falling from 10.09% in 2019 to 4.83% in 2023.
Equity and Retained Earnings
A critical shift occurred in the equity position starting in 2020. Retained earnings transitioned from a positive 3.77% in 2019 to a substantial deficit that peaked at -13.15% in 2022. The total stockholders' deficit expanded from -0.20% in 2019 to -11.07% in 2020, before moderating slightly to -8.25% by 2023. This pattern indicates significant capital erosion followed by a marginal recovery in the equity ratio.
Operational and Loyalty Liabilities
Loyalty program liabilities remained a prominent component of the liability structure. The combined current and noncurrent loyalty liabilities fluctuated, with the noncurrent portion peaking at 11.55% in 2020 and stabilizing at 9.32% by 2023. Noncurrent operating lease liabilities remained relatively stable, fluctuating slightly around the 10% mark from 2021 through 2023.

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