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 
Quarterly Data

American Airlines Group Inc., common-size consolidated balance sheet: liabilities and stockholders’ equity (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
Current maturities of long-term debt and finance leases 5.76 5.73 5.76 5.36 5.06 4.12 3.10 3.53 3.74 3.73 3.86 3.56 4.51 4.32 3.99 6.01 4.77 5.90 5.65 5.54
Accounts payable 3.73 3.23 3.58 3.68 3.32 3.18 4.02 3.78 2.67 2.68 3.00 2.37 1.93 1.72 1.82 2.81 3.44 3.16 3.42 3.52
Accrued salaries and wages 3.77 4.96 2.56 2.71 2.65 2.49 2.21 2.03 2.24 2.19 2.18 2.30 2.77 3.06 2.35 2.79 2.57 2.31 2.10 2.00
Air traffic liability 9.83 11.68 12.68 13.56 10.42 12.24 13.20 12.38 9.16 9.42 9.79 8.15 7.67 7.81 7.93 9.34 8.01 9.10 9.61 9.76
Loyalty program liability 5.48 5.31 5.19 5.22 4.90 4.51 4.51 4.61 4.36 4.08 3.63 3.38 3.28 3.27 3.65 5.28 5.32 5.23 5.34 5.52
Current operating lease liabilities 2.08 2.11 2.13 2.15 2.26 2.20 2.18 2.21 2.27 2.18 2.19 2.32 2.66 2.77 2.79 2.99 2.85 2.73 2.64 2.68
Other accrued liabilities 4.34 4.07 4.25 4.15 4.61 4.21 4.28 3.89 4.16 3.39 5.05 3.17 3.90 3.49 5.35 3.58 3.56 3.55 3.71 3.64
Current liabilities 34.99% 37.10% 36.15% 36.82% 33.22% 32.96% 33.50% 32.44% 28.59% 27.67% 29.70% 25.25% 26.72% 26.42% 27.89% 32.80% 30.52% 31.97% 32.47% 32.65%
Long-term debt and finance leases, net of current maturities 46.42 45.23 45.75 47.29 50.05 51.29 51.44 52.61 53.52 52.67 51.34 54.26 48.05 47.91 44.46 36.81 35.76 35.35 35.17 33.99
Pension and postretirement benefits 4.83 4.46 4.01 4.10 4.38 6.90 7.00 7.29 7.60 9.49 9.15 9.85 11.40 10.05 9.33 10.43 10.09 9.17 9.10 10.72
Loyalty program liability 9.32 8.88 8.75 8.81 9.23 9.21 9.11 9.19 9.39 9.36 9.21 10.28 11.55 11.22 10.24 9.83 9.04 8.70 8.47 8.58
Noncurrent operating lease liabilities 10.23 9.63 9.67 9.47 10.14 9.42 9.29 9.69 9.94 9.60 9.26 9.82 10.93 10.65 10.80 12.36 12.37 12.32 12.62 12.81
Other liabilities 2.47 2.52 2.19 2.15 1.94 2.05 2.05 2.04 2.00 2.08 1.93 2.12 2.42 2.56 2.19 2.28 2.42 2.22 2.21 2.30
Noncurrent liabilities 73.26% 70.71% 70.37% 71.82% 75.74% 78.88% 78.89% 80.82% 82.45% 83.19% 80.88% 86.32% 84.35% 82.39% 77.02% 71.70% 69.68% 67.76% 67.56% 68.39%
Total liabilities 108.25% 107.82% 106.52% 108.64% 108.96% 111.84% 112.39% 113.26% 111.04% 110.87% 110.58% 111.57% 111.07% 108.81% 104.91% 104.50% 100.20% 99.74% 100.04% 101.05%
Common stock, $0.01 par value 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01
Additional paid-in capital 11.69 11.19 10.88 10.92 11.27 10.92 10.68 10.75 10.88 10.55 9.94 10.17 11.12 8.65 8.33 6.59 6.58 6.88 7.08 7.19
Accumulated other comprehensive loss -7.76 -7.29 -6.76 -6.84 -7.08 -8.79 -8.67 -8.78 -8.94 -10.17 -9.66 -10.25 -11.45 -10.32 -10.01 -11.06 -10.55 -9.72 -9.56 -9.72
Retained earnings (deficit) -12.19 -11.73 -10.65 -12.73 -13.15 -13.97 -14.42 -15.24 -13.00 -11.26 -10.87 -11.50 -10.75 -7.15 -3.24 -0.04 3.77 3.10 2.44 1.48
Stockholders’ equity (deficit) -8.25% -7.82% -6.52% -8.64% -8.96% -11.84% -12.39% -13.26% -11.04% -10.87% -10.58% -11.57% -11.07% -8.81% -4.91% -4.50% -0.20% 0.26% -0.04% -1.05%
Total liabilities and stockholders’ equity (deficit) 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 analysis of the quarterly financial data reveals several notable trends and shifts in the company's liabilities and equity structure over the observed periods.

Current Maturities of Long-term Debt and Finance Leases
This metric fluctuates moderately around a range of approximately 3.5% to 6%, peaking around mid-2019 and again rising in late 2022 and 2023. This indicates some variability in short-term obligations related to debt repayments but no clear upward or downward long-term trend.
Accounts Payable
Accounts payable, as a percentage of total liabilities and equity, generally shows a declining trend during 2019 and 2020, reaching its lowest points in mid-2020, followed by a gradual recovery and stabilization around 3% to 4% in recent quarters. This suggests a tightening in vendor credit or improved payment terms during the pandemic, with gradual normalization thereafter.
Accrued Salaries and Wages
There is a steady increase from early 2019 through the end of 2020, peaking at 3.06%, likely reflecting deferred salary payments or payroll accruals during operational disruptions. Subsequently, the ratio fluctuates moderately and exhibits a significant spike to nearly 5% in Q3 2023, indicating a potential increase in wage-related liabilities or accrued compensation obligations.
Air Traffic Liability
This item exhibits a downward trend in 2019 but remains relatively stable through 2020. A notable increase occurs from early 2021 to mid-2022, peaking above 13%, likely reflecting accumulated passenger deposits or refunds owed amid fluctuating travel demand. In late 2023, it decreases again to below 10%, suggesting enhanced cash flow or adjustments in customer liabilities.
Loyalty Program Liability (Current and Noncurrent)
Both current and noncurrent loyalty program liabilities remain fairly consistent with slight upward trends, reflecting steady accumulation of customer loyalty obligations. The current portion increases from roughly 3% in mid-2020 to above 5% by late 2023, while the noncurrent portion remains close to 9% with minor variations.
Current Operating Lease Liabilities
These liabilities show a slight decline over the years, decreasing from near 2.85% in late 2019 to about 2.08% by the end of 2023, indicating a moderate reduction in short-term lease obligations or restructuring of lease agreements.
Other Accrued Liabilities
This category experiences noticeable volatility, with spikes in mid-2020 and mid-2021, possibly stemming from deferred taxes, accruals for expenses, or provisions related to the pandemic period. Overall, it maintains a range between 3% and 5% without a sustained trend.
Current Liabilities
Current liabilities as a total portion of liabilities and equity decline sharply in 2020, bottoming near 26%, then rise steadily from 2021 onward, reaching almost 37% by late 2023. This increasing trend suggests growing short-term obligations relative to the company's capital structure in recent periods.
Long-term Debt and Finance Leases, Net of Current Maturities
There is a clear increasing trend from under 34% in early 2019 to above 48% by the end of 2020, peaking above 54% in early 2021. Subsequently, there is a gradual decrease to around 45%-47% in 2023, indicating significant debt accumulation during 2020-21 followed by deleveraging or repayments more recently.
Pension and Postretirement Benefits
This liability component decreases steadily from over 10% in early 2019 to below 5% by 2023, indicating a reduction in pension-related obligations, possibly through settlements, funding, or actuarial adjustments.
Noncurrent Operating Lease Liabilities
The proportion remains relatively stable between 9% and 13% over the entire period, with minor fluctuations but no significant upward or downward movement in long-term lease commitments.
Other and Noncurrent Liabilities
These liabilities remain steady, fluctuating slightly around the 2% level for "Other liabilities" and around 70%-85% combined for total noncurrent liabilities, reflecting a consistent noncurrent obligation profile for the company.
Total Liabilities
Total liabilities consistently exceed 100% of the total liabilities and stockholders' equity base, peaking above 113% in early 2022 and decreasing thereafter to near 108% by late 2023. This indicates a persistent deficit in equity, compensated by higher liabilities over time.
Stockholders’ Equity (Deficit) and Related Components
Stockholders' equity remains negative throughout the period, deepening notably during 2020 and 2021 to over -11%, with marginal improvement towards 2023, but still showing deficits near -8%. Retained earnings shift from positive territory in 2019 to significant deficits during the pandemic years, reflecting accumulated losses. The accumulated other comprehensive loss shows some improvement after deepening in 2020, decreasing its negative impact somewhat by 2023.
Additional Paid-in Capital and Common Stock
Additional paid-in capital increases notably starting in mid-2020, reaching nearly 12% by the end of 2023, suggesting capital injections or equity financing efforts. Common stock remains negligible and stable throughout.

In summary, the financial structure exhibits increased leverage and elevated long-term debt levels during the pandemic, with gradual signs of stabilization and partial recovery in recent quarters. The continued negative equity position and fluctuating accrued liabilities indicate ongoing financial challenges, while increasing paid-in capital contributions imply efforts to strengthen the equity base. The mix of liabilities reveals adjustments in debt, lease, and customer-related obligations corresponding with operational and market conditions over the analyzed timeframe.