Stock Analysis on Net
Stock Analysis on Net

Delta Air Lines Inc. (NYSE:DAL)

This company has been moved to the archive! The financial data has not been updated since July 13, 2022.

Common-Size Balance Sheet: Assets 

Delta Air Lines Inc., common-size consolidated balance sheet: assets

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Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
Cash and cash equivalents 10.95 11.54 4.47 2.60 3.40
Short-term investments 4.67 8.04 0.00 0.34 1.55
Accounts receivable, net of an allowance for uncollectible accounts 3.32 1.94 4.42 3.84 4.46
Inventories 1.52 1.02 1.94 1.75 2.49
Prepaid expenses and other 1.54 1.64 1.96 2.00 2.81
Current assets 22.00% 24.17% 12.78% 10.52% 14.72%
Property and equipment, net of accumulated depreciation and amortization 39.68 36.85 48.52 47.02 49.84
Operating lease right-of-use assets 9.99 7.96 8.72 9.95 0.00
Goodwill 13.46 13.55 15.16 16.23 18.38
Identifiable intangibles, net of accumulated amortization 8.28 8.35 8.00 8.01 9.10
Cash restricted for airport construction 0.65 2.16 0.99 1.88 0.00
Equity investments 2.36 2.31 3.98 0.00 0.00
Deferred income taxes, net 1.79 2.76 0.19 0.40 1.75
Other noncurrent assets 1.79 1.88 1.67 5.99 6.21
Noncurrent assets 78.00% 75.83% 87.22% 89.48% 85.28%
Total assets 100.00% 100.00% 100.00% 100.00% 100.00%

Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31).

Cash and cash equivalents
The proportion of cash and cash equivalents relative to total assets shows a notable increase from 3.4% in 2017 to 11.54% in 2020, before slightly decreasing to 10.95% in 2021. This upward trend suggests a stronger liquidity position over the period, particularly peaking in 2020.
Short-term investments
Short-term investments as a percentage of total assets fluctuate significantly, starting at 1.55% in 2017, dropping sharply to 0.34% in 2018, and being unreported in 2019. The figure rises again to 8.04% in 2020 before declining to 4.67% in 2021, indicating variability in investment strategy or availability of short-term assets.
Accounts receivable, net
This category remains relatively stable from 2017 to 2019, fluctuating around 4%. However, there is a marked decrease in 2020 to 1.94%, likely reflecting reduced sales or improved collections during that year, with a partial recovery to 3.32% in 2021.
Inventories
Inventories show a decreasing trend from 2.49% in 2017 down to 1.02% in 2020, followed by a modest increase to 1.52% in 2021. The downward movement may indicate inventory reduction efforts or lower operational activities during the pandemic year, with some restoration afterward.
Prepaid expenses and other
This item declines progressively from 2.81% in 2017 to 1.54% in 2021, suggesting lower prepaid costs or better expense recognition over the years.
Current assets
Current assets experience a substantial increase from 14.72% in 2017 to a peak of 24.17% in 2020, then decrease slightly to 22% in 2021. This pattern aligns with the rises seen in cash equivalents and short-term investments in 2020, reflecting a shift towards liquidity and short-term asset buildup during the pandemic.
Property and equipment, net
The share of property and equipment decreases steadily from 49.84% in 2017 to 36.85% in 2020, with a slight rebound to 39.68% in 2021. This reduction may be attributed to asset disposals, impairments, or slower capital expenditures during the pandemic, with some recovery afterward.
Operating lease right-of-use assets
Introduced in 2018, this item constitutes a significant portion of assets, starting at 9.95%, slightly declining over the following years but then increasing to 9.99% in 2021. This reflects lease accounting changes and the company's ongoing lease commitments.
Goodwill
The goodwill component declines gradually from 18.38% in 2017 to 13.46% in 2021, indicating possible impairment charges or non-reinvestment in acquisitions during these years.
Identifiable intangibles, net
This asset category remains stable around 8% to 8.35% throughout the period, showing consistency in intangible asset values after amortization.
Cash restricted for airport construction
Reported only starting 2018, this item exhibits fluctuations, with 1.88% in 2018, decreasing to 0.65% in 2021. The variations suggest inconsistent restricted cash usage or project progression.
Equity investments
Equity investments appear in 2019 with 3.98%, declining to approximately 2.3% in subsequent years, indicating a reduction or revaluation of such investments.
Deferred income taxes, net
Deferred income taxes fluctuate notably, starting from 1.75% in 2017, decreasing to 0.19% in 2019, then increasing sharply to 2.76% in 2020, before declining again to 1.79% in 2021. These changes may reflect tax position adjustments or timing differences in recognizing tax assets or liabilities.
Other noncurrent assets
There is a significant decrease from 6.21% in 2017 to around 1.7%-1.9% between 2019 and 2021, suggesting asset reclassification or disposals affecting this category.
Noncurrent assets
The aggregate proportion of noncurrent assets decreases from 85.28% in 2017 to 75.83% in 2020, recovering slightly to 78% in 2021. This trend corresponds with movements in property, equipment, goodwill, and intangible assets, indicating a relative contraction of long-term holdings during the pandemic followed by partial rebuilding.