Stock Analysis on Net
Stock Analysis on Net

Delta Air Lines Inc. (NYSE:DAL)

$22.49

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

Common-Size Balance Sheet: Assets

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

Microsoft Excel
Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
Cash and cash equivalents
Short-term investments
Accounts receivable, net of an allowance for uncollectible accounts
Inventories
Prepaid expenses and other
Current assets
Property and equipment, net of accumulated depreciation and amortization
Operating lease right-of-use assets
Goodwill
Identifiable intangibles, net of accumulated amortization
Cash restricted for airport construction
Equity investments
Deferred income taxes, net
Other noncurrent assets
Noncurrent assets
Total assets

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.