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).

The asset composition of the company underwent a significant structural shift between 2017 and 2021, characterized by a marked transition from noncurrent asset concentration toward increased liquidity, particularly during the 2020 fiscal year. While noncurrent assets dominated the balance sheet throughout the period, their relative weight declined from a peak of 89.48% in 2018 to 78.00% by 2021.

Liquidity and Current Asset Trends
A substantial increase in liquidity is observed starting in 2020. Cash and cash equivalents rose from a range of 2.60% to 4.47% between 2017 and 2019 to a peak of 11.54% in 2020, before settling at 10.95% in 2021. This trend is mirrored in short-term investments, which peaked at 8.04% in 2020. Consequently, the total proportion of current assets expanded from 14.72% in 2017 to 22.00% in 2021, indicating a strategic or necessary accumulation of liquid reserves.
Fixed Assets and Operating Leases
Property and equipment, net, represented the largest single asset component, though its relative weight trended downward from 49.84% in 2017 to 39.68% in 2021. A notable contraction occurred in 2020, where the proportion fell to 36.85%. Additionally, operating lease right-of-use assets appeared as a significant component starting in 2018 at 9.95%, maintaining a relatively stable presence between 7.96% and 9.99% through 2021.
Intangible Assets and Goodwill
There is a consistent downward trend in the proportion of the balance sheet allocated to goodwill, which decreased from 18.38% in 2017 to 13.46% in 2021. Identifiable intangibles remained more stable, fluctuating slightly within a narrow band between 8.00% and 9.10% over the five-year period.
Other Noncurrent Asset Components
Other noncurrent assets showed a significant reduction, falling from 6.21% in 2017 to 1.79% in 2021. Deferred income taxes, net, remained a minor component of the asset base, though a spike to 2.76% was observed in 2020. Equity investments emerged as a measurable factor in 2019 at 3.98%, subsequently stabilizing around 2.3% in 2020 and 2021.

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