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: Liabilities and Stockholders’ Equity 

Delta Air Lines Inc., common-size consolidated balance sheet: liabilities and stockholders’ equity

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Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
Current maturities of debt and finance leases 2.46 2.41 3.54 2.52 4.21
Current maturities of operating leases 0.97 0.94 1.24 1.58 0.00
Air traffic liability 8.60 5.62 7.93 7.73 9.17
Accounts payable 5.85 3.94 5.06 4.94 6.89
Accrued salaries and related benefits 3.39 2.90 5.74 5.45 5.67
Loyalty program deferred revenue 3.74 2.47 4.99 4.96 3.42
Fuel card obligation 1.52 1.53 1.14 1.78 2.00
Other accrued liabilities 2.41 2.32 1.67 1.85 3.49
Current liabilities 28.93% 22.12% 31.31% 30.83% 34.85%
Debt and finance leases, excluding current maturities 34.69 38.09 13.75 13.69 12.37
Noncurrent air traffic liability 0.18 0.69 0.00 0.00 0.00
Pension, postretirement and related benefits 8.33 14.76 13.10 15.20 18.41
Loyalty program deferred revenue 6.69 7.51 5.44 6.06 4.31
Noncurrent operating leases 9.74 7.94 8.20 9.63 0.00
Deferred income taxes, net 0.00 0.00 2.26 0.27 0.00
Other noncurrent liabilities 6.07 6.75 2.15 1.61 3.96
Noncurrent liabilities 65.70% 75.75% 44.89% 46.46% 39.05%
Total liabilities 94.64% 97.87% 76.20% 77.29% 73.90%
Common stock at $0.0001 par value 0.00 0.00 0.00 0.00 0.00
Additional paid-in capital 15.80 15.64 17.25 19.37 22.62
Retained earnings (accumulated deficit) -0.20 -0.59 19.30 16.66 18.08
Accumulated other comprehensive loss -9.84 -12.55 -12.38 -12.98 -14.30
Treasury stock, at cost -0.39 -0.36 -0.37 -0.33 -0.30
Stockholders’ equity 5.36% 2.13% 23.80% 22.71% 26.10%
Total liabilities and stockholders’ equity 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).

Current Liabilities
The proportion of current maturities of debt and finance leases relative to total liabilities and equity decreased from 4.21% in 2017 to 2.46% in 2021, showing a downward trend with a slight increase in 2019. Current maturities of operating leases, first reported in 2018 at 1.58%, declined steadily to 0.97% by 2021. Air traffic liability as a percentage of total liabilities and equity decreased from 9.17% in 2017 to a low of 5.62% in 2020 but rose again to 8.6% in 2021. Accounts payable showed a similar fluctuating pattern, decreasing from 6.89% in 2017 to 3.94% in 2020, then recovering to 5.85% in 2021. Accrued salaries and related benefits declined sharply in 2020 to 2.9%, recovering somewhat to 3.39% in 2021. Loyalty program deferred revenue fell significantly in 2020 to 2.47% but rose to 3.74% in 2021. Fuel card obligations decreased steadily from 2% in 2017 to 1.52% in 2021. Other accrued liabilities declined initially but rose after 2019, reaching 2.41% in 2021. Overall current liabilities dropped notably in 2020 to 22.12% but increased again in 2021 to 28.93%, still below the 2017 level of 34.85%.
Noncurrent Liabilities
Debt and finance leases excluding current maturities showed a significant increase from approximately 12.37% in 2017 to a peak of 38.09% in 2020, declining slightly to 34.69% in 2021. Noncurrent air traffic liability was not present until 2020, when it appeared at 0.69%, dropping to 0.18% in 2021. Pension and related benefits as a percentage of total liabilities and equity decreased steadily from 18.41% in 2017 to 8.33% in 2021, reflecting a marked reduction. The loyalty program deferred revenue in noncurrent liabilities increased from 4.31% in 2017, reaching 7.51% in 2020 but decreased slightly to 6.69% in 2021. Noncurrent operating leases increased from 9.63% in 2018 to 9.74% in 2021, with a slight dip in the interim years. Deferred income taxes were reported in 2018 and 2019 only, peaking at 2.26% in 2019 before disappearing. Other noncurrent liabilities rose from 3.96% in 2017 to a high of 6.75% in 2020 before slightly declining to 6.07% in 2021. Total noncurrent liabilities grew sharply during the period, from 39.05% in 2017 to a peak of 75.75% in 2020, then declined to 65.7% in 2021.
Total Liabilities and Equity
Total liabilities increased steadily from 73.9% in 2017 to a peak of 97.87% in 2020, decreasing somewhat to 94.64% in 2021. Stockholders’ equity decreased significantly from 26.1% in 2017 to a low of 2.13% in 2020 and modestly recovered to 5.36% in 2021. Within equity, additional paid-in capital declined gradually from 22.62% in 2017 to 15.8% in 2021. Retained earnings showed growth from 2017 through 2019, rising from 18.08% to 19.3%, but turned negative in 2020 and 2021, reflecting accumulated deficits of 0.59% and 0.2%, respectively. Accumulated other comprehensive loss decreased in magnitude over time, from -14.3% in 2017 to -9.84% in 2021. Treasury stock remained relatively stable, mildly increasing in negative value from -0.30% to -0.39%.
Summary of Trends
The data indicates a substantial increase in leverage from 2017 to 2020, with total liabilities approaching nearly the entirety of the capital structure, reducing stockholders’ equity significantly. This is driven primarily by a sharp rise in noncurrent debt and finance leases. The decline in pension and related benefits might reflect funding changes or remeasurements, contributing to the shifting composition of liabilities. Current liabilities diminished notably in 2020, likely impacted by operational factors, before partially recovering in 2021. The introduction and subtle changes in noncurrent air traffic liabilities suggest evolving accounting or operational practices. The overall pattern reflects increased financial risk with high leverage in the most recent years, alongside a weakened equity base impacted by accumulated deficits.