Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
Quarterly Data
Delta Air Lines Inc., common-size consolidated balance sheet: liabilities and stockholders’ equity (quarterly data)
Based on: 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), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31).
- Current maturities of debt and finance leases
- Fluctuated over the period, increasing notably during early 2020 reaching a peak of 7.24% in June 2020, then declining significantly by late 2020 and further stabilizing around 2.5% by mid-2022.
- Current maturities of operating leases
- Data available from 2019 onward shows a consistent downward trend, decreasing from 1.58% to about 0.97% by mid-2022, indicating a reduction in short-term lease liabilities relative to total liabilities and equity.
- Air traffic liability
- Shows a general decline from 12.46% in Q1 2017 to lows around 5.54% - 5.62% in late 2020, coinciding with reduced activity possibly linked to external factors, followed by a sharp increase back to approximately 12.92% by mid-2022.
- Accounts payable
- Generally upward trend from 4.57% in early 2017 to 7.16% in mid-2022, reflecting increased obligations to suppliers relative to the total capital structure.
- Accrued salaries and related benefits
- Exhibits some volatility but remained within a narrow range, dipping during 2020 to near 2.41% and recovering somewhat to around 3.43% by mid-2022.
- Loyalty program deferred revenue (current)
- Increased from 3.3% in Q1 2017 to a peak near 5.34% in late 2018, then declined sharply during 2020 to around 1.6%, and rebounded moderately to around 4% by mid-2022.
- Fuel card obligation
- Data from 2017 onward indicates a peak above 2% in early years, declining substantially to below 1% in late 2019 before fluctuating around 1.4% to 1.5% in subsequent years.
- Other accrued liabilities
- Decreased steadily from over 5% in early 2017 to about 1.67% in late 2019, then spiked sharply in mid-2020 before settling back near 2.65% by mid-2022.
- Current liabilities overall
- Varied between 22% and 37%, with a peak in early 2018 and a notable dip starting in 2020 reaching the low 20%s, ending higher around 35% by mid-2022, indicating fluctuating short-term obligations.
- Debt and finance leases, excluding current maturities
- Strong upward trend beginning in early 2020, rising from around 18% to a peak near 38% in late 2020, then gradually decreasing to approximately 31% by mid-2022, signaling increased long-term debt profile during the pandemic period with partial recovery later.
- Noncurrent air traffic liability
- Remained low throughout available periods, with minor fluctuations between 0.18% and 0.44%, reflecting a small but stable component of long-term liabilities.
- Pension, postretirement and related benefits
- Demonstrates a steady decline from 20% in early 2017 to below 8% by mid-2022, suggesting a substantial reduction in these liabilities relative to total capital.
- Loyalty program deferred revenue (noncurrent)
- Increased from about 4.3% to a high over 8% in early 2020, then declined somewhat to stabilize near 6.3% by mid-2022, indicating shifts possibly related to loyalty program adjustments over time.
- Noncurrent operating leases
- Remained relatively stable, fluctuating near 9% in recent years with slight decline and recovery phases, indicating consistent long-term lease obligations.
- Deferred income taxes, net
- Limited data shows balances around 2% late in 2019 before disappearing from reporting, making trend assessment limited.
- Other noncurrent liabilities
- Maintained a generally stable share near 3-4% until 2019, then increased sharply in 2020 to over 6%, and settled around 5.5% by mid-2022, indicating increased miscellaneous long-term obligations during the pandemic period.
- Noncurrent liabilities overall
- Gradual increase from under 40% in early years to nearly 76% by late 2020, followed by a slow decline to around 60% by mid-2022, showing overall growth in long-term liabilities during the Covid-19 period and subsequent partial normalization.
- Total liabilities
- Generally rising from about 75% in 2017 to a peak near 98% in late 2020, then moderating slightly to mid-90% levels by mid-2022, reflecting increased leverage or obligations over the period, particularly through the pandemic.
- Additional paid-in capital
- Declined steadily from 24% in 2017 to approximately 15% by mid-2022, suggesting changes in equity composition or shareholder capital injections relative to total liabilities and equity.
- Retained earnings (accumulated deficit)
- Fluctuated with growth until early 2020 but experienced a sharp drop during 2020 into negative territory, consistent with significant losses, followed by minor recovery but remaining near breakeven or deficit by mid-2022.
- Accumulated other comprehensive loss
- Shows gradual improvement (less negative) from -14.7% in 2017 to about -9.4% in mid-2022, implying a reduction in accumulated losses reported outside retained earnings.
- Treasury stock
- Remained relatively constant at about -0.3% to -0.4%, indicating stable levels of stock repurchased and held in treasury relative to total capital.
- Stockholders’ equity overall
- Declined significantly from over 25% in early 2017 to a low point around 2% in late 2020, reflecting considerable erosion of equity during the pandemic, with partial recovery to just over 5% by mid-2022.