Balance Sheet: Assets

The balance sheet provides creditors, investors, and analysts with information on company resources (assets) and its sources of capital (its equity and liabilities). It normally also provides information about the future earnings capacity of a company assets as well as an indication of cash flows that may come from receivables and inventories.

Assets are resources controlled by the company as a result of past events and from which future economic benefits are expected to flow to the entity.

Delta Air Lines Inc., consolidated balance sheet: assets

US$ in millions

	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018	Dec 31, 2017
Cash and cash equivalents	7,933)	8,307)	2,882)	1,565)	1,814)
Short-term investments	3,386)	5,789)	—)	203)	825)
Accounts receivable, net of an allowance for uncollectible accounts	2,404)	1,396)	2,854)	2,314)	2,377)
Inventories	1,098)	732)	1,251)	1,055)	1,329)
Prepaid expenses and other	1,119)	1,180)	1,262)	1,203)	1,499)
Current assets	15,940)	17,404)	8,249)	6,340)	7,844)
Property and equipment, net of accumulated depreciation and amortization	28,749)	26,529)	31,310)	28,335)	26,563)
Operating lease right-of-use assets	7,237)	5,733)	5,627)	5,994)	—)
Goodwill	9,753)	9,753)	9,781)	9,781)	9,794)
Identifiable intangibles, net of accumulated amortization	6,001)	6,011)	5,163)	4,830)	4,847)
Cash restricted for airport construction	473)	1,556)	636)	1,136)	—)
Equity investments	1,712)	1,665)	2,568)	—)	—)
Deferred income taxes, net	1,294)	1,988)	120)	242)	935)
Other noncurrent assets	1,300)	1,357)	1,078)	3,608)	3,309)
Noncurrent assets	56,519)	54,592)	56,283)	53,926)	45,448)
Total assets	72,459)	71,996)	64,532)	60,266)	53,292)

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 financial data reveals several notable trends over the period from 2017 to 2021. Cash and cash equivalents exhibited considerable variability, initially declining from 1,814 million USD in 2017 to 1,565 million USD in 2018, before more than doubling to 2,882 million USD in 2019. This was followed by a sharp increase to 8,307 million USD in 2020, with a slight decrease to 7,933 million USD in 2021, indicating a significant strengthening of liquidity positions during the pandemic period, possibly as a precautionary measure.

Short-term investments display volatility and data gaps; after falling from 825 million USD in 2017 to 203 million USD in 2018, the figure is missing for 2019 but surges to 5,789 million USD in 2020, then retreats to 3,386 million USD in 2021. This pattern aligns with the increases in cash reserves, suggesting strategic asset reallocations in response to changing market conditions.

Accounts receivable, net, show a relatively stable trend with some fluctuations: a slight decrease from 2,377 million USD in 2017 to 2,314 million USD in 2018, an increase to 2,854 million USD in 2019, then a notable drop to 1,396 million USD in 2020, and recovery to 2,404 million USD in 2021. This fluctuation likely reflects disruptions in revenue and credit terms, especially during the pandemic year.

Inventories decreased from 1,329 million USD in 2017 to 1,055 million USD in 2018, increased moderately to 1,251 million USD in 2019, declined sharply to 732 million USD in 2020, and partially recovered to 1,098 million USD in 2021. These changes suggest operational adjustments responding to inventory management challenges amid fluctuating demand.

Prepaid expenses and other current assets declined steadily from 1,499 million USD in 2017 to 1,119 million USD in 2021, indicating possible improvements in payment cycles or reductions in upfront expenditures.

The total current assets followed a similar pattern of volatility, decreasing from 7,844 million USD in 2017 to 6,340 million USD in 2018, rebounding to 8,249 million USD in 2019, then more than doubling to 17,404 million USD in 2020 before a decline to 15,940 million USD in 2021. The sharp jump in 2020 correlates with the surge in cash and short-term investments, highlighting an accumulation of liquid resources.

Property and equipment, net of accumulated depreciation and amortization, showed steady growth from 26,563 million USD in 2017 to 31,310 million USD in 2019, then a significant decrease to 26,529 million USD in 2020, before rising again to 28,749 million USD in 2021. The decline in 2020 may reflect asset disposals or impairments resulting from the operational impacts of the pandemic.

Operating lease right-of-use assets appeared starting 2018 at 5,994 million USD and remained relatively stable, with a slight downward trend to 5,627 million USD in 2019, 5,733 million USD in 2020, then increasing to 7,237 million USD in 2021. This indicates evolving lease commitments over the period, probably influenced by lease accounting standards and operational adjustments.

Goodwill remained almost constant, around 9,753 to 9,794 million USD, suggesting limited impairment or acquisition activity related to goodwill during the analyzed period.

Identifiable intangibles, net of accumulated amortization, showed gradual growth from 4,847 million USD in 2017 to 5,163 million USD in 2019, rising further to 6,011 million USD in 2020 before a minor decline to 6,001 million USD in 2021, indicating possible acquisitions or capitalizations offset slightly by amortization.

Cash restricted for airport construction was absent in 2017, appeared at 1,136 million USD in 2018, then declined to 636 million USD in 2019, surged again to 1,556 million USD in 2020, and dropped sharply to 473 million USD in 2021. This pattern may reflect project-specific financing cycles or capital expenditure scheduling for infrastructure development.

Equity investments data is incomplete for the initial years but indicates 2,568 million USD in 2019, falling to 1,665 million USD in 2020, and a slight increase to 1,712 million USD in 2021. This suggests reduced stake or valuation changes impacting investment holdings during this period.

Deferred income taxes, net, show a significant decrease from 935 million USD in 2017 to 120 million USD in 2019, followed by a sharp increase to 1,988 million USD in 2020 and a slight reduction to 1,294 million USD in 2021. The volatility may be influenced by changes in tax regulations, earnings fluctuations, or timing differences in tax recognition.

Other noncurrent assets decreased from 3,309 million USD in 2017 to 1,078 million USD in 2019, then showed modest increases ending at 1,300 million USD in 2021, indicating possible reclassification, disposals, or impairments of long-term assets.

Total noncurrent assets rose from 45,448 million USD in 2017 to a peak of 56,283 million USD in 2019, decreased slightly to 54,592 million USD in 2020, and then increased again to 56,519 million USD in 2021. The trend shows substantial capital investment over the period, with temporary contractions likely related to market conditions or asset impairments.

Total assets increased consistently from 53,292 million USD in 2017 to 64,532 million USD in 2019, then further to 71,996 million USD in 2020 before a slight increase to 72,459 million USD in 2021. This overall growth reflects expansion in asset base, largely supported by increases in liquid assets and investments during the pandemic period.

Assets: Selected Items

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Delta Air Lines Inc. (NYSE:DAL)

Balance Sheet: Assets

Assets: Selected Items

Current Assets: Selected Items