Balance Sheet: Assets
Quarterly Data

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 (quarterly data)

US$ in millions

	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020	Dec 31, 2019	Sep 30, 2019	Jun 30, 2019	Mar 31, 2019	Dec 31, 2018	Sep 30, 2018	Jun 30, 2018	Mar 31, 2018	Dec 31, 2017	Sep 30, 2017	Jun 30, 2017	Mar 31, 2017
Cash and cash equivalents	9,221)	7,705)	7,933)	8,785)	10,357)	8,460)	8,307)	16,477)	11,366)	5,967)	2,882)	1,899)	2,009)	1,910)	1,565)	1,380)	1,886)	1,447)	1,814)	1,478)	2,241)	1,907)
Short-term investments	1,549)	2,250)	3,386)	4,417)	4,873)	5,575)	5,789)	5,048)	4,302)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Accounts receivable, net of an allowance for uncollectible accounts	3,093)	3,039)	2,404)	2,183)	2,258)	1,837)	1,396)	1,503)	1,375)	2,280)	2,854)	2,836)	2,844)	3,154)	2,314)	2,517)	2,427)	2,568)	2,377)	2,399)	2,164)	2,307)
Fuel, expendable parts and supplies inventories, net of allowance for obsolescence	1,734)	1,292)	1,098)	1,012)	1,005)	828)	732)	746)	847)	974)	1,251)	1,072)	1,083)	1,071)	1,055)	1,170)	1,589)	1,146)	1,329)	1,136)	938)	855)
Prepaid expenses and other	1,716)	1,434)	1,119)	1,074)	1,173)	1,153)	1,180)	1,256)	1,025)	1,054)	1,262)	1,137)	1,198)	1,061)	1,406)	1,659)	1,739)	2,563)	2,324)	2,070)	1,834)	1,811)
Current assets	17,313)	15,720)	15,940)	17,471)	19,666)	17,853)	17,404)	25,030)	18,915)	10,275)	8,249)	6,944)	7,134)	7,196)	6,340)	6,726)	7,641)	7,724)	7,844)	7,083)	7,177)	6,880)
Property and equipment, net of accumulated depreciation and amortization	30,519)	30,042)	28,749)	27,816)	27,508)	26,862)	26,529)	26,602)	28,473)	31,644)	31,310)	30,796)	30,165)	29,139)	28,335)	28,565)	28,124)	27,096)	26,563)	25,900)	25,367)	24,817)
Operating lease right-of-use assets	7,189)	7,402)	7,237)	5,827)	5,653)	5,577)	5,733)	5,881)	5,650)	5,488)	5,627)	5,815)	5,906)	6,036)	5,994)	—)	—)	—)	—)	—)	—)	—)
Goodwill	9,753)	9,753)	9,753)	9,753)	9,753)	9,753)	9,753)	9,753)	9,753)	9,753)	9,781)	9,781)	9,781)	9,781)	9,781)	9,794)	9,794)	9,794)	9,794)	9,794)	9,794)	9,794)
Identifiable intangibles, net of accumulated amortization	5,997)	5,999)	6,001)	6,004)	6,006)	6,009)	6,011)	6,014)	6,017)	6,019)	5,163)	4,821)	4,824)	4,827)	4,830)	4,835)	4,839)	4,843)	4,847)	4,851)	4,855)	4,855)
Equity investments	1,771)	1,999)	1,712)	1,919)	2,143)	1,929)	1,665)	1,562)	1,633)	3,684)	2,568)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Deferred income taxes, net	1,219)	1,534)	1,294)	1,813)	2,158)	2,306)	1,988)	1,305)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Other noncurrent assets	1,044)	1,299)	1,773)	2,180)	2,422)	2,794)	2,913)	2,929)	1,820)	1,875)	1,834)	5,062)	4,708)	4,862)	4,986)	5,083)	5,398)	4,621)	4,244)	4,300)	4,622)	5,113)
Noncurrent assets	57,492)	58,028)	56,519)	55,312)	55,643)	55,230)	54,592)	54,046)	53,346)	58,463)	56,283)	56,275)	55,384)	54,645)	53,926)	48,277)	48,155)	46,354)	45,448)	44,845)	44,638)	44,579)
Total assets	74,805)	73,748)	72,459)	72,783)	75,309)	73,083)	71,996)	79,076)	72,261)	68,738)	64,532)	63,219)	62,518)	61,841)	60,266)	55,003)	55,796)	54,078)	53,292)	51,928)	51,815)	51,459)

The analysis of the quarterly financial data reveals several notable trends and patterns across various asset categories over the reported periods.

Cash and cash equivalents: The cash reserves exhibited significant volatility. Starting at $1,907 million in March 2017, the cash balance increased and decreased through subsequent quarters, peaking at $16,477 million in September 2020. This peak occurred during the middle of 2020, likely reflecting liquidity management during a crisis period. Afterwards, cash holdings declined, stabilizing around $7,705 - $9,221 million by mid-2022, indicating a drawdown from the peak but higher than pre-2020 levels.
Short-term investments: Data for short-term investments appear only starting mid-2020, showing sharp increases from $4,302 million in June 2020 to $5,789 million in September 2020, before gradually decreasing to $1,549 million by mid-2022. This pattern suggests accumulation of liquid investment instruments contemporaneously with elevated cash balances, followed by a drawdown trend.
Accounts receivable, net: Accounts receivable fluctuated moderately around a baseline level near $2,300 million through 2017-2018. Beginning in 2019, the level rose steadily, peaking at $3,154 million by March 2019, then declining sharply in 2020 to a low of $1,375 million in June 2020 during the crisis period. A recovery trend began thereafter, reaching approximately $3,093 million by mid-2022. This reflects variability in revenue-related receivables consistent with operational disruptions and subsequent recovery.
Fuel, expendable parts, and supplies inventories, net: Inventory levels gradually increased from $855 million in early 2017 to a high of $1,734 million by mid-2022, with some fluctuations. Notably, inventories dipped during 2020, mirroring reductions in operations, followed by a recovery and growth through 2021-2022, reflective of operational normalization and possibly inflationary impacts on costs.
Prepaid expenses and other current assets: This category declined from $1,811 million in early 2017 to a low point around $1,054 million in early 2020. Subsequently, it exhibited some rebound and variability but generally remained below the prior years' peak, indicating more conservative prepaid expenditure or adjustments related to operational uncertainty.
Current assets: Current assets showed a generally increasing trend from $6,880 million in March 2017 to a pronounced spike at $25,030 million by September 2020, largely driven by cash and short-term investments increases. After this peak, current assets declined but remained elevated relative to the pre-crisis period, ending around $17,313 million by mid-2022, evidencing enhanced liquidity buffers maintained post crisis.
Property and equipment, net: The net value of property and equipment steadily increased from $24,817 million in early 2017 to $31,644 million by early 2020. Following this peak, the asset base declined to $26,602 million by September 2020, before gradually recovering to $30,519 million by mid-2022. This pattern may reflect asset disposals or impairments in 2020 with resumed capital expenditures thereafter.
Operating lease right-of-use assets: Beginning to be reported in late 2018, these assets consistently declined from $5,994 million to $5,488 million by mid-2020, then remained relatively stable between $5,500 million and $7,402 million through mid-2022, indicating adjustments and growth in leasing arrangements over time.
Goodwill and Identifiable intangibles: Goodwill remained stable around $9,753 million from 2017 through mid-2022, reflecting no significant impairment or acquisitions affecting this line. Identifiable intangibles showed a slight increase from about $4,855 million to $6,019 million by early 2020, maintaining levels just below $6,000 million thereafter, suggesting amortization was largely offset by additions or recalibrations.
Equity investments: Equity investments reported from late 2019 show initial high values around $3,684 million, dropping sharply in 2020 and fluctuating thereafter, settling around $1,771 million by mid-2022. This indicates divestments or valuation decreases during this period.
Deferred income taxes, net: Reported from mid-2020 onward, deferred income taxes net amounts varied between $1,219 million and $2,306 million, trending downward overall toward mid-2022, pointing to changes in tax position potentially influenced by asset valuations and temporary differences.
Other noncurrent assets: These assets decreased markedly from $5,113 million in early 2017 to $1,044 million by mid-2022, with significant drops by end 2019, suggesting disposals or impairment.
Noncurrent assets: Noncurrent assets showed fluctuations around a general level of $54,000 million to $58,000 million, with some dips post-2020 but recovery by mid-2022, indicating stable long-term investment and asset base despite short-term shocks.
Total assets: Total assets exhibited growth from $51,459 million in early 2017 to a peak of nearly $79,076 million in mid-2020, corresponding primarily to spikes in cash, short-term investments, and current assets. Following this peak, total assets declined but remained elevated relative to pre-2020 figures, ending at about $74,805 million by mid-2022. This suggests a sustained increase in asset base due to liquidity preservation measures and gradual operational recovery.

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Delta Air Lines Inc. (NYSE:DAL)

Balance Sheet: Assets Quarterly Data

Assets: Selected Items

Current Assets: Selected Items

Balance Sheet: Assets
Quarterly Data