Stock Analysis on Net
Stock Analysis on Net

Delta Air Lines Inc. (NYSE:DAL)

$22.49

This company has been moved to the archive! The financial data has not been updated since July 13, 2022.

Balance Sheet: Liabilities and Stockholders’ Equity

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.

Liabilities represents obligations of a company arising from past events, the settlement of which is expected to result in an outflow of economic benefits from the entity.

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

US$ in millions

Microsoft Excel
Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
Current maturities of debt and finance leases
Current maturities of operating leases
Air traffic liability
Accounts payable
Accrued salaries and related benefits
Loyalty program deferred revenue
Fuel card obligation
Other accrued liabilities
Current liabilities
Debt and finance leases, excluding current maturities
Noncurrent air traffic liability
Pension, postretirement and related benefits
Loyalty program deferred revenue
Noncurrent operating leases
Deferred income taxes, net
Other noncurrent liabilities
Noncurrent liabilities
Total liabilities
Common stock at $0.0001 par value
Additional paid-in capital
Retained earnings (accumulated deficit)
Accumulated other comprehensive loss
Treasury stock, at cost
Stockholders’ equity
Total liabilities and stockholders’ equity

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
Current maturities of debt and finance leases showed some fluctuation, decreasing from 2,242 million in 2017 to 1,518 million in 2018, then rising to 2,287 million in 2019 before declining in 2020, and slightly increasing again in 2021. Current maturities of operating leases first appear in 2018 with 955 million and gradually decrease until 2020, then slightly rise in 2021. Air traffic liability decreased from 4,888 million in 2017 to 4,044 million in 2020 but increased significantly to 6,228 million in 2021. Accounts payable generally declined from 3,674 million in 2017 to 2,840 million in 2020 before increasing sharply to 4,240 million in 2021.
Accrued salaries and related benefits showed a rise from 3,022 million in 2017 to 3,701 million in 2019, followed by a substantial drop in 2020 to 2,086 million and a moderate recovery in 2021. Loyalty program deferred revenue increased notably from 1,822 million in 2017 to 3,219 million in 2019 but decreased in 2020 and rebounded in 2021. The fuel card obligation remained relatively stable over the period with minor fluctuations. Other accrued liabilities declined sharply from 1,858 million in 2017 to 1,078 million in 2019, then increased again by 2021.
Overall, current liabilities remained fairly steady between 18,573 million and 20,204 million until 2019, dropped considerably to 15,927 million in 2020, and then increased significantly to 20,966 million in 2021.
Noncurrent Liabilities
Debt and finance leases excluding current maturities showed a strong upward trend from 6,592 million in 2017 to a peak of 27,425 million in 2020 before declining slightly to 25,138 million in 2021. Noncurrent air traffic liability appeared in 2020 with 500 million and decreased to 130 million in 2021. Pension, postretirement, and related benefits decreased steadily from 9,810 million in 2017 to 8,452 million in 2019, then surged to 10,630 million in 2020 before dropping significantly to 6,035 million in 2021.
Loyalty program deferred revenue for noncurrent liabilities increased substantially from 2,296 million in 2017 to 3,652 million in 2018, remained fairly stable through 2019, and rose sharply in 2020 before experiencing a slight decline in 2021. Noncurrent operating leases were first reported in 2018, showing a decrease until 2019, followed by steady growth through 2021. Deferred income taxes appeared in 2018 and 2019 but were absent in later years. Other noncurrent liabilities saw a decline from 2,111 million in 2017 to 969 million in 2018, then increased significantly to 4,862 million in 2020 before slightly decreasing again in 2021.
Noncurrent liabilities overall showed a rising trend, nearly doubling from 20,809 million in 2017 to 28,970 million in 2019, followed by a dramatic increase to 54,535 million in 2020 before a decrease to 47,606 million in 2021.
Total Liabilities
Total liabilities increased steadily from 39,382 million in 2017 to 49,174 million in 2019, then surged to 70,462 million in 2020, followed by a slight decrease to 68,572 million in 2021.
Stockholders’ Equity
Additional paid-in capital decreased from 12,053 million in 2017 to 11,129 million in 2019, then increased slightly through 2021. Retained earnings showed growth from 9,636 million in 2017 to 12,454 million in 2019, followed by a sharp decline into negative territory in 2020 and 2021, reaching an accumulated deficit. Accumulated other comprehensive loss worsened gradually from -7,621 million in 2017 to -9,038 million in 2020, before improving to -7,130 million in 2021. Treasury stock steadily increased in cost, indicating repurchases, from -158 million in 2017 to -282 million in 2021.
Stockholders’ equity declined considerably from 13,910 million in 2017 to 1,534 million in 2020, with a partial recovery to 3,887 million in 2021.
Total Liabilities and Stockholders’ Equity
Total liabilities and stockholders’ equity rose consistently from 53,292 million in 2017 to 64,532 million in 2019, increased sharply to 71,996 million in 2020, and remained at a similar elevated level of 72,459 million in 2021.
Summary of Trends
The data reveals a considerable increase in overall liabilities, especially noncurrent liabilities, between 2019 and 2020, reflecting a rise in debt and finance leases. This increase is partly offset by reduced stockholders’ equity, driven by retained earnings turning negative and increased comprehensive losses. Liquidity measures such as current liabilities fluctuated but remained significant through the periods. The spike in liabilities and decrease in equity in 2020 may reflect extraordinary pressures impacting the company’s financial position during this period, followed by some measures of recovery in 2021.