Cash Flow Statement
The cash flow statement provides information about a company cash receipts and cash payments during an accounting period, showing how these cash flows link the ending cash balance to the beginning balance shown on the company balance sheet.
The cash flow statement consists of three parts: cash flows provided by (used in) operating activities, cash flows provided by (used in) investing activities, and cash flows provided by (used in) financing activities.
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Delta Air Lines Inc., consolidated cash flow statement
US$ in millions
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).
- Net Income (Loss)
- Net income showed growth from 2017 through 2019, peaking at $4,767 million in 2019. In 2020, a significant loss of $12,385 million occurred, reflecting a sharp downturn, followed by a recovery to a modest profit of $280 million in 2021.
- Restructuring Charges
- Restructuring charges appeared only in 2020 and 2021, with a substantial $4,111 million in 2020 and a sharply reduced $5 million in 2021, indicating restructuring efforts concentrated during the peak loss period.
- Depreciation and Amortization
- Depreciation and amortization steadily increased from 2017 ($2,235 million) to 2019 ($2,581 million), then declined to $1,998 million by 2021, suggesting asset base changes and possible write-downs.
- Deferred Income Taxes
- Deferred income taxes decreased notably in 2020 to -$3,110 million from positive amounts in previous years, rebounding to $115 million in 2021, reflecting tax effects related to the large 2020 loss.
- Pension, Postretirement, and Postemployment Payments
- Payments fluctuated, showing large negative values in 2017 (-$3,302 million), then smaller negatives and positives, with a positive $898 million in 2020 before dipping back to a negative $2,038 million in 2021, indicating volatility in pension-related cash flows and expenses.
- Impairments and Equity Method Losses
- Impairments were minimal through 2019 but rose dramatically to $2,432 million in 2020, then decreased to $337 million in 2021, consistent with asset write-downs during the crisis year.
- Working Capital Components
- Receivables and fuel inventory fluctuated across years, with mixed positive and negative changes, possibly reflecting operational variability and inventory management challenges. Notable negative changes were seen in 2021 in both items.
- Liabilities and Deferred Revenue
- Air traffic liability was positive and increasing through 2019, turned negative in 2020, then sharply positive in 2021, indicating shifting customer prepayments. Loyalty program deferred revenue increased in 2020 before slightly declining in 2021, reflecting program activity shifts.
- Profit Sharing and Other Payables
- Profit sharing showed positive values until a significant negative $1,650 million in 2020, then modestly positive again in 2021. Other payables showed volatility, including a negative $418 million in 2018 and a peak of $1,986 million in 2021.
- Adjustments and Operating Cash Flows
- Adjustments converting net income to operating cash flows peaked in 2020 at $8,033 million, reflecting significant non-cash charges. Net cash from operating activities rose steadily from 2017 to 2019, dropped sharply negative in 2020 (-$3,793 million), then rebounded to positive $3,264 million in 2021.
- Capital Expenditures and Property, Plant, and Equipment
- Flight equipment and ground property additions decreased notably in 2020 and 2021 compared to prior years, indicating reduced investment. Property and equipment additions mirrored this decline. Sale-leaseback transactions introduced positive cash inflows in 2020 and 2021, assisting liquidity.
- Investing Activities
- Purchases of equity investments occurred mainly in 2017 and 2020, while sales were significant in 2018 and 2019. Short-term investments had massive outflows in 2020 and 2021, with corresponding redemptions peaking in 2021, suggesting portfolio adjustments. Overall, net cash used in investing activities dropped considerably in 2021 to -$898 million from prior heavier outflows.
- Financing Activities
- Proceeds from long-term obligations spiked in 2020 ($22,790 million) before dropping back in 2021. Debt payments were substantial each year, tapering off in 2021. Repurchases of stock and cash dividends reduced sharply in 2020 and did not resume in 2021. Net cash from financing activities was highly positive in 2020 ($19,356 million) due to debt issuance and sale-leaseback activity, turning negative again in 2021 (-$3,852 million), reflecting debt paydown and reduced capital return to shareholders.
- Cash Position
- Cash and equivalents declined from 2017 to 2018 but increased steadily through 2020 to $10,055 million, supported by financing inflows. In 2021, cash declined by $1,486 million to $8,569 million, reflecting a cautious drawdown amid recovery.