Analysis of Reportable Segments
Delta Air Lines Inc. operates in 2 segments: Airline and Refinery.
Segment Profit Margin
Delta Air Lines Inc., profit margin by reportable segment
| Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | |
|---|---|---|---|---|---|
| Airline | 7.08% | -76.85% | 13.95% | 11.86% | 14.74% |
| Refinery | -0.03% | -6.87% | 1.37% | 1.06% | 2.18% |
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).
| Segment profitability ratio | Reportable segment | The company |
|---|---|---|
| Segment profit margin | Airline | Airline segment profit margin ratio deteriorated from 2019 to 2020 but then improved from 2020 to 2021 not reaching 2019 level. |
| Refinery | Refinery segment profit margin ratio deteriorated from 2019 to 2020 but then improved from 2020 to 2021 not reaching 2019 level. |
Segment Profit Margin: Airline
Delta Air Lines Inc.; Airline; segment profit margin calculation
| Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Operating income (loss) | 1,888) | (12,253) | 6,542) | 5,206) | 6,004) |
| Operating revenue | 26,670) | 15,945) | 46,910) | 43,890) | 40,742) |
| Segment Profitability Ratio | |||||
| Segment profit margin1 | 7.08% | -76.85% | 13.95% | 11.86% | 14.74% |
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).
1 2021 Calculation
Segment profit margin = 100 × Operating income (loss) ÷ Operating revenue
= 100 × 1,888 ÷ 26,670 = 7.08%
| Segment profitability ratio | Reportable segment | The company |
|---|---|---|
| Segment profit margin | Airline | Airline segment profit margin ratio deteriorated from 2019 to 2020 but then improved from 2020 to 2021 not reaching 2019 level. |
Segment Profit Margin: Refinery
Delta Air Lines Inc.; Refinery; segment profit margin calculation
| Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Operating income (loss) | (2) | (216) | 76) | 58) | 110) |
| Operating revenue | 6,054) | 3,143) | 5,558) | 5,458) | 5,039) |
| Segment Profitability Ratio | |||||
| Segment profit margin1 | -0.03% | -6.87% | 1.37% | 1.06% | 2.18% |
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).
1 2021 Calculation
Segment profit margin = 100 × Operating income (loss) ÷ Operating revenue
= 100 × -2 ÷ 6,054 = -0.03%
| Segment profitability ratio | Reportable segment | The company |
|---|---|---|
| Segment profit margin | Refinery | Refinery segment profit margin ratio deteriorated from 2019 to 2020 but then improved from 2020 to 2021 not reaching 2019 level. |
Segment Return on Assets (Segment ROA)
Delta Air Lines Inc., ROA by reportable segment
| Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | |
|---|---|---|---|---|---|
| Airline | 2.68% | -17.37% | 10.42% | 8.89% | 11.73% |
| Refinery | -0.10% | -14.92% | 4.37% | 3.40% | 5.17% |
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).
| Segment profitability ratio | Reportable segment | The company |
|---|---|---|
| Segment ROA | Airline | Airline segment ROA deteriorated from 2019 to 2020 but then improved from 2020 to 2021 not reaching 2019 level. |
| Refinery | Refinery segment ROA deteriorated from 2019 to 2020 but then improved from 2020 to 2021 not reaching 2019 level. |
Segment ROA: Airline
Delta Air Lines Inc.; Airline; segment ROA calculation
| Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Operating income (loss) | 1,888) | (12,253) | 6,542) | 5,206) | 6,004) |
| Total assets, end of period | 70,360) | 70,548) | 62,793) | 58,561) | 51,165) |
| Segment Profitability Ratio | |||||
| Segment ROA1 | 2.68% | -17.37% | 10.42% | 8.89% | 11.73% |
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).
1 2021 Calculation
Segment ROA = 100 × Operating income (loss) ÷ Total assets, end of period
= 100 × 1,888 ÷ 70,360 = 2.68%
| Segment profitability ratio | Reportable segment | The company |
|---|---|---|
| Segment ROA | Airline | Airline segment ROA deteriorated from 2019 to 2020 but then improved from 2020 to 2021 not reaching 2019 level. |
Segment ROA: Refinery
Delta Air Lines Inc.; Refinery; segment ROA calculation
| Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Operating income (loss) | (2) | (216) | 76) | 58) | 110) |
| Total assets, end of period | 2,099) | 1,448) | 1,739) | 1,705) | 2,127) |
| Segment Profitability Ratio | |||||
| Segment ROA1 | -0.10% | -14.92% | 4.37% | 3.40% | 5.17% |
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).
1 2021 Calculation
Segment ROA = 100 × Operating income (loss) ÷ Total assets, end of period
= 100 × -2 ÷ 2,099 = -0.10%
| Segment profitability ratio | Reportable segment | The company |
|---|---|---|
| Segment ROA | Refinery | Refinery segment ROA deteriorated from 2019 to 2020 but then improved from 2020 to 2021 not reaching 2019 level. |
Segment Asset Turnover
Delta Air Lines Inc., asset turnover by reportable segment
| Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | |
|---|---|---|---|---|---|
| Airline | 0.38 | 0.23 | 0.75 | 0.75 | 0.80 |
| Refinery | 2.88 | 2.17 | 3.20 | 3.20 | 2.37 |
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).
| Segment activity ratio | Reportable segment | The company |
|---|---|---|
| Segment asset turnover | Airline | Airline segment asset turnover ratio deteriorated from 2019 to 2020 but then slightly improved from 2020 to 2021. |
| Refinery | Refinery segment asset turnover ratio deteriorated from 2019 to 2020 but then improved from 2020 to 2021 not reaching 2019 level. |
Segment Asset Turnover: Airline
Delta Air Lines Inc.; Airline; segment asset turnover calculation
| Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Operating revenue | 26,670) | 15,945) | 46,910) | 43,890) | 40,742) |
| Total assets, end of period | 70,360) | 70,548) | 62,793) | 58,561) | 51,165) |
| Segment Activity Ratio | |||||
| Segment asset turnover1 | 0.38 | 0.23 | 0.75 | 0.75 | 0.80 |
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).
1 2021 Calculation
Segment asset turnover = Operating revenue ÷ Total assets, end of period
= 26,670 ÷ 70,360 = 0.38
| Segment activity ratio | Reportable segment | The company |
|---|---|---|
| Segment asset turnover | Airline | Airline segment asset turnover ratio deteriorated from 2019 to 2020 but then slightly improved from 2020 to 2021. |
Segment Asset Turnover: Refinery
Delta Air Lines Inc.; Refinery; segment asset turnover calculation
| Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Operating revenue | 6,054) | 3,143) | 5,558) | 5,458) | 5,039) |
| Total assets, end of period | 2,099) | 1,448) | 1,739) | 1,705) | 2,127) |
| Segment Activity Ratio | |||||
| Segment asset turnover1 | 2.88 | 2.17 | 3.20 | 3.20 | 2.37 |
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).
1 2021 Calculation
Segment asset turnover = Operating revenue ÷ Total assets, end of period
= 6,054 ÷ 2,099 = 2.88
| Segment activity ratio | Reportable segment | The company |
|---|---|---|
| Segment asset turnover | Refinery | Refinery segment asset turnover ratio deteriorated from 2019 to 2020 but then improved from 2020 to 2021 not reaching 2019 level. |
Segment Capital Expenditures to Depreciation
Delta Air Lines Inc., capital expenditures to depreciation by reportable segment
| Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | |
|---|---|---|---|---|---|
| Airline | 1.60 | 0.81 | 1.89 | 2.21 | 1.71 |
| Refinery | 0.62 | 0.20 | 0.57 | 2.43 | 3.15 |
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).
| Segment financial ratio | Reportable segment | The company |
|---|---|---|
| Segment capital expenditures to depreciation | Airline | Airline segment capital expenditures to depreciation ratio deteriorated from 2019 to 2020 but then improved from 2020 to 2021 not reaching 2019 level. |
| Refinery | Refinery segment capital expenditures to depreciation ratio deteriorated from 2019 to 2020 but then improved from 2020 to 2021 exceeding 2019 level. |
Segment Capital Expenditures to Depreciation: Airline
Delta Air Lines Inc.; Airline; segment capital expenditures to depreciation calculation
| Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Capital expenditures | 3,188) | 1,879) | 4,880) | 5,005) | 3,743) |
| Depreciation and amortization | 1,998) | 2,312) | 2,581) | 2,262) | 2,188) |
| Segment Financial Ratio | |||||
| Segment capital expenditures to depreciation1 | 1.60 | 0.81 | 1.89 | 2.21 | 1.71 |
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).
1 2021 Calculation
Segment capital expenditures to depreciation = Capital expenditures ÷ Depreciation and amortization
= 3,188 ÷ 1,998 = 1.60
| Segment financial ratio | Reportable segment | The company |
|---|---|---|
| Segment capital expenditures to depreciation | Airline | Airline segment capital expenditures to depreciation ratio deteriorated from 2019 to 2020 but then improved from 2020 to 2021 not reaching 2019 level. |
Segment Capital Expenditures to Depreciation: Refinery
Delta Air Lines Inc.; Refinery; segment capital expenditures to depreciation calculation
| Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Capital expenditures | 59) | 20) | 56) | 163) | 148) |
| Depreciation and amortization | 95) | 99) | 99) | 67) | 47) |
| Segment Financial Ratio | |||||
| Segment capital expenditures to depreciation1 | 0.62 | 0.20 | 0.57 | 2.43 | 3.15 |
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).
1 2021 Calculation
Segment capital expenditures to depreciation = Capital expenditures ÷ Depreciation and amortization
= 59 ÷ 95 = 0.62
| Segment financial ratio | Reportable segment | The company |
|---|---|---|
| Segment capital expenditures to depreciation | Refinery | Refinery segment capital expenditures to depreciation ratio deteriorated from 2019 to 2020 but then improved from 2020 to 2021 exceeding 2019 level. |
Operating revenue
Delta Air Lines Inc., operating revenue by reportable segment
US$ in millions
| Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | |
|---|---|---|---|---|---|
| Airline | 26,670) | 15,945) | 46,910) | 43,890) | 40,742) |
| Refinery | 6,054) | 3,143) | 5,558) | 5,458) | 5,039) |
| Intersegment sales | (2,825) | (1,993) | (5,461) | (4,910) | (4,537) |
| Consolidated | 29,899) | 17,095) | 47,007) | 44,438) | 41,244) |
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).
Operating income (loss)
Delta Air Lines Inc., operating income (loss) by reportable segment
US$ in millions
| Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | |
|---|---|---|---|---|---|
| Airline | 1,888) | (12,253) | 6,542) | 5,206) | 6,004) |
| Refinery | (2) | (216) | 76) | 58) | 110) |
| Consolidated | 1,886) | (12,469) | 6,618) | 5,264) | 6,114) |
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).
Depreciation and amortization
Delta Air Lines Inc., depreciation and amortization by reportable segment
US$ in millions
| Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | |
|---|---|---|---|---|---|
| Airline | 1,998) | 2,312) | 2,581) | 2,262) | 2,188) |
| Refinery | 95) | 99) | 99) | 67) | 47) |
| Other | (95) | (99) | (99) | —) | —) |
| Consolidated | 1,998) | 2,312) | 2,581) | 2,329) | 2,235) |
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).
Total assets, end of period
Delta Air Lines Inc., total assets, end of period by reportable segment
US$ in millions
| Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | |
|---|---|---|---|---|---|
| Airline | 70,360) | 70,548) | 62,793) | 58,561) | 51,165) |
| Refinery | 2,099) | 1,448) | 1,739) | 1,705) | 2,127) |
| Consolidated | 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).
Capital expenditures
Delta Air Lines Inc., capital expenditures by reportable segment
US$ in millions
| Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | |
|---|---|---|---|---|---|
| Airline | 3,188) | 1,879) | 4,880) | 5,005) | 3,743) |
| Refinery | 59) | 20) | 56) | 163) | 148) |
| Consolidated | 3,247) | 1,899) | 4,936) | 5,168) | 3,891) |
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).