The following information is taken from the 2014 annual report of Delta Air Lines, Inc. (in millions):

Assume that the-cost of debt implicit in the company’s operating leases is five percent. Calculate the present value of Delta’s operating leases at year-end. Calculate the company’s total liabilities to total assets ratio for the year (a) with and (b) without considering the company’s operating leases. Does the presence of operating leases impact a firm’s financial risk?

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Total assets. Total liabilities. Stockholders' equity $54,121 $45,308 $ 8,813