• Consider the dollar change and the percentage change in Net (Loss)/Income, and the dollar change and percentage change in Cash and Cash Equivalents. Basically, why did Delta have a Net (Loss) in the most recent year? And then, why did Delta have a significant increase in Cash and Cash Equivalents, while it experienced a Net (Loss)? Give two reasons for this increase in Cash and Cash Equivalents. Please be specific (hint: Notes to the Consolidated Financial Statements).

DELTA AIR LINES, INC. Consolidated Balance Sheets December 31, 2020 2019 2.882 8,307 $ 5,789 1,396 377 355 1,180 17,404 2.854 730 521 1.262 8,249 (in millions, except share data) ASSETS Current Assets: Cash and cash equivalents Short-term investments Accounts receivable, net of an allowance for uncollectible accounts of $89 and $13 as of 2020 and 2019, respectively Fuel inventory Expendable parts and supplies inventories, net of an allowance for obsolescence of $188 and $82 as of 2020 and 2019, respectively Prepaid expenses and other Total current assets Noncurrent Assets: Property and equipment, net of accumulated depreciation and amortization of $17,511 and $17,027 as of 2020 and 2019, respectively Operating lease right-of-use assets Goodwill Identifiable intangibles, net of accumulated amortization of $883 and $873 as of 2020 and 2019, respectively Cash restricted for airport construction Equity investments Deferred income taxes, net Other noncurrent assets Total noncurrent assets Total assets LIABILITIES AND STOCKHOLDERS' EQUITY Current Liabilities: 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 Total current liabilities Noncurrent Liabilities: Debt and finance leases Noncurrent air traffic liability Pension, postretirement and related benefits Loyalty program deferred revenue Noncurrent operating leases Deferred income taxes, net Other noncurrent liabilities Total noncurrent liabilities 26,529 5,733 9,753 6,011 1.556 1,665 1,988 1,357 54,592 71.996 31,310 5,627 9,781 5,163 636 2.568 120 1,078 56,283 64,532 1.732S 678 4,044 2,840 2,086 1.777 1,100 1,670 15,927 2.287 801 5.116 3,266 3,701 3,219 736 1,078 20,204 8.873 27,425 500 10,630 5,405 5,713 8,452 3,509 5.294 1,456 1,386 28,970 4,862 54,535 Commitments and Contingencies Stockholders' Equity: Common stock at 50.0001 par value; 1,500,000,000 shares authorized, 647,352,203 and 651,731,443 shares issued as of 2020 and 2019, respectively Additional paid-in capital Retained earnings (deficit) Accumulated other comprehensive loss Treasury stock, at cost, 9.169,683 and 8,959,730 shares as of 2020 and 2019, respectively Total stockholders' equity Total liabilities and stockholders' equity The accompanying notes are an integral part of these Consolidated Financial Statements. 11,259 (428) (9,038) (259) 1,534 71,996 11,129 12.454 (7,989) (236) 15,358 64,532 DELTA AIR LINES, INC. Consolidated Statements of Operations Year Ended December 31, 2019 2020 2018 (in millions, except per share data) Operating Revenue: Passenger Cargo Other Total operating revenue 12,883 $ 608 3,604 17,095 42,277 $ 753 3,977 47,007 39,755 865 3,818 44,438 Operating Expense: Salaries and related costs Aircraft fuel and related taxes Regional carriers expense, excluding fuel Depreciation and amortization Ancillary businesses and refinery Contracted services Landing fees and other rents Aircraft maintenance materials and outside repairs Passenger commissions and other selling expenses Passenger service Aircraft rent Restructuring charges Government grant recognition Profit sharing Other Total operating expense 8,754 3,176 2,479 2,312 1,785 1,778 1,518 822 582 523 399 8,219 (3,946) 11,225 8,519 3,584 2.581 1.245 2.641 1,762 1,751 1,993 1,251 423 10,743 9,020 3,438 2,329 1,695 2,175 1,662 1,575 1,941 1,178 394 1,163 29,564 1,643 1,771 40,389 1,301 1,723 39,174 (12,469) 6,618 5,264 Operating (Loss)/Income Non-Operating Expense: Interest expense, net Impairments and equity method losses Gain/(loss) on investments, net Miscellaneous, net Total non-operating expense, net (929) (2,432) (105) 348 (3,118) (301) (62) 119 (176) (420) (311) (60) 38 220 (113) (15,587) 6,198 5,151 (Loss)/Income Before Income Taxes Income Tax Benefit (Provision) Net (Loss)/Income 3,202 (1,431) (1,216) (12,385) $ 4,767 $ 3,935 Basic (Loss)/Earnings Per Share Diluted (Loss)/Earnings Per Share Cash Dividends Declared Per Share (19.49) (19.49) 0.40 S S $ 7.32 7.30 1.51 $ $ 5.69 5.67 1.31