Alaska Air Group (ALK), Delta Air Lines (DAL), and Southwest Airlines (LUV) reported the following financial information (in millions) in a recent year:

a. Determine the fixed asset turnover ratio for each airline.
b. Based on the fixed asset turnover ratio, which airline appears to be the most efficient in the use of its fixed assets?
c. The most important fixed asset to an airline is the aircraft. Given this, what factors might influence the efficient use of fixed assets for an airline?

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Sales Average book value of fixed assets Alaska Air Group $8,781 6,842 Delta Air Lines $47,007 29,823 Southwest Airlines $22,428 18,275