American Airlines

• Total Cash-11B
• Total Debt-46B
• Total Unencumbered Assets-5B
• Debt to Asset Ratio-2.875

Debt / (Cash + Unencumbered Assets) = 46B / (11B + 5B) = 2.875

The Total Of (Cash + Unencumbered Assets + Encumbered Assets) has to be used for the denominator of the Ratio.