Contents 
Highlights of the Year 1 
Report to the Stockholders 2 
Earnings and Dividends 6 
Operating Revenues 8 
Operating Expenses 10 
Capitalization and Financing 12 
Flight Equipment and Purchase 
Commitments 14 
Personnel 16 
Facilities 17 
Regulatory Matters 18 
Route Map 24 
Financial Statements - 
Balance Sheets 26 
Statements of Income 28 
Statements of Retained Earnings 29 
Statements of Additional Paid-in Capital 29 
Statements of Changes in Financial Position 30 
Notes to Financial Statements 31 
Auditors' Report 40 
Management's Analysis and Discussion 
of Summary of Operations 41 
Summary of Operations 42 
Other Financial and Statistical Data 42 
Board of Directors 44 
Officers 45 
Description of Business 
Delta Air Lines, Inc., is a certificated trunk air carrier 
providing scheduled air transportation for passengers 
and cargo over a network of routes covering approxi- 
mately 33,000 miles. Delta's route structure connects 
the Northeast and Midwest with the Southern States 
from Texas to Florida, the Southeast to the Midwest and 
West, and the East Coast to Florida. In addition, Delta 
operates international flights to Canada, Bermuda, the 
Bahamas, Jamaica, Venezuela, and Puerto Rico. Service 
over nearly all of Delta's routes is highly competitive. 
As an air carrier, Delta is subject to federal regulation 
pursuant to the Federal Aviation Act of 1958, as 
amended, as well as other federal and state statutes. 
Pictured on the cover is Delta's spectacular electric sign in 
downtown Atlanta. The FLY DELTA letters sit atop a computer- 
controlled bank of lights flashing selling messages every 
two seconds. 
 Highlights of the Year 
The following comparative summary highlights 
the accomplishments of the past year in a number 
of major categories. Dollars are expressed in 
thousands, except per share figures. 
Per Cent 
1977 1976 Change 
Operating 
.Revenues ... . .. . ... . . $1,71 9,645 $1 ,528,942 + 12% 
Operating 
Expenses ........... . $1,578,464 $1,411 ,333 + 12% 
Net Income .. . ....... $92,380 $70,207 + 32% 
Earnings Per 
Share . . ............. $4.65 $3.53 + 32% 
Revenue Passengers 
Enplaned ............ 28,811,966 27,996,665 + 3% 
Available Seat 
Miles (000) .. . .. .. .. . . 32,614,260 30,389,761 + 7% 
Revenue Passenger 
Miles (000) . .. ........ 18,042,339 17,621 ,247 + 2% 
Passenger Load 
Factor . ... ... . . .. .... 55.32% 57.98% - 5% 
1 
 Report to the Stockholders 
We are very pleased to report that fiscal 1977 was 
the most successful year in the history of Delta Air 
Lines. Earnings totaled $92.4 million ($4.65 per 
share), the largest net profit ever earned in a fiscal 
year by any airline and 32% above the $70.2 million 
reported to you last year. During the past year 11 
aircraft were sold for an after-tax gain of 75 per 
share while last year's results included an after-tax 
gain from aircraft sales of 20 per share. Operating 
revenues set a company record at $1. 72 billion, 
12% above fiscal 1976. Revenue passenger miles 
increased 2% over last year when traffic was 
inflated by strikes against major competitors 
involving 142 strike days. The passenger mile yield 
was up 9%. Operating expenses were up 12% while 
operating capacity grew 7%. 
The Company's financial position was signif- 
icantly strengthened during the past year as total 
long-term debt was reduced by $137.3 million. At 
June 30, 1977, long-term debt totaled $265.1 million, 
equal to 43% of equity, one of the lowest debt to 
equity ratios in the airline industry. Expenditures 
for flight and ground equipment totaled 
$249 million. Both the debt repayment and the 
capital expenditures were financed almost entirely 
with internally generated funds. 
Progress in the fleet modernization program 
continued during the year with the delivery of 17 
new B-727-200 aircraft. In addition, the Company 
purchased Storer Leasing, Inc., whose assets con- 
sisted of 11 B-727 aircraft and 18 spare engines, 
all of which were previously leased to Delta. 
Delta's record setting achievements in 1977, 
accomplished in the face of strengthened competi- 
tion, could not have been possible without the 
more than 28,500 skilled and dedicated people 
who make Delta truly the "Airline Run by 
Professionals:' Their commitment to excellence in 
service to Delta's customers is the foundation of 
the Company's success. To them we say "thank 
you" for a job well done. 
The coming year is viewed with a mixture of 
concern and optimism. The concern is in two 
2 
 vitally important areas, fuel and airline regulation. 
Another year has passed without the implementa- 
tion of a national energy policy. President Carter 
has submitted an energy plan to Congress which it 
is now considering. While a new Department of 
Energy has been created, it is too early to tell what 
other legislation Congress will pass. Until a com- 
prehensive national policy on energy production, 
consumption, and conservation is developed and 
implemented, fuel prices and supply will continue 
to be a major concern. 
Efforts to radically alter the present regulation 
of the airline industry gained momentum during 
the year with most attention being focused on a bill 
introduced by Senators Cannon and Kennedy. Delta 
does not oppose the review and refinement of the 
existing statute under which air transportation is 
currently regulated. But the existing statute is a 
good one, which has fostered the development of 
the best air transportation system in the world, 
and it should not be changed fundamentally. The 
current version of the Cannon-Kennedy bill does 
propose such fundamental change. In addition, it 
discriminates against Delta and other carriers by 
unduly favoring smaller scheduled carriers, new 
entrants, and supplemental (charter) carriers. The 
bill, as now drafted, would also increase rather 
than decrease regulation in a number of areas. 
The Cannon-Kennedy bill proposes consider- 
able freedom for carriers to enter and exit air 
transportation markets without prior CAB certifi- 
cation. The hope is that the increased competition 
will produce significantly lower fares. Nothing in 
these proposals, however, would significantly lower 
airline costs and, therefore, there is no reason to 
believe that the legislation will result in a perma- 
nent reduction in airline fares. In fact, during the 
initial competitive battle airline costs would prob- 
ably rise, and substantial quantities of scarce and 
expensive fuel would be wasted. In the long run 
freer entry and exit rights would result in normal 
scheduled service being concentrated in the hands 
of a few carriers operating primarily in the larger 
markets. Small city and small carrier service would 
be retained only at the cost of increased regulation 
and increased subsidy by the Government. 
3 
 While the various regulatory reform measures 
are being debated, the CAB has embarked upon a 
number of programs which will increase the degree 
of industry competition and result in a number of 
new fare experiments. In this regard, in recent 
months the Board has allowed almost any discount 
fare proposal, however diversionary, to take effect 
while keeping a brake on essential fare increases 
required to cover escalating costs. The industry 
cannot long endure what in essence is "deregula- 
tion" of fares only in the direction of fare decreases. 
Those changes which we believe the CAB should 
make to improve the nation's air transportation 
and which it could make under the existing statute 
have not yet been forthcoming. These include a 
reduction in the length of time required for a 
decision on fare and route matters and a more 
realistic view concerning airline costs. 
Optimism for the coming year stems from the 
belief that the economy will continue a pattern of 
moderate but stable growth. Personal income 
should continue to rise in response to the Admin- 
istration's efforts to reduce inflation and unemploy- 
ment, and airline traffic should continue to grow 
at a reasonably good rate. Delta's traffic is 
expected to grow at a faster rate than the industry's 
as a number of programs are implemented to 
improve the Company's competitive posture. These 
include the continued replacement of less efficient 
aircraft with new B-727-200's and L-101 l's, add- 
ing additional seats to several aircraft types, and 
increasing the capacity of ground facilities at 
several key cities, including Atlanta. Capital 
expenditures will continue to be financed with 
internally generated funds, and debt will continue 
to be reduced. 
In July, 1977, Delta's unsurpassed customer 
service was introduced in two new major markets, 
Denver and Tulsa, connecting them to the South- 
east with non-stop service for the first time. We are 
hopeful that the CAB will resubmit its recommen- 
dation that Delta be awarded the Atlanta-London 
route and that President Carter will approve it, 
4 
 allowing us to connect the cities of the Southeast 
and Southwest directly to Europe. We will intensify 
our efforts to minimize the impact of inflation on 
controllable expenditures without compromising 
service to our customers. 
In summary, we look forward to fiscal 1978 
as an opportunity to continue to grow and build 
upon our strengths and further solidify our 
position as the best airline in the world. 
~c~ 
DAVID C. GARRETT, JR 
President 
WT.BEEBE 
Chairman of the Board and 
Chief Executive Officer 
August 26, 1977 
5 
 Earnings and Dividends 
Net earnings for fiscal 1977 were $92.4 million 
( $4.65 per share), a new airline industry record, 
and 32% above the $70.2 million ($3.53 per share) 
earned by Delta last year. The following chart com- 
pares operating results for fiscal 1977 and 1976. 
Per Cent 
1977 1976 Change 
(In Th ousands) 
Operating Income . .. . .... $141 ,181 $117,609 + 20% 
Other Expense (Income): 
Interest Expense . . ... . . 25,983 34,634 - 25 
Less-Interest 
Capitalized on 
Advances for 
Equipment . ... . . .. . . (2,922) (3,247) - 10 
23,061 31 ,387 - 27 
Gain on Disposition of 
Aircraft. . . . . . . ... . . . (29,403) (7,680) + 283 
Realized and Unrealized 
Gain on Foreign 
Currency Translation . . (2,699) (13,357) - 80 
Miscellaneous Income, 
Net. .. . . .. .. .....  (4,825) (2 ,284) + 111 
(13,866) 8,066 
Income Before Taxes . . . .. 155,047 109,543 + 42 
Provision for Income Taxes: 
Income Taxes Provided 76,362 53,949 + 42 
Less-Amortization of 
lnvestmentTax 
Credits . . . . . . . .. . . . . (13,695) (14,613) - 6 
62,667 39,336 + 59 
Net Income ..... .. $ 92 ,380 $ 70,207 + 32% 
Net Income Per Share . .. . $4.65 $3.53 + 32% 
Operating income increased 20% to 
$141.2 million on a 12% increase in both operating 
revenue and operating expense. Interest expense 
declined 25% as the result of a lower average 
interest rate and a reduced level of outstanding 
debt. Capitalized interest was down 10% due to a 
lower average of outstanding deposits on equip- 
ment on order and a lower average interest rate. 
Gains from the sale of aircraft rose sharply to 
$29.4 million, 75 per share after taxes, while 
fiscal 1976 results included flight equipment gains 
of $7.7 million or 20 per share after taxes. Gains 
from the translation of foreign debt totaled 
6 
 $2.7 million, 7cJ: per share after taxes, in the current 
year and $13 .4 million, 34(): per share after taxes, 
in the previous year. Miscellaneous income 
increased $2.5 million. 
Income taxes were provided on book income 
at the rate of 49.25% in both the current and the 
previous year. The provisions for income taxes 
were reduced by investment tax credit amortiza- 
tion of $13.7 million in 1977 and $14.6 million 
in 1976. 
Dividend payments were 70cJ: per share, a 
17% increase over the 60cJ: per share paid last year. 
Total dividend payments for the year amounted to 
$13.9 million. Fiscal 1977 marked the 28th 
consecutive year in which Delta has made cash 
dividend payments. 
Earnings per Share* 
In Dollars 
68 69 70 71 72 73 74 75 76 77 
5 
4 
3 
2 
0 
*These data reflect the operations of Delta Air Lines, Inc., 
and do not include the ortheast Airlines' system prior 
to August 1, 1972. 
7 
 Operating Revenues 
The following table compares operating revenues 
for fiscal 1977 and 1976 by major revenue 
categories. 
1977 1976 
Per Cent 
Change 
(In Thousands) 
ScheduledPassenger $1 ,575,642 $1,406,417 + 12% 
Cargo. . . . . . . . . . . . . . . 114,800 100,626 + 14 
Charter. .. ... ... . . . . 13,039 5,511 + 137 
Other, Net. . . . . . . . . . . 16 164 16,388 - 1 
Total. .. . ... .. . . ... $1,719,645 $1 ,528,942 + 12% 
Total operating revenues in 1977 increased 
$190.7 million to $1.72 billion from the 
$1.53 billion reported last year. Revenues in fiscal 
1976 were favorably impacted by a strike against a 
major competitor from September 1, 1975, to 
January 6, 1976, and by a strike against another 
competitor from December6 to December 22, 1975. 
Scheduled passenger revenues rose 12% or 
$169.2 rrullion to $1.58 billion. Revenue passenger 
rrules totaled 18.04 billion, a 2% gain over the 1976 
results which were inflated by strikes against 
major competitors. The passenger rrule yield in the 
current year increased 9% to 8.73<!: from 7.98<!: 
last year, reflecting two fare increases approved by 
the CAB totaling 4 %, plus the carry-over effect of 
fare increases granted in 1976, and a reduction in 
the number of passengers using discount fares. 
Subsequent to the end of the current fiscal year, 
the CAB approved a 1 % increase in passenger 
fares which Delta implemented August 18, 1977, 
and a % increase which will be implemented on 
September 10, 1977. 
Cargo revenues, reflecting the general growth 
in the economy, increased 14% to $114.8 rrullion. 
Cargo ton rrules grew 6%, and the average yield 
increased 6%, excluding a $1.8 rrullion retroactive 
adjustment in mail payments. 
Charter revenues increased $7 .5 rrullion to 
$13.0 rrullion. The Company transferred six 
DC-8-51 aircraft from scheduled service to charter 
operations to take advantage of the liberal new 
8 
 charter regulations approved by the CAB in fiscal 
1976. Late in the current year, charter revenues 
were negatively influenced by the CAB's approval 
of very substantial discounts to scheduled service 
fares in several of our major charter markets. 
Other net revenue remained approximately 
the same as last year. 
Per Cent 
Revenue Statistics 1977 1976 Change 
Revenue Passenger 
Miles (000) ...... .. . 18,042,339 17,621 ,247 + 2% 
Revenue Passengers 
Enplaned . ... .. . ... 28,811 ,966 27,996,665 + 3% 
Cargo Ton Miles (000) 277,498 261 ,622 + 6% 
Passenger Load 
Factor .. . .... . . . . . . 55.32% 57.98% - 5% 
Passenger Mile Yield . . 8.73q; 7.98q; + 9% 
9 
 Operating Expenses 
The following table compares operating expenses by 
major expense functions for fiscal 1977 and 1976. 
Per Cent 
_ _ 
19 
_7_ 
7 _ _ _ 
19 
_7_ 
6 _ Change 
(I n Thousands) 
Salaries and Related 
Costs . .. . . . . . .. . . . . $ 706,770 $ 626,511 + 13% 
Aircraft Fuel. ... . . . . . . 316,478 272,404 + 16 
Aircraft Maintenance 
Materials and Repairs 30,818 36,023 - 14 
Aircraft Rentals .. . 5,248 10,451 - 50 
Other Rentals . . . . . . . . . 30,887 27,874 + 11 
Landing Fees . ... . .... 35,941 31 ,840 + 13 
Passenger Food and 
Related Supplies . ... 59,224 52,316 + 13 
Passenger Commissions 52,846 45,320 + 17 
Advertising . . . ... . ... . 23,461 21 ,143 + 11 
Other Cash Costs ... . .. 150,751 138,554 + 9 
Total Cash Costs .. . . $1,412,424 $1 ,262,436 + 12% 
Depreciation .. . . . . .. . . 166,040 148!897 .....1.L 
Total Operating 
Expenses . . ... .. .. $1 !578!464 $1!411 !333 + 12% 
Total operating expenses increased 
$167.1 million or 12% over last year and cash 
expenses were also up 12%. Operating capacity 
grew 7% to 32.61 billion available seat miles while 
revenue plane miles increased 5%. A continuing 
high level of wage inflation and the unchecked 
spiral of fuel prices accounted for 61 % of the 
$150 million increase in cash costs. Salaries and 
related costs were up 13% while the average level 
of employment rose 2%. The average price of fuel 
escalated 11% to 33.34 per gallon and gallons 
consumed increased 4% to 949.4 million. 
Delta's fleet modernization and standard- 
ization program continued to provide significant 
benefits as reflected in a 14% reduction in the cost 
of aircraft maintenance materials and repairs and 
a 3% improvement in seat miles flown per gallon 
of fuel used. Aircraft rentals were down by 50% as 
a result of the July, 1976 acquisition of 11 aircraft 
10 
 previously leased from Storer Leasing, Inc. 
Growth in passenger revenues and an increase in 
the number of passengers using the services of 
travel agents accounted for the 17% rise in 
passenger commissions. Other cash costs were up 
9% as a result of inflation and the growth in 
operations. 
Depreciation expense increased 12% due to 
the continued introduction of new aircraft and the 
acquisition of the aircraft from Storer Leasing, Inc., 
early in the fiscal year. 
Per Cen t 
Operating Statistics 1977 1976 Change 
Revenue Plane 
Miles (000) ......... 227,171 216,257 + 5% 
Available Seat 
Miles (000) ......... 32,614,260 30,389,761 + 7% 
Available Ton 
Miles (000) ......... 4,478,038 4,145,183 + 8% 
Fuel Gallons 
Consumed (000) .... 949,369 908,776 + 4% 
Average Price per Fuel 
Gallon ............. 33.34 29.97 + 11 % 
Breakeven Load Factor 50.36% 53.14% - 5% 
11 
 Capitalization and Financing 
During fiscal 1977 no new borrowing was 
required. However, the Company assumed 
$3. 6 million in Storer Leasing, Inc., obligations 
and capitalized a long-term lease of approximately 
$900,000 as required by the provisions of the 
Financial Accounting Standards Board Statement 
No.13. Internally generated funds of $340.7 million 
were used primarily to purchase $249 million of 
flight and ground equipment and reduce long-term 
debt by $113.7 million. 
Long-term debt at June 30, 1977, totaled 
$265.1 million, including current maturities, a 
reduction of $13 7. 3 million from the previous 
year. The year-end balance is equal to 43% of 
equity. At June 30, 1977, the Company had 
voluntarily prepaid the entire outstanding balance 
on the 1975 Bank Credit Agreement, and volun- 
tarily prepaid $55 million on the 1973 Bank Credit 
Agreement. Also, $2.2 million of the 6% 
Stockholder Equity per Share* 
In Dollars 
~ ~ - - r - - ~- --.----.----r----,---.----,--, 35 
1-----1---1-----1--4----1----+--+----l-------+---Y 30 
t----+--+---+--+---+--+---+----+--t~ - -H 25 
>---+---+----+---+----+---+-11-----+--1- - - ->-1 
20 
f-----l---l-----l-~-+----ll.-+----+-11- - - ----+--1____,_l-f 15 
t-------9...-+-----~a-+------+-ll.-+-----+-tl- - - ----+--t____, __ H 
10 
5 
0 
68 69 70 71 72 73 7 4 75 76 77 
*These data reflect the operations of Delta Air Lines, Inc., 
and do not include the ortheast Airlines' system prior 
to August 1, 1972. 
12 
 Convertible Subordinated Debentures had been 
acquired for future sinking fund requirements. At 
June30,1977, the Company had forward contracts 
for the purchase of pounds sterling to cover 
scheduled fiscal 1978 principal and interest 
payments on the Lazard debt. Mandatory repay- 
ments due in fiscal 1978 on all long-term debt 
total $27.6 million. 
Outstanding purchase commitments at year- 
end for aircraft and related spares will require 
future expenditures of approximately $618 million 
during fiscal years 1978 through 1981. 
Total stockholder equity atJune30,1977, was 
$620.6 million or $31.22 per share, 14% over the 
$27.27 per share last year. 
13 
 Flight Equipment and 
Purchase Commitments 
During the past fiscal year Delta accepted delivery 
of 17 advanced model Boeing 727 -200 aircraft. 
The fleet was reduced by the disposition of 11 
aircraft, including three B-747's, three DC-8-51's, 
oneB-727-100, and four DC-9-32's. At June 30,1977, 
Delta was operating the following aircraft fleet: 
Type of 
Aircraft Seats 
L-1011 .... .. . . . 264 
DC-8-61 ......... 199 
DC-8-51 . . 135/ 153 
B-727-200. 135 
B-727-100. 97 
DC-9-32. . ... ..... 88/ 90 
Total. 
Owned 
21 
13 
10 
81 
4 
56 
185 
Leased Total 
21 
13 
10 
7 88 
4 
----2._ 
7 192 
Excluding the DC-8-51 aircraft, the average 
age of Delta's aircraft fleet was 5.3 years at 
June30,1977. 
Twelve DC-8-51 aircraft were removed from 
revenue service during the year of which three 
aircraft were sold. Prior to the end of the year, four 
DC-8-51's were temporarily returned to revenue 
service to meet the aircraft requirements for the 
new Denver and Tulsa route awards. Subsequent 
to the end of the year, one DC-8-51 aircraft was 
sold and delivered. 
At the end of the year, arrangements had been 
finalized for the sale of four DC-9-3 2 aircraft, two 
of which were delivered in July, 1977. The remaining 
two aircraft are scheduled for delivery, one in the 
September, 1977 quarter and one in the March, 
1978 quarter. One B-727-100 has been sold and 
will be delivered in the September, 1977 quarter. 
At June 30, 1977, the Company had outstand- 
ing agreements for the purchase from the Boeing 
Company of 36 B-727-232 aircraft, 12 of which 
have been confirmed for delivery between Septem- 
ber, 1977, and July, 1978. Subsequent to the end of 
the fiscal year, six additional such aircraft were 
confirmed for delivery in the December, 1978 
quarter. The Company has the right to confirm 
delivery dates for the remaining 18 aircraft at 
specified interim dates to August, 1979. These 
aircraft are tentatively scheduled for delivery 
between May, 1979, and December, 1980. The 
14 
 Company has outstanding commitments to 
acquire nine Lockheed L-1011 aircraft, four of 
which were on firm order at year-end and two of 
which were subsequently placed on firm order. 
These six aircraft are scheduled for delivery in late 
1977 through 1979. The remaining three aircraft 
are cancellable by specified interim dates to 
February 28, 1979. 
As a result of a shift in the mix of passenger 
traffic from first class to coach, Delta will 
implement programs during the coming year to 
increase the number of coach seats in the B-727-200 
and L-1011 aircraft types. Six coach seats will be 
added to the B-727-200's replacing four first class 
seats, and 29 coach seats will be added to the 
L-1011. The changes will produce added capacity 
equal to two B-727-200's and three L-lOll's and 
significantly increase the productivity of Delta's 
aircraft fleet. 
15 
 Personnel 
At June 30, 1977, the team of Delta Professionals 
numbered 28,527 (an average of 28,234 during 
the year), compared to the June 30, 1976 total of 
27,894 (an average of 27,678 during the year), 
excluding temporary personnel in both years. 
Direct salaries totaled $579.4 million, a 13% 
increase over last year, and related fringe benefits 
increased 13% to $127.3 million. Expenditures 
for salaries and fringe benefits equal 41<!: of each 
revenue dollar, the same as fiscal 1976. 
To meet the challenges of the increasingly 
complex business environment, the Board of 
Directors elected two new officers during the year. 
Miss Jeanette Easley was elected to the position of 
Assistant Vice President-Passenger Service, and 
Mr. Frank S. Chew was advanced to the position 
of Assistant Vice President-Treasury. 
Subsequent to the end of the fiscal year, 
Mr. Shelby Dement, Vice President-Consumer 
Affairs , elected to retire after more than 36 years 
service to Delta. Also retiring is Mr. J. R. Howell, 
Assistant Treasurer-Investment Management, a 
veteran of 27 years with the Company. These two 
officers made many contributions to the growth 
and success of Delta during their long careers. 
16 
 Facilities 
Delta, along with several other airlines and the 
City of Atlanta, is participating in the development 
of the largest passenger terminal building complex 
in the nation at Hartsfield Atlanta International 
Airport. The project was begun in May, 1977, and 
is scheduled for completion in early 1981. The total 
cost, excluding tenant improvements, is presently 
estimated at $240 million. The project will be 
primarily financed with revenue bonds, of which 
$305 million have been sold by the City of Atlanta 
at an effective interest rate of 6.3%. Delta will 
occupy 37 of the 104 wide-bodied aircraft loading 
positions. Delta's share of the project including 
estimated tenant improvements will total approxi- 
mately $72 million. Rentals and other costs to be 
incurred beginning with the first year of operation 
of the new facility are estimated at $16 million 
annually. 
During the year, the Company announced 
plans for the construction of a five story, 135,000 
square foot office building at Hartsfield Atlanta 
International Airport. The facility will contain the 
Atlanta reservations operation and other staff 
functions. Completion of the $5.1 million building 
is scheduled for the spring of 1978. 
Also during the year, Delta occupied new or 
expanded terminal facilities at Ft.Lauderdale, 
LaGuardia, Philadelphia, St.Louis, and San Diego. 
In fiscal 1978 new reservations facilities will be 
completed in Miami and Chicago. 
17 
 Regulatory Matters 
Regulatory Reform 
Proposals to modify the Federal Aviation Act 
continue to multiply, on the theory - to which 
Delta does not subscribe- that that statute has 
become seriously outmoded. Delta has endeavored 
to play a constructive role in the regulatory reform 
debate, and is not opposed to review and 
refinement of the present statute. 
For example, Delta has not opposed proposals 
which would increase air carrier pricing freedom, 
require prompt disposition of air carrier route 
applications, and provide for greater administrative 
expedition in general. But Delta believes that the 
existing statute is basically a good and flexible 
one, which requires no fundamental change. 
The reform proposal which has received the 
most recent attention would be highly discrimina- 
tory against carriers in Delta's position. The 
proposal would unfairly favor the supplemental 
air carrier industry, new entrants, and the smaller 
scheduled carriers. Delta has provided the Senate 
Committee which is considering this matter a list 
of suggested changes to the proposed bill which 
would eliminate this discrimination and other 
problems, while still achieving many of the 
reformers'major goals. Delta has indicated that if 
these changes are not adopted, Delta will have to 
oppose this particular proposal in its entirety. 
The reform debate, which has raged for over 
two years, is beginning to come to a head. Some 
Congressional decisions on the subject are 
expected during 1978. As the focus of the debate 
sharpens, Delta will endeavor to keep its 
shareholders apprised of the potential impact of 
proposed changes upon Delta's operations and 
upon the industry. 
In the meantime, regulatory activity under the 
present law greatly increased during the past year, 
including the following matters of major interest: 
Delta Route Development 
Delta was granted two significant new service 
responsibilities: ( 1) nonstop routes between Atlanta 
and both Denver and Tulsa, with the right also to 
operate between Denver and Atlanta via Tulsa; 
and (2) nonstop Memphis-Tampa authority. Service 
18 
 was inaugurated over the former route on July 28, 
1977, and will be inaugurated on the latter route 
on September 15, 1977. A competitor was also 
certificated between Atlanta and Denver. No other 
carrier currently operates nonstop Memphis- 
Tampa or Atlanta-Tulsa service. Disappointed 
applicants have appealed the Denver/Tulsa award 
to the Federal Court of Appeals, but Delta's service 
may operate during the pendency of the appeal. 
Decision in the court case is not expected until at 
least the latter part of 1977. 
The July, 1976, CAB recommendation that 
Delta be authorized to operate nonstop between 
Atlanta and London, England, with the right also 
to operate London services beyond Atlanta to 
points on Delta's domestic system, remains 
outstanding. That decision was subject to 
Presidential approval and, late in December, 1976, 
President Ford sent the case back to the CAB for 
additional study, primarily in light of the then- 
pending negotiations between the United States 
and the United Kingdom concerning air transport 
operations between the two countries. These 
negotiations have now been completed; President 
Carter has asked for a CAB decision by early 
October so that he can complete his review by 
November 1, with service to start soon thereafter; 
and the CAB has heard further argument in the 
case. Early conclusion of the case is expected. 
Delta has also been recommended by 
Administrative Law Judges for two other important 
routes: (1) nonstop Cleveland-Atlanta and 
(2) nonstop Cleveland-Indianapolis. Both routes 
would be competitive. The first recommendation 
is being reviewed, and the second is subject to 
review by the CAB. Final decisions are expected 
later in 1977 or early in 1978. 
In another case, an Administrative Law Judge 
has recommended an applicant other than Delta 
for nonstop authority between Memphis and both 
Minneapolis/St.Paul and Milwaukee. The CAB is 
reviewing this case, however, and Delta is 
continuing to press its own application for 
these authorities. 
In other pending cases, Delta seeks 
nonstop authority in the following markets: 
(1) Wichita-Denver, (2) Wichita-Memphis, 
19 
 20 
 (3) Louisville-Memphis, (4) Louisville-Houston, 
(5) Cincinnati-Houston, (6) Las Vegas-Reno, 
(7) Las Vegas-Phoenix, (8) Sarasota/ 
Bradenton-Atlanta, (9) Daytona Beach-Atlanta, 
(10) Tallahassee-Atlanta, (11) Nashville- 
St.Louis/Tampa/Miami, and ( 12) Chicago 
Midway-Kansas City/Twin Cities/Detroit/ 
Cleveland. These various proceedings are all in 
early stages of processing. 
Delta has filed for the right to serve Atlanta 
as an intermediate point between Miami and 
San Francisco in addition to presently authorized 
nonstop operations. An application has also been 
filed for the right to carry local, domestic traffic 
between Los Angeles/Long Beach/ Ontario and 
San Francisco/Oakland/San Jose on flights 
operating between the California points and 
San Juan. Delta has requested that both of these 
applications be processed expeditiously, without 
hearing. The CAB has not yet responded to these 
requests. 
Delta has a number of other applications on 
file, including requests for nonstop authority in 
the following markets which either relate to cases 
which the CAB has indicated that it will institute, 
or to requests by interested parties for expedition: 
( 1) Atlanta-Austin, (2) Atlanta-San Antonio, 
(3) Atlanta-Raleigh-Durham/Greensboro-High 
Point, ( 4) San Juan-Miami/ Atlanta/ Chicago, 
and ( 5) Bahamas-Miami/ Atlanta/ Chicago. 
During the past year Delta's applications for 
Detroit-Boston and Chicago-Montreal authority 
were denied. 
A court of appeals has remanded the CAB's 
decision in the Miami-Los Angeles case for further 
proceedings. The CAB' s decision had selected a 
carrier other than Delta for this authority. 
Although Delta also appealed the case, the court 
decision rejected Delta's arguments and based the 
remand on arguments of another carrier. Delta 
remains a party to the remanded proceedings. 
Delta's appeal of the CAB's denial of its 
Atlanta-Fort Myers, Fla. application in favor of 
another applicant remains pending, but is ripe for 
decision. 
21 
 Route Cases - Competitive 
Other carriers seek authority in a number 
of Delta markets, including Atlanta-Detroit, 
Atlanta-Cincinnati, Dallas/Ft.Worth-Las Vegas, 
Atlanta-Savannah, and Atlanta-Charleston. A 
Law Judge has recommended certification of a 
competitor in the first two markets, and the 
recommendation is currently under review by the 
CAB. The cases involving the other listed markets 
are in early stages. The case involving 
Atlanta-Savannah also is considering the possible 
deletion of Delta's authority at Brunswick, Georgia, 
which is currently suspended. A Law Judge has 
recommended substitution of Eastern Air Lines for 
Piedmont between Atlanta and Columbia, and 
Piedmont for Eastern between Chicago and 
Louisville. Delta has asked the CAB to review the 
recommended approval of this Eastern/Piedmont 
route exchange. During the year nonstop 
competition was authorized in the Shreveport- 
Dallas/Ft.Worth market, and a new competitor 
was substituted for Eastern Air Lines in the 
Chicago-New Orleans market. 
Route Suspensions 
Delta remains suspended at Brunswick, 
Georgia pending CAB decision in the Savannah- 
Brunswick case; is suspended at Havana, Cuba 
and at a number of points in New England 
currently served by other carriers; and will soon 
suspend at Montego Bay, Jamaica. 
Rate and Fare Cases 
The Domestic Night Coach Fare Investigation 
has been completed. The CAB's decision adopts 
most of the positions advocated by Delta. This is 
important to the Company because Delta is the 
world's largest operator of standard, low-fare 
night coach services. 
A number of CAB proceedings in early stages 
are considering revision of certain of the fare 
standards which were developed in the Domestic 
Passenger Fare Investigation (DPFI) during the 
early 1970's. Decision in these proceedings could 
affect both the procedures by which the industry 
seeks change in the fare structure or level, and 
the CAB's basic policy with respect to any 
22 
 particular proposal. All of these proceedings are 
in preliminary stages. 
In the meantime, various adjustments have 
been made to the fare level, and numerous new 
discount fares have been allowed to go into effect, 
many in disregard of the discount fare standards 
developed in the DPFI. The industry's general air 
freight and mail rates remain under investigation 
in other proceedings. 
Charter and Tour Services 
The recently finalized, highly liberal One-Stop 
Inclusive Tour, Special Event Charter, and Advance 
Booking Charter regulations are already being 
amended in various ways which will further 
liberalize them. In the meantime, various other 
proposals are pending before the CAB for revision 
of the rules under which both scheduled and 
supplemental air carriers operate charter services. 
The CAB is also considering special rules for 
business incentive charters, and the authorization 
of "contract bulk inclusive tours'.' The latter would 
permit groups to purchase reduced rate trans- 
portation on regularly scheduled flights from tour 
operators, with minimal limitations. Delta has 
opposed this concept. The "part charter" concept 
in international transportation also remains under 
study, although an Administrative Law Judge has 
recommended that the practice be disapproved. 
23 
 ' 
n een Atlanta and De 
an his and Tampa. 
24 
 DELTA AIR LIN ES, INC. 
Balance Sheets 
June 30, 1977 and 1976 
ASSETS 1977 1976 
(In Thousands) 
CURRENT ASSETS: 
Cash .. .. .. .. . . .. .. . .. . . . .. $ 
Short-term cash investments, 
at cost. . . . . ... . .. . . . .. .. . . 
Accounts receivable, net. . . . . 
Maintenance and operating 
supplies, at average cost. .. . 
Prepaid expenses, etc .. .. .. . . 
Total current assets .... . . . 
PROPERTY AND EQUIPMENT 
(Notes 2 and 5): 
Flight 
Equipment Other 
Cost- 
26,209 
26,103 
52,312 
144,592 
12,567 
7,269 
216,740 
1977 $1 ,720,843 $256,949 1,977,792 
$ 28,773 
54 135 
82,908 
126,228 
12,807 
81 
510 
2301453 
1976 1,6581 
359 2391 
108 1,897,467 
Accumulated depreciation- 
1977 630,260 133,470 763,730 
1976 592,092 116,023 - - - - 
1,214,062 
Advance payments for new 
equ ipment (Note 2)... . . . . . . . 45 
1 
084 
7081 
115 
1,189,352 
411302 
1,259,146 11 
2301 
654 
OTHER ASSETS: 
Nonoperating flight 
equipment held for sale . . . . . 
Long-term receivables and 
prepayments, etc .. . ..... . . . 
26 
11,394 
4,539 
15,933 
1,238 
5 149 
61 
387 
$1,491,819 $1,467.494 
 LIABILITIES AND 
STOCKHOLDER EQUITY 
CURRENT LIABILITIES: 
Current maturities of long- 
term debt. . . .... . .. . 
Accounts payable and accrued 
liabilities .... . .. . .. . . . ... . 
Air traffic liability .. . . .. .... . . 
Accrued income taxes ..... . . 
Total current liabilities .... . 
LONG-TERM DEBT (Note 4) .. . 
DEFERRED CREDITS: 
Deferred income taxes .. . 
Unamortized investment tax 
credits . .... . .. ..... .. ... . 
Other ... .. . .. ... .. ....... . 
COMMITMENTS AND 
CONTINGENCIES (Notes 2, 
5, and 8) 
$ 
STOCKHOLDER EQUITY (Note 6): 
Common stock, par value 
$3.00 per share-Authorized 
25,000,000 shares; 
Outstanding 19,880,577 
shares ... . ..... . . . 
Common stock purchase 
warrants . .. ... . . .. .. . .... . 
Additional paid-in capital. . . 
Retained earnings (of wh ich 
$284,631 ,000 is restricted 
at June 30, 1977 as to the 
payment of cash dividends 
under credit agreements) ... 
DELTA AIR LIN ES, INC. 
1977 1976 
(In Thousands) 
27,628 
139,834 
90,351 
14,662 
272,475 
237,497 
288,783 
66,697 
5,784 
361,264 
59,642 
6,750 
73,338 
480,853 
620,583 
$ 51,454 
128,253 
76,856 
8 769 
265,332 
350,968 
273,664 
28,954 
6,464 
309,082 
59,642 
6,750 
73,331 
402,389 
542 112 
$1,491,819 $1467494 
The accompanying notes are an integral part of these balance sheets. 
27 
 DELTA AIR LINES, INC. 
Statements of Income 
For the years ended June 30 , 1977 and 1976 
1977 1976* 
OPERATING REVENUES: 
(In Thousands) 
Passenger .... .... ......... $1,575,642 $1,406,417 
Cargo .. .. . .. . ..... . . .. .... 114,800 100,626 
Other, net. . .. . ... . ... .. . . .. 292203 21 ,899 
Total operating revenues .. 127191645 1,528,942 
OPERATING EXPENSES: 
Salaries and related costs . . .. 706,770 626,511 
Aircraft fuel. .... . . . . . ...... 316,478 272,404 
Aircraft maintenance materials 
and repairs ...... .. . . . .... 30,818 36,023 
Rentals and landing fees .. ... 72,076 70,165 
Passenger service .......... . 68,276 60,228 
Agency commissions . ....... 52,846 45,320 
Other cash costs .. . . . ..... . . 165,160 151 ,785 
Depreciation ............... 1661040 148,897 
Total operating expenses . . 125782464 1,411 ,333 
OPERATING INCOME ........ 1412181 117,609 
OTHER EXPENSE (INCOME): 
Interest expense . . ..... . . .. . 25,983 34,634 
Less- Interest capitalized on 
advances for equipment . . . . 22922 3 247 
23,061 31 ,387 
Gain on disposition of aircraft (29,403) (7,680) 
Real ized and unrealized gains 
on foreign currency 
translation . . . . . . . ... . ..... (2,699) (13,357) 
Miscellaneous income, net . . . (42825) (2,284) 
(131866) 8,066 
INCOME BEFORE INCOME 
TAXES ......... . ... .. . . .. . 1552047 109,543 
PROVISION FOR INCOME 
TAXES (Note 3): 
Income taxes provided ... . . . . 76,362 53,949 
Less- Amortization of 
investment tax credits .. . ... (132695) (14,613) 
622667 39,336 
NET INCOME . ............... $ 922380 $ 70,207 
NET INCOME PER COMMON 
SHARE .. . ...... .. .... .. ... $4.65 $3.53 
*Operating expenses for 1976 have been reclassified to conform with the 
1977 presentation. 
The accompanying notes are an integral part of these statements. 
28 
 DELTA AIR LINES, INC. 
Statements of Retained Earnings 
For the years ended June 30, 1977 and 1976 
BALANCE AT BEGINNING 
OF YEAR ... . .. .. . ..... . . . . 
Add (Deduct): 
Net income .. .. . ...... . . .. . 
Cash dividends-$.70 per 
share in 1977 and $.60 per 
share in 1976 . ...... ...... . 
BALANCE AT END OF YEAR 
(restricted as indicated on 
balance sheet) . ....... ... . . . 
1977 1976 
(In Thousands) 
$402,389 $344,110 
92,380 70,207 
(13,916) (11,928) 
$480,853 $402,389 
Statements of Additional Paid-in Capital 
For the years ended June 30, 1977 and 1976 
BALANCE AT BEGINNING 
OF YEAR . ...... . .... .. . . 
Income tax reduction to 
Company resulting from sales 
by employees of common 
shares issued under stock 
option plan .... . .. ... . . .. . . . 
BALANCE AT END OF YEAR .. 
1977 1976 
(In Thousands) 
$73,331 $73,331 
7 
$73,338 $73,331 
The accompanying notes are an integral part of these statements. 
29 
 D ELTA A IR LIN ES, INC. 
Statements of Changes in Financial Position 
Fo r the years ended June 30 , 1977 and 1976 
1977 1976 
(In Thousands) 
FUNDS PROVID ED BY: 
Net income. . . . . . . . . . . . .. $ 92,380 $ 70,207 
Add (deduct) items not affecting 
working capital- 
Depreciation . .. . ..... . 166,238 150,189 
Deferred income taxes .. . . 15,119 36,849 
Unrealized gain on translation 
of long-term portion of debt 
payable in pounds sterling . . . . (1 ,819) (10,620) 
Investment tax credits, net .. . . . 37,743 (6,282) 
Other . .. . . . .. . . ... .. .. . . . 886 1,003 
Total from operations ..... . . 310,547 24 1,346 
Long-term financing .. . .. . .. . ... . 2,019 50,543 
Disposition of property and 
equipment (book value). . . . . . . . . 44,093 5,790 
3,465 
Other. . . . . . . . . . .. .... . . . ___ 
5_ 
8_ 
0 
FUNDS USED FOR: 
Property and equipment additions- 
Flight equipment, including 
advances and acquisition of 
Storer Leasing, Inc. in fiscal 
1977 (Note 7). 
Ground property and equipment 
Reduction of long-term debt, net of 
357,239 301 ,144 
228,189 
20,790 
248,979 
197,328 
15,426 
212,754 
unrealized foreign currency gains 113,671 79,392 
Cash dividends. . . . . . . . . . . . . . . . . 13,916 11 ,928 
Other. . . . . . . . . . . . . . . . . . . . . . . . . 1,529 1,11 6 
378,095 305, 190 
DECREASE IN WORKING CAPITAL $ (20,856) $ (4,046) 
CHANGES IN WORKING CAPITAL 
COMPONENTS: 
Increase (decrease) in- 
Cash and short-term investments 
Accounts receivable, net. 
Refundable income taxes. 
Other current assets ...... . 
Decrease (increase) in - 
Current maturities of long-term 
debt. .. . ....... . ..... . .... . . 
Short-term notes payable ... . 
Accounts payable and accrued 
liabilities . .................. . 
Air traffic liability ..... . .. . 
Accrued income taxes . ... . ... . 
$ (30,596) $ 32,070 
18,364 18,284 
(17,300) 
(1 ,481 ) (825) 
23,826 (4,463) 
3,000 
(11 ,581 ) (1,580) 
(13,495) (24,463) 
(5,893) (8,769) 
$ (20,856) $ (4,046) 
The accompanying notes are an integral part o f these statements. 
30 
 DELTA AIR LINES, INC 
Notes to Financial Statements 
June 30, 1977 and 1976 
1. SUMMARY OF ACCOUNTING POLICIES: 
Passenger Revenue - Passenger ticket sales are 
recorded as revenue when the transportation is used. 
The value of unused tickets is included in current lia- 
bilities in the financial statements. 
Depreciation- Substantially all of the Company's 
flight equipment is being depreciated on a straight-line 
basis to residual values (10% of cost) over a 10-year 
period from dates placed in service. Ground property 
and equipment is depreciated on a straight-line basis 
over its estimated service life (various lives ranging 
from 3 to 30 years). 
Maintenance and Repairs - All maintenance and 
repair costs, including engine and airframe overhauls, 
are charged to maintenance expense when incurred. 
Major replacements and betterments are capitalized. 
Interest Capitalized-Interest on advances for new 
equipment is capitalized based on the Company's cur- 
rent interest rate on long-term debt in order to properly 
reflect the total cost of acquiring such equipment. 
Capitalization of interest ceases when the equipment is 
placed in service. Assuming all interest had been charged 
to expense as incurred, net income would have been 
higher by approximately $1,118,000 in 1977 and 
$88,000 in 1976. 
Foreign Currency Transactions-Realized and un- 
realized foreign exchange adjustments are included in 
income on a current basis. 
Retirement Plans-All of the Company's perma- 
nent employees are covered under its noncontributory 
trusteed plans providing for retirement, disability and 
survivor benefits. The total expense under these plans 
amounted to approximately $52,324,000 in 1977 and 
$44,291,000 in 1976. The Company's policy is to fund 
each year's accrued costs under the plans, which costs 
include amortization of prior service costs ($41,153,000 
at June 30, 1976) over a thirty-year period to 1991. As of 
June30,1976 (date of most recent actuarial study), the 
assets of the plans exceeded the actuarially computed 
present value of vested benefits under the plans. 
31 
 DELTA AIR LINES, INC. 
Income Taxes - Total income taxes are provided by 
applying the applicable tax rates to book income before 
income taxes. Deferred income taxes are provided for 
all significant items (principally depreciation) where 
there is a timing difference in recording such items for 
financial reporting purposes and for income tax pur- 
poses. Investment tax credits are amortized (as a reduc- 
tion of the provision for income taxes) over seven years. 
(See Note 3 ). 
Earnings Per Share - Net income per common 
share is computed based on the weighted average num- 
ber of outstanding shares during the year (19,880,577 
shares in 1977 and 1976). Outstanding stock options 
and warrants (see Note 6) have no material dilutive ef- 
fect on net income per common share in 1977 and 1976. 
2. AIRCRAFT PURCHASE AND SALE 
COMMITMENTS: 
At June 30, 1977, the Company had outstanding 
purchase commitments for the acquisition of 36 Boeing 
B-727-200 aircraft and nine Lockheed L-1011 aircraft, 
including related spare engines, which will require 
future expenditures of approximately $618,000,000 
during fiscal years 1978 through 1981. The delivery of 
the last 24 Boeing B-727-200 aircraft can be confirmed 
by the Company at specified interim dates to August, 
1979. Subsequent to June 30,1977 the Company con- 
firmed delivery of six of the Boeing B-727-200 aircraft. 
The last three Lockheed L-1011 aircraft are cancellable 
by specified interim dates to February 28,1979. At 
June 30, 1977, advance payments and other capitalized 
expenditures relating to aircraft to be delivered 
amounted to $30,200,000 on the Boeing aircraft and 
$16,400,000 on the Lockheed aircraft. 
The Company has entered into agreements to sell 
four Douglas DC-9-32 aircraft, one Boeing B-727-100 
aircraft, and one Douglas DC-8-51 aircraft, which 
agreements provide for delivery of the aircraft during 
fiscal 1978. 
32 
 DELTA AIR LINES, INC. 
3. INCOME TAXES: 
The provision for income taxes in 1977 and 1976 
consisted of: 
1977 1976 
(In Thousands) 
Currently payable. . . . . . . . . . . . . . . . . . $ 9,805 $ 8,769 
Deferred income taxes. . . . . . . . . . . . . . 15,119 36,849 
Investment tax credits. . . . . . . . . . . . . . 51,438 8,331 
Income taxes provided. .. . . .... . . 76,362 53,949 
Less-Amortization of investment 
tax credits . . . ............ ... . .... (13,695) (14,613) 
$62,667 $39,336 
Total income taxes provided were 49.25% of 1977 
and 1976 book income before income taxes, represent- 
ing taxes provided at the 48.0% Federal statutory rate 
plus state income taxes. As of June 30, 1977, all avail- 
able investment tax credits have been utilized to reduce 
Federal income taxes payable. 
The provision for deferred income taxes resulted 
from the tax effect of the following timing differences: 
Depreciation and other property 
items .... ... . . 
Unrealized gain on foreign currency 
translations .. ... .. . 
Other, net.. . .. .. . . . . . . . 
1977 1976 
(In Thousands) 
$14,124 $34,069 
15 
980 
5,992 
(3,212) 
$15,119 $36,849 
The Internal Revenue Service has completed an 
examination of the Company's income tax returns for 
fiscal years 1966 through 1972, and on September25, 
1975, issued a statutory notice of deficiency proposing 
additional income taxes of $25,681,000. The Company 
is contesting the proposed deficiency and believes that 
it has substantial defenses to most of the issues involved. 
The applicable law, however, is unsettled and the ulti- 
mate outcome of the matter is therefore uncertain. In 
the opinion of management, adequate provisions have 
been made for the alleged tax deficiency plus related 
interest, and the outcome of this matter will not have a 
material adverse effect on the Company's financial 
condition. 
33 
 DELTA Al R LIN ES, I NC. 
4. LONG-TERM DEBT: 
At June 30, 1977 and 1976, the Company's long- 
term debt (including current maturities) was as follows: 
(a) Due Lazard Brothers & Co., 
Limited, under 5%, 6% and 
7 % unsecured notes, repay- 
able in pounds sterling in 20 
semiannual installments to 
1986 ($6,783,000 payable in 
fiscal 1978). 
At original exchange rates .. . 
Less unrealized gain on - 
Current maturities ...... . . 
Long-term portion ...... . 
At current exchange rates .. . 
(bl Due banks under 1973 
unsecured credit agreement, 
repayable in quarterly install- 
ments of $11 ,000,000 with 
the remaining $80,000,000 
balance payable on Septem- 
ber 30, 1980. The interest rate 
is equal to % above the 
prime rate through Septem- 
ber, 1978, then % above the 
prime rate through Septem- 
ber, 1980 ($55,000,000 vol- 
untarily prepaid at June 30, 
1977, without penalty) . . . . 
(c) Due ban ks under 1975 
unsecured credit agreement, 
repayable in quarterly install- 
ments of $1 ,500,000, with the 
remaining $11 ,500,000 bal- 
ance payable on September 
30, 1980. On March 31 , 1977, 
the notes under this agree- 
ment were voluntarily prepaid 
in full without penalty. The 
interest rate was equal to 
119% of the prime rate 
plus % ... . .... . . . . . . . 
34 
1977 1976 
(In Thousands) 
$ 69,993 
(2,420) 
(15,572 ) 
52,001 
168,000 
$ 79,091 
(2,107) 
(15,857) 
61 ,127 
245,000 
32,500 
 DELTA AIR LIN ES, INC. 
1977 1976 
(In Thousands) 
(d) Convertible Subordinated 
Debentures, 6 %, maturing 
August 1, 1986, with annual 
sinking fund redemptions of 
$1 ,100,000which began July 
31 , 1976.The remaining obli- 
gations at June 30, 1977 and 
1976 are after deducting 
$2,200,000 and $1,876,000 
of debentures, respectively, 
acquired for future sinking 
fund requirements (Note 6) .. 
(el Due an insurance company 
under a 9 % % unsecured note, 
repayable in installments of 
$17,500,000 on April 30, 1977 
and 1978 (remaining 
$17,500,000 payable in fiscal 
1978) .... 
(fl Other debt, with various 
interest rates and maturity 
dates ($3,345,000 payable in 
fiscal 1978) ... . . . . . 
Total ... .... . . . . ..... . . 
Less-Current maturities. 
18,700 
17,500 
8 924 
265,125 
(27,628) 
$237,497 
20,124 
35,000 
8 671 
402,422 
(51,454) 
$350,968 
In the opm10n of management, funds provided 
from operations will sufficiently cover future expendi- 
tures for aircraft (see Note 2) and scheduled debt ma- 
turities. At June 30, 1977, the aggregate annual maturi- 
ties of long-term debt for the next five fiscal years were 
as follows: 
Amount 
(In Thousands) 
1978 . . . . . ... $27,628 
1979 . . 52,881 
1980 . . . . . . . . . . . . . . . . . . 53,243 
1981 . . . . . . . . . . . . . . . . . . . . . . 88,507 
1982 . . . . . . . . . . . . . . . . . . 8,521 
In addition to restrictions on cash dividends as 
indicated on the balance sheet, the Company's credit 
agreements include requirements for maintenance of 
working capital (as defined) and limitations on indebt- 
edness, leases and other obligations. In connection with 
the 1973 bank credit agreement, the Company has in- 
formally agreed to maintain on deposit with the lending 
banks average balances (including normal working 
balances) equal to 15% of the average daily outstanding 
35 
 DELTA Al R LIN ES, I NC. 
borrowings, with the average balances and borrowings 
being computed over the term of the agreement. While 
a substantial portion of the cash balances at June 30, 
1977 and 1976, is maintained for this purpose, there 
are no legal restrictions on the Company's use of these 
funds. 
5. LEASE OBLIGATIONS: 
At June 30, 1977, the Company leased seven Boeing 
B-727 aircraft and certain airport terminal and main- 
tenance facilities, ticket offices, etc., under long-term 
agreements. Rental expense was $36,135,000 in 1977 
and $38,326,000 in 1976, including rentals under 
"financing leases" (as defined by the Securities and 
Exchange Commission) of $23,747,000 in 1977 and 
$29,360,000 in 1976. 
At June 30, 1977, the Company's minimum rental 
commitments under noncancellable leases with initial or 
remaining terms of more than one year were as follows: 
Payable tor 
Fiscal Year 
Financing 
Leases 
Municipal Aircraft 
Leases and Other 
Other 
Leases Total 
(In Thousands) 
1978 $ 15,960 $ 6,390 $ 3,41 0 $ 25,760 
1979 15,250 6,050 3,020 24,320 
1980 15,300 5,930 2,420 23,650 
1981 14,330 5,970 2,030 22,330 
1982 13,700 4, 250 1,550 19,500 
1983-1987 63,160 5,290 4,990 73,440 
1988-1 992 57,390 3,650 2,510 63,550 
1993-1997 49,980 920 2,460 53,360 
After 1997 32,260 2,190 34,450 
$277,330 $38,450 $24,580 $340,360 
The estimated present value (based on a weighted 
average interest rate in 1977 of 7 .1 % , with such interest 
rates used ranging from 3 .1 % to 13. 5%) of the minimum 
rental commitments under financing leases was as 
follows at June 30, 1977 and 1976: 
Applicable to 
Municipal leases- 
Terminal facilities ..... . . 
Maintenance facilities ..... . . . . 
Aircraft leases . ..... . .......... . 
Other leases . . . .. . . . . . ... . .... . 
36 
1977 1976 
(In Thousands) 
$ 91 ,890 
64,330 
156,220 
18,970 
8,980 
$ 95,930 
66,270 
162,200 
22,740 
9,980 
$184,170 $194,920 
 DELTA AIR LINES, INC. 
Assuming all financing leases were capitalized and 
amortized, the effect on 1977 and 1976 net income 
would have been less than 3%. 
In fiscal 1977, the Company capitalized all new 
leases defined as capital leases under Financial Account- 
ing Standards Board Statement No.13. The effect on 
the 1977 financial statements of capitalizing these 
leases is not significant. Leases with municipalities and 
other governmental units for airport terminal and main- 
tenance facilities are specifically defined as operating 
leases under Statement No.13. 
The Company is participating in a major expan- 
sion of terminal facilities at Hartsfield Atlanta Inter- 
national Airport. Total project costs ( excluding tenant 
improvements) is presently estimated at approximately 
$240,000,000. The Company's share of this project 
cost, plus estimated leasehold improvements, is approx- 
imately $72,000,000. The Company's annual rentals 
beginning in 1981 (the planned first year of operation) 
and other costs associated with the new facility are 
presently estimated at $16,000,000. 
6. COMMON STOCK: 
The Company has 74,800 common shares reserved 
for conversion (at $250 per share) of the Convertible 
Subordinated Debentures, and has warrants outstand- 
ing for the purchase of 500,000 shares of its common 
stock at $48 per share on or prior to May 1, 1978. 
Under the Company's Qualified Stock Option Plan, 
options for 1,250 shares at $51.75 per share were out- 
standing at June 30, 1977, and 1976. All of these options 
were exercisable at June 30, 1977, and 937 were exer- 
cisable at June 30, 1976. 
37 
 DELTA AIR LINES, INC. 
7. ACQUISITION AND LIQUIDATION 
OF STORER LEASING, INC.: 
On July27,1976, the Company purchased all of 
the outstanding capital stock of Storer Leasing, Inc., a 
wholly owned subsidiary of Storer Broadcasting Com- 
pany, for cash of $30,350,000 and assumption of exist- 
ing indebtedness of $3,649,000, payable in monthly 
installments through January, 1978, with interest at 
5 % per annum. The assets of Storer Leasing con- 
sisted of six Boeing 727-200 and five Boeing 727-100 
aircraft and 18 spare engines, all of which were pre- 
viously leased to the Company. On July 30, 1976, Storer 
Leasing was liquidated and the assets transferred to 
the Company. 
If the purchase had taken place on July 1, 1975, 
there would have been no significant effect on the Com- 
pany's 1977 and 1976 results of operations. 
8. CONTINGENCIES: 
The Company is a defendant in certain legal actions 
relating to environmental problems (primarily noise), 
employee benefit plans, alleged employee discrimina- 
tion and other matters. Given the unsettled status of 
the law in many of the areas involved, the outcome of 
these actions is difficult to predict. In the present opin- 
ion of management and its legal counsel, however, the 
disposition of these matters will not have a material 
adverse effect on the Company's financial condition or 
significantly interfere with its operations. 
9. QUARTERLY FINANCIAL DATA (Unaudited): 
Summarized unaudited quarterly financial data 
for fiscal 1977 are as follows: 
Three Months Ended 
Sept.30 Dec.31 Mar.31 June30 
(In millions, except per share) 
Operating revenues . . . $402.8 $420.1 $440.3 $456.4 
Operating income . .. . $ 26.6 $ 32.2 $ 31.9 $ 50.5 
Net income.* ......... $ 17.9 $ 18.5 $. 22.2 $ 33.8 
Net income per 
share . ... .. . .. . .. . . ~ ~ L1J1.. $ 1.70 
*Includes after-tax gain 
on sales of aircraft 
of . ... . . ..... .. ... . Lli L...U!_ ~ ~ 
38 
 DELTA AIR LINES, INC. 
10. PROPERTY AND EQUIPlVIENT 
REPLACE1\1ENT COST (Unaudited): 
For operating expenses such as salaries and wages, 
fuel, supplies, etc., the Company's financial statements 
generally reflect current prices. However, the Company's 
substantial investment in productive capacity (flight 
equipment and ground property and equipment) and 
the related depreciation expense are based on historical 
cost. Although a major portion of the Company's air- 
craft seat capacity has been purchased in recent years, 
the financial statements do not reflect the higher cur- 
rent replacement cost of the Company's entire produc- 
tive capacity resulting from the cumulative impact of 
inflation. Further, the Civil Aeronautics Board makes 
no allowance for these higher replacement costs in 
determining airline fares and rates. 
As required by the Securities and Exchange Com- 
mission, the Company's 1977 Form 10-K Annual 
Report ( copy of which is available on request) contains 
unaudited data on the approximate replacement cost of 
the Company's property and equipment as of June 30, 
1977, and the approximate effect which replacement 
cost might have on depreciation expense for fiscal 1977. 
39 
 DELTA AIR LIN ES, INC. 
Auditors' Report 
40 
A R T H UR ANDE R SEN & Co. 
ATLANTA, GEORG I A 
To the Stockholders and the Board of 
Directors of Delta Air Lines, Inc.: 
We have examined the balance sheets of 
Delta Air Lines, Inc. (a Delaware corporation) 
as of June 30, 1977 and 1976, and the related 
statements of income, retained earnings, 
additional paid-in capital and changes in 
financial position for the years then ended. Our 
examinations were made in accordance with 
generally accepted auditing standards, and 
accordingly included such tests of the 
accounting records and such other auditing 
procedures as we considered necessary in the 
circumstances. 
In our opinion, the accompanying financial 
statements present fairly the financial position 
of Delta Air Lines, Inc. as of June 30, 1977 and 
1976, and the results of its operations and the 
changes in its financial position for the years 
then ended, in conformity with generally 
accepted accounting principles consistently 
applied during the periods. 
~ a,,_~ ,!/Co . 
Atlanta, Georgia, 
August 19, 1977. 
 DELTA AIR LINES, INC. 
Management's Analysis and Discussion 
of Summary of Operations 
A comparison of the results of operations for fiscal years 
1977 and 1976 can be found in previous sections of this 
report. The following is a comparison of the results of 
1976 and 1975. 
Fiscal 1976 earnings of $70.2 million were 35% 
above the restated 1975 earnings of $51.9 million. 
Included in 1976 earnings are after-tax gains of 
$6.8 million from the translation of long-term debt 
payable in foreign currency and $3.9 million from the 
sale of aircraft. Fiscal 1975 results include a $3.0 million 
after-tax gain from foreign currency translations and a 
$4.0 million after-tax gain from aircraft sales. 
Total operating revenues rose 11% principally as 
the result of an 11 % increase in revenue passenger miles, 
a 15% growth in cargo ton miles, and an increase in 
charter operations. The passenger mile yield was 
approximately the same in both years, and the 1976 
cargo yield was up 2%. Traffic in both years was 
influenced by strikes against major competitors for a 
total of 142 strike days in fiscal 1976 and 109 strike 
days in fiscal 1975. 
Operating expenses in fiscal 1976 were up 
$129.3 million or 10% higher than fiscal 1975 while 
operating capacity was up 3%. Salaries and related 
costs increased 9% while average employment was 1 % 
below the average for 1975. Aircraft fuel expenses were 
up 15% as the average price per gallon of fuel rose 15% 
and total gallons used increased less than 1 %. Aircraft 
rentals declined 58% as a result of the phase-out of 
leased DC-10 aircraft during fiscal 1975. A 10% decline 
in aircraft maintenance materials and repairs resulted 
from Delta's fleet modernization and standardization 
program. Passenger commissions expenses grew 21% 
as much of the traffic gained during and after the 
competitors' strike period used the services of travel 
agents. Other cash expenses were up generally as a 
result of inflation and the growth in operations. 
Depreciation expense was 16% higher than fiscal 1975 
due to the introduction of new aircraft as part of 
Delta's fleet modernization plan. 
Net interest expense of $31.4 million was essentially 
the same as the previous year. The effect of reduced 
interest rates in 1976 was offset by a higher average 
level of outstanding debt and a reduced amount of 
capitalized interest. 
41 
 DELTA AIR LIN ES, INC. 
Summary of Operations FortheyearsendedJu ne30 
(Dollars expressed in thousands except per share figures) 
Operating revenues: 
Passenger ... . . . . . . . ...... . ........... . 
Cargo ... . . . .......... . . . ........ . .... . 
Other, net .. . . . ........... . ..... . .. .. .. . 
Total operating revenues . . ...... . .... ... . . 
Operating expenses .. .. ......... . . 
Operating income .. .. .... ..... .. . . . ..... . 
Interest expense, etc., net* .. .. .. . . .... . . . . 
Gain on disposition of aircraft. .. . ........ . . 
Realized and unrealized gains on foreign 
currency translation .. ... .. . . . ... .... . . . . 
Income before income taxes . .. . .... .. .... . 
Income taxes . . . ... .... . . ........... . ... . 
Net income ........ .. ........ .. . . . . .. . . . . 
Net income per share ..... ... . ... . . . .... . 
Dividends paid .. . .. . ......... . .. . . .. .... . 
Dividends paid per share .. ... .. .. . . . .... . 
*Has been reduced by interest capitalized of 
Other Financial and Statistical Data 
1977 
$1,575,642 
114,800 
29,203 
1,719,645 
1,578,464 
$ 141,181 
18,236 
29,403 
2,699 
$ 155,047 
62,667 
$ 92,380 
$4.65 
$13,916 
$.70 
$2,922 
Long-term debt. .. ... . .. .. . .. .... .. . . ... . $ 237,497 
Stockholder equ ity .. ... .... .... ........ .. $ 620,583 
Stockholder equity per share. . . . . . . . . . . . . . . $31.22 
Shares of common stock outstanding. .. . . . . . 19,880,577 
Revenue passengers enplaned ... . .. . . . . .. . 
Available seat miles (000) .. . ....... .. . . . .. . 
Revenue passenger miles (000) ..... ...... . 
Passenger load factor . . ... ..... ....... .. . . 
Break-even load factor .... .. ..... . .... ... . 
Available ton miles (000) ........... . .. . ... . 
Revenue ton miles (000) .. ... ............. . 
Passenger revenue per passenger mile .. . . . . 
Operating expenses per available seat mile . . 
Operating expenses per available ton mile ... 
42 
28,811,966 
32,614,260 
18,042,339 
55.32% 
50.36% 
4,478,038 
2,113,798 
8.73~ 
4.84~ 
35.25~ 
1976 
$1,406,417 
100,626 
21 ,899 
1,528,942 
1,411 ,333 
$ 117,609 
29,103 
7,680 
13 357 
$ 109,543 
39,336 
$ 70,207 
$3.53 
$11 ,928 
$.60 
$3,247 
$ 350,968 
$ 542,112 
$27.27 
19,880,577 
27,996,665 
30,389,761 
17,621 ,247 
57.98% 
53.14% 
4,145,183 
2,034,848 
7.98 
4.64 
34.05 
DELTA AIR LIN ES, INC. 
1975 1974 1973 
$1 ,271 ,720 $1 ,124,759 $ 962,558 
85,388 86,685 76,323 
19,922 15,683 10,818 
1,377,030 1,227,127 1,049,699 
1,282,000 1 ,0701 
043 928,940 
$ 95,030 $ 157,084 $ 120,759 
28,984 14,377 9,171 
7,944 18,607 4,653 
5 855 
$ 79,845 $ 161 ,314 $ 116,241 
27,965 70,665 50,246 
$ 51 ,880 $ 90,649 $ 65,995 
$2.61 $4.56 $3.32 
$11 ,928 $11 ,926 $9,925 
$.60 $.60 $.50 
$6,099 $10,810 $6,345 
$ 390,437 $ 345,119 $ 168,000 
$ 483,833 $ 443,826 $ 364,553 
$24.34 $22.33 $18.35 
19,880,577 19,879,377 19,866,524 
25,831 ,631 25,565,208 23,702,870 
29,497,234 28,417,679 27,958,095 
15,916,860 15,445,891 14,449,748 
53.96% 54.35% 51.68% 
49.93% 46.76% 45.20% 
4,030,116 3,847,226 3,815,285 
1,822,574 1,800,400 1,711 ,229 
7.99 7.28 6.66 
4.35 3.77 3.32 
31 .81  27.81 24.35 
43 
 DELTA A IR LIN ES, INC. 
Board of Directors 
R. W. ALLEN3 
W.T. BEEBE3 
B. W. BIEDENHARN3 
R. W. COURTS2,4 
C.H . DOLSON3 
R. W. FREEMAN2,4 
DAVID C. GARRETT, JR? 
EDWARD H. GERRY4 
JESSE HILL, JRI 
JOHN R. LONGMIRE1 
R.S. MAURER3 
BILL MICHAELS1 
T. M. MILLER2,4 
ROBERT OPPENLANDER3 
STUART W. PATTON1 
CARLETON PUTNAM1 
S enior Vice President - Personnel 
Chairman of the Board and 
Chief Executive Officer 
Chairman of the B oard and 
Director, Ouachita Coca-Cola Bottling Co. 
and Biedenharn R ealty Co., Inc. 
President and Director, Ouachita 
Candy Co., M onroe, Louisiana 
Director and Chairman of the Executive 
Committee, Atlantic Realty Co., 
Atlanta, Georgia 
Chairman of the Executive Committee 
Chairman of the Compensation and 
Finance Committees; 
Chairman of the Board and Director, 
Louisiana Coca-Cola Bottling Co., Ltd. 
N ew Orleans, Louisiana 
President 
Partner of Gerry Brothers & Co., 
Investment Managem ent, New York, 
New York 
President, Chief Executive Officer and 
Director, Atlanta L,fe Insurance 
Company, Atlanta, Georgia 
Partner of investment banking firm of 
I. M . Simon & Co., St.Louis, Missouri 
S enior Vice President - 
General Counsel and S ecretary 
Chairman of the Audit Committee; 
Chairman of the Board, 
Chief Executive Officer and Director, 
Storer Broadcasting Co., M iami, Florida 
R etired S enior Vice President - 
Marketing 
S enior Vice President - Finance 
and Treasurer 
Member of law firm of Patton, Kanner, 
Nadeau, S egal, Zeller & LaPorte and 
Director of Storer Broadcasting Co., 
Miami, Florida 
Private Investm ents 
GEORGE M. SNELLINGS,JR~,4 Member of law/irm of Snellings, 
Breard, Sartor, Shafto & lnabnett, 
Monroe, Louisiana 
1 Audit Committee 
2 Compensation Committee 
3 Executive Committee 
4 Finance Committee 
44 
 DELTA AIR LINES, INC. 
Officers 
W. T. BEEBE Chairman of the Board and 
Chief Executive Officer 
DAVID C . GARRETT, JR. Pres ident 
FINANCE 
ROBERT OPPENLA NDER Senior Vice P resident - Finance & 'lreasurer 
W. A. ATCHISO N Vice President - Computer S ervices 
J. D. DUNN Vice President - Purchasing 
M. 0. GALLOWAY Vice President - Comptroller 
REX A. McCLELLAN D Vice President - Properties 
FRANKS . CHE W A sst. Vice President - Treasury 
J. R. HOWELL Asst. Treasurer 
HUGH H. SAXON Asst. Treasurer 
AUD LY TOLLER, JR. A sst. Treasurer 
LEGAL & CORPORATE AFFAIRS 
R.S. MAURER 
J. W. CALLISON 
FRANKF. ROX 
MORRIS SHIPLEY 
SIDNEY F. DAVIS 
A. C. FORD 
GEORGE E. SHEDD 
C. G . SWEAZEA 
E. A. THOMPSON 
IKE LASSETER 
MARKETING 
J. A. COOPER 
SHELBY D. DEMENT 
R. L. GIBSON 
CHARLES P. KNECHT 
J.T. MAPLES 
HENRY ROSS 
OPERATIONS 
HOYT T. FINCHER 
D. P. HETTERMANN 
C. A. SMITH 
J. K. BURNETTE 
ROBERT H. COWART 
JOHN P. DAVIS 
JACKS . KING 
C. J. MAY 
W.L. MILLER 
L. G. RODEFELD 
S enior Vice President - General Counsel 
& S ecretary 
Vice President - Law & R egulatory Affairs 
Vice President - Law & Public Affairs 
Vice President - Government Affairs 
Asst. Vice President- C orporate Legal A ffairs 
& Asst. S ecretary 
Asst. Vice Preside nt - Long R ange Planning 
Asst. Vice Preside nt - Public R elations 
Asst. Vice President - Public Affairs 
Asst. Vice President-Econo m ic R esea rch 
Asst. S ecretary 
S enior Vice President - M arketing 
Vice President - Consumer Affairs 
Vice President- Traffic 
Vice President -Marketing 
Asst. Vice President-Marketing Planning 
Asst. Vice President- S ales Promotion 
S enior Vice President - Operations 
Vice President - Technical Operations 
Vice President - Flight Operations 
Asst. Vice President - Quality Control 
A sst. Vice President- Operations 
Administration 
Asst. Vice President-Maintenance 
Asst. Vice President- Flight Control 
Asst. Vice President- Engineering 
Asst. Vice President- M ateriel S ervices 
Asst. Vice President - Communications 
OPERATIONS- PASSENGER SERVICE 
HOLLIS L. HARRIS 
E.L. HAMNER 
FOY PHILLIPS 
JEANETTE EASLEY 
C. A. THOMPSON 
PERSONNEL 
R. W. ALLEN 
].A.YORK 
RUSSELL H. HEIL 
JOHN HUME 
H. M. JOHNSON 
EUGENE H. STEWART 
S enior Vice President- Operations- 
Passenger S ervice 
Vice President - S tations 
Vice President - Passe nger S ervice 
A sst. Vice President-Passenger S ervice 
Asst. Vice President - Stations 
S enior Vice President- Personnel 
Vice President - Personnel Benefits 
A sst. Vice Preside nt - Personnel 
Administration 
Asst. Vice President -Training & 
Personnel Commu nications 
A sst. Vice President- Personnel S ervices 
Asst. Vice President - Corporate S ecurity 
45 
 DELTA A IR LINES, INC. 
46 
 Transfer Agent and Registrar 
The Citizens and Southern National Bank 
99Annex 
Atlanta, Georgia 30399 
Auditors 
Arthur Andersen & Co. 
25 Park Place, N.E. 
Atlanta, Georgia 30303 
Annual Meeting 
October 27, 1977, Monroe, Louisiana 
Common Stock 
Listed on the New York Stock Exchange 
Market Prices and Dividends 
Fiscal Year 1977 
Quarter Ended: 
September 30 ... . . . 
December 31 . .. . . . 
March 31 ... . . .. . . 
June 30 ... . ... . . . 
Fiscal Year 1976 
Quarter Ended: 
September 30 ..... . 
December 31. . . . . . 
March 31 . ... .. . . . 
June 30 ... .. .. . . . 
Market Price Range of 
Common Stock on 
New York Stock Exchange 
High 
44  
41 
39  
38 
39 
38 5 
/s 
44  
45 1/s 
Low 
36  
34  
30 
30 
28 3/s 
28  
37 
39  
Availability of Form 10-K 
DELTA A IR LINES, INC. 
Cash 
Dividends 
Paid Per Share 
$.175 
.175 
.175 
.175 
$.15 
.15 
.15 
.15 
The Company will supply, upon written request and without 
charge, a copy of the Company's annual report for the fiscal 
year 1977 on Form 10-K to any person beneficially owning or 
owning of record any of the common stock of the Company 
on September 6, 1977. Requests for the report should be 
directed to R. S. Maurer, Secretary, Delta Air Lines, Inc., 
Hartsfield Atlanta International Airport, Atlanta, 
Georgia 30320. 
47 
 DELTA AIR LINES, INC 
Notice to the Stockholders of Delta Air Lines, Inc. 
Part 245 of the Economic Regulations of the Civil Aeronautics 
Board provides that: (1) any person who either owns, as of 
December 31st of the year preceding issuance of this annual 
report, or subsequently acquires, ben ficially or as trustee, 
more than 5%, in the aggregate, of any class of the capital 
stock or capital of Delta Air Lines, Inc., shall file with the 
Board a report containing the information required by Sec. 
245.12 of Subpart 245, on or before April 1, as to the capital 
stock or capital owned as of December 31 of the preceding 
year, and, in the case of stock subsequently acquired, a report 
under Sec. 245.13, within 10 days after such acquisition, un- 
less such person has otherwise filed with the Board a report 
covering such acquisition or ownership, (2) any bank or broker 
covered by (1), to the extent that it holds shares as trustee on 
the last day of any quarter of a calendar year, shall file with 
the Board, within 30 days after the end of the quarter, a report 
in accordance with the provisions of Section 245.14; and 
(3) any person required to report under this subpart who 
grants a security interest in more than 5% of any class of the 
capital stock or capital of Delta Air Lines, Inc., shall within 
30 days after granting such security interest file with the 
Board a report containing the information required in Section 
245.15. Any stockholder who believes that he may be required 
to file such a report may obtain further information by writing 
to the Director, Bureau of Operating Rights, Civil Aeronautics 
Board, Washington, D.C. 20428. 
48 
 Delta Air Lines, Inc. 
General Offices 
Hartsfield Atlanta International Airport 
Atlanta, Georgia 30320