Delta Air Lines annual report 1982

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debt payable in pounds sterling .. . ... . . ..... .. . .... .
Investment tax credits, net of amortization . . . .......... .
Other .......... .... . ...... . . .. . .. . . . . ... . . . .. .
Total from operations .... .. ....... .. .. .. . .. . . . .
Long-term financing ...... .. ....... . .. . ......... ... .. .
Adjustments to prior years' income taxes ...... .. .... . . . . . . .
Decrease (increase) in funds held by bond trustees .... .. ...... .
Disposition of flight equipment (book value) . . . . .... . .. . . . . .
Other . . ......... . . . . . . . . . . . ....... .. . . . ..... . . . . . .
Funds Used For:
Property and equipment additions-
Flight equipment, including advances ..... . .... .. . .... .
Ground property and equipment . . . . ......... . . . . ... .
Reduction of long-term debt, net of unrealized
foreign currency gains and losses . . . . . . . . . . . . . . . . . . . . . . .
Cash dividends . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ..
Other . . .......... . .. .. ... . .. . .. . .. . . .. . . . . . . . .... .
Decrease in Working Capital . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
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 . .. . . . .. ... . ....... . ... . .. .
Commercial paper outstanding . . .. ... . . . . . ... . . . . . .. .
Accounts payable and accrued liabilities . .. . .. . . . . . . ... .
Air traffic liability . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Accrued income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Decrease in Working Capital . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
The accompanying notes are an integral part of these statements.
18
1982 1981
(In Thousands)
$ 20,814 $146,474
251,729 221,016
22,902 30,925
(1,614) (4,425)
(5,560) 7,500
(549) (536)
287,722 400,954
325,000 69,000
25,089
7,783 (1,343)
1,590 7,081
9,452 6,767
656,636 482,459
417,035 371,581
93,824 85,424
510,859 457,005
159,024 14,064
37,773 27,832
5,047 2,219
712,703 501,120
$ 56,067 $ 18,661
$ 38,650 $ (31,165)
10,337 25,129
53,043
(2,356) 25,062
2,611 4,088
(146,357)
(79,913} (13,553)
19,669 (14,318)
12,868 18,252
35,381 (32,156)
$ 56,067 $ 18,661
1980
$ 93,158
194,132
15,016
2,868
6,026
(517)
310,683
95,000
(18,120)
16,036
1,275
404,874
276,751
79,088
355,839
75,450
23,857
6,589
461,735
$ 56,861
$ 9,136
53,755
22,423
(393)
30,104
(30,934)
(39,232)
(115,771)
14,051
$ 56,861
Notes to Consolidated Financial Statements
June 30, 1982, 1981 and 1980
1. Summary of Accounting Policies:
Basis of Presentation - The consolidated financial state-
ments of the Company include the accounts of the Company
and its wholly-owned subsidiary, Epsilon Trading, Inc., a fuel
supply company established in October, 1981. All significant
intercompany accounts and transactions have been eliminated
in consolidation.
Passenger Revenue- Passenger ticket sales are recorded as
revenue when the transportation is used. The value of unused
tickets is included in current liabilities in the financial statements.
Depreciation and Amortization-Substantially all of the
Company's flight equipment is being depreciated on a straight-
line basis to residual values (10% of cost) over a ten-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 three to 30 years). Leased properties
under capital leases are amortized on a straight-line basis over
the life of the lease.
Interest Capitalized-Interest attributable to funds used to
finance the acquisition of new aircraft and construction of
major ground facilities is capitalized as an additional cost of the
related asset. Interest is capitalized at the Company's average
interest rate on long-term debt or, where applicable, the interest
rate related to specific borrowings. Capitalization of interest
ceases when the property or equipment is placed in service.
Foreign Currency Transactions- Realized and unrealized
foreign exchange adjustments are included in income on a
current basis.
Income Taxes- Income taxes are provided by applying the
applicable statutory tax rates to book income before income
taxes. Deferred income taxes are provided for all significant
items (principally depreciation and other property items) where
there is a timing difference in recording such items for financial
reporting purposes and for income tax purposes. Investment
tax credits are amortized over seven years. (See Note 7.)
Earnings Per Share- Net income per common share is
computed based on the weighted average number of outstand-
ing shares during the year. (See Note 6.)
Retirement Plans-All of the Company's permanent em-
ployees are covered under its noncontributory trusteed plans
providing for retirement, disability and survivor benefits, and
certain employees meeting age and service requirements are
eligible to participate in a contributory trusteed saving plan. The
total expense under these plans amounted to approximately
$117,516,000 in 1982, $102A82,000 in 1981 and $88,941,000 in
1980. The Company's policy is to fund each year's accrued costs
under the plans. Costs under the noncontributory plans include
amortization of prior service costs over varying periods up to
30 years.
19
DELTA AIR LINES, INC.
As of June 30, 1981 (date of the most recent actuarial study)
and June 30, 1980, the actuarial present value of accumulated
plan benefits and the plan net assets available for benefits under
the Company's defined benefit pension plans were as follows:
1981 1980
Actuarial present value of
accumulated plan benefits:
(In Thousands)
Vested . . ... . . . ....... . ........ .
Nonvested .... . .............. . . .
$692,263
19,611
$548,751
13,914
$711,874 $562,665
Net assets available for benefits . . . . . . . . . . . $689,603 $534,683
The weighted average assumed rate of return used in
determining the actuarial present value of accumulated plan
benefits was 8.0%.
2. Aircraft Purchase Commitments:
At June 30, 1982, the status of the Company's current fleet
and aircraft purchase commitments was as follows:
Aircraft Current
Type Fleet Orders Options
L-1011-V200 . ... .. 37 4
L-1011-500 ..... ... 3
B-727-200 ....... . 129
B-757-200 .. .... .. 60 10
B-767-200 .. . . .... 20 22
DC-9-32 . ... . .. .. 36
DC-8-6V71 ..... .. 13
218 84 32
The orders for 60 Boeing B-757-200 aircraft include 30
aircraft which are subject to reconfirmation by the Company.
The Company also has an outstanding agreement to
re-engine ten Douglas DC-8-61 aircraft during fiscal years 1983
through 1984. Three DC-8-61 aircraft were re-engined in fiscal
1982 and their designation was changed to DC-8-71.
Future expenditures for the aircraft and engine commit-
ments ( excluding option aircraft) are estimated to be approxi-
mately $3.3 billion, as follows: Amount
(In Thousands)
1983 . . . . . . . . . . . . . . . . . . . . . . . $ 550,000
1984 . . . . . . . . . . . . . . . . . . . . . . . 356,000
1985 . . . . . . . . . . . . . . . . . . . . . . . 496,000
1986 .... . ............. ... .. 41M00
1987 . . . . . . . . . . . . . . . . . . . . . . . 297,000
After 1987 . . . . . . . . . . . . . . . . . . . 1,190,000
$3,305,000
The Company presently anticipates financing these com-
mitments from internally generated funds, supplemented as
required by intermediate-term loans.
DELTA IR LI ES, I
3. Long-Term Debt:
At June 30, 1982 and 1981, the Company's long-term debt
and capitalized lease obligations (including current maturities)
were as follows:
1982 Bank Credit Agreement, providing
for unsecured borrowings up to $350
million on a revolving basis to June 30,
1986, at which time the outstanding bal-
ance converts to a term loan payable in
installments through June 30, 1990. Inter-
est during the revolving period is, at the
Company's election, a domestic certificate
of deposit rate plus 3/ 8%, the Eurodollar
rate plus 3/ 8%, or the prime rate as
defined ........................ .
1980 Bank Credit Agreement, at prime
interest rate, voluntarily prepaid in full in
March 1982 without penalty ......... .
PruFunding, Inc. Credit Agreement,
providing for unsecured borrowings up
to $50 million on a revolving basis
through December 1984, at which time
the outstanding balance converts to a
term loan payable in installments through
December 1989. Interest is at 1% above
the rate on 90-day dealer-placed commer-
cial paper ...................... .
Development Authority of Clayton
County, 6% unsecured loan agreement,
repayable in installments beginning in
the year 2000, with the remaining bal-
ance payable in 20ll ............... .
Development Authority of Fulton County,
6% unsecured loan agreement, repay-
able on September 15, 1983 .......... .
Lazard Brothers & Co., Limited, 5%,
6% and 7% unsecured notes, repayable
in pounds sterling in semiannual install-
ments to 1986 ($6,706,000 payable in
fiscal 1983)-
At original exchange rates ......... .
Unrealized gain on -
Current maturities . . .......... .
Long-term portion .... ... .. ... .
At current exchange rate. . . . . . . . . . .
Convertible Subordinated Debentures,
6%, maturing August 1, 1986, with an-
nual sinking fund redemptions of
$1,100,000. The remaining obligations at
June 30, 1982 and 1981, are after deducting
$4,400,000 and $5,500,000, respectively,
of debentures acquired for future sinking
fund requirements (Note 6) ....... . .. .
Other notes, with various interest rates
and maturity dates ($464,000 payable in
fiscal 1983) ............. . . ... . .. .
Capitalized lease obligations
($1,357,000 payable in fiscal 1983) .... .
Total .... . ............ . .. .. . . .
Less-Current maturities ........ . .... .
Total long-term debt ..... . ... ... . .
1982 1981
(In Th ousands)
$225,000 $ -
50,000
35,000
29,000
24,154
2,497
3,494
18,163
10,921
640
2,576
371,300
8,526
$362,774
100,000
35,000
29,000
33,181
1,521
3,704
27,956
10,921
1,103
5,568
209,548
11,137
$198,411
20
At June 30, 1982, the annual maturities of long-.term debt
and capitalized lease obligations for the next five fiscal years
were as follows:
Amount
(In Thousands)
1983 . . . . . . . . . . . . . . . . . . . . . . . $ 8,526
1984 . . . . . . . . . . . . . . . . . . . . . . . 36,628
1985 . . . . . . . . . . . . . . . . . . . . . . . 4,051
1986 . . . . . . . . . . . . . . . . . . . . . . . 10,905
1987 ....................... 81,012
The Company's debt agreements include limitations on
indebtedness and other obligations. In connection with the 1982
Bank Credit Agreement, the Company has informally agreed to
maintain on deposit with the lending banks average balances
(including normal working balances) equal to 7% of the
average daily outstanding borrowings, with the average bal-
ances and borrowings being computed over the term of the
agreement. At June 30, 1982, there was no restriction in the
agreements as to the payment of cash dividends.
4. Operating Lease Obligations:
At June 30, 1982, the Company leased certain airport
terminal and maintenance facilities, ticket offices, and other
property and equipment under agreements with terms of more
than one year. Amounts charged to rental expense for operating
leases were $57,357,000 in 1982, $48,070,000 in 1981 and
$44,746,000 in 1980.
At June 30, 1982, the Company's minimum rental commit-
ments under noncancelable operating leases with initial or
remaining terms of more than one year were as follows:
Fiscal Year Amount
1983 ..... . . ... ...... ... ... .
1984 ...................... .
1985 .... .. ..... .. . .. ...... .
1986 ...... . ........ . ...... .
1987 ......... . ... ... ... . . . .
After 1987 ................. . .
Total ... . . . ...... . . ... . .
(In Thousands)
$ 45,337
45,056
44,497
42,812
41,807
612,613
$832,122
5. Short-Term Borrowings:
Interim financing of operations is obtained through the
issuance of commercial paper and the use of other short-term
bank borrowings. At June 30, 1982, outstanding commercial
paper totaled $124,400,000, at interest rates ranging from 13%
to 15%, and short-term bank notes totaled $146,357,000 at
interest rates ranging from 13.% to 14%. In connection with
the issuance of the commercial paper, the Company obtained
lines of credit totaling $175,000,000.
The average interest rate and average and maximum out-
standing balances of short-term borrowings during 1982 and
1981 were as follows:
1982 1981
Maximum amount of borrowings
(In Th ousands)
outstanding at any month-end ... ... . .. . $270,757 $78,415
Average daily borrowings
during period . . ................ . . . 154,440 44,587
Weighted average interest rate
on borrowings during period . . . .... 15.10% 13.56%
6. Common Stock:
In October 1981, the stockholders approved an increase in
the number of authorized shares of the Company's common
stock from 25,000,000 to 100,000,000 shares. On December 1,
1981, the Company effected a 2-for-1 split of its common stock
by issuing one additional share for each share held by stock-
holders of record on November 5, 1981. The accompanying
financial statements and related notes and per share data have
been adjusted to give effect to the transaction.
At June 30, 1982, the Company had 87,368 common shares
reserved for conversion ( at $125 per share) of the Convertible
Subordinated Debentures which mature August 1, 1986.
7. Income Taxes:
Provisions for income taxes in 1982, 1981 and 1980
consisted of:
Current taxes .. .. ......... .
Deferred taxes . . . . . . . . . . . . .
Investment tax credits .. .. . . .
Income taxes provided
1982 1981
(In Thousands)
$ (50,967) $ 37,921
22,902 30,925
18,413 32,601
1980
$ 10,418
15,016
28,999
(credit). . . . . . . . . . . . . . . $ (9,652) $101,447 $ 54,433
Income taxes are provided on book income (loss) before
taxes at the statutory tax rates. Total income taxes as a percent
of book income (loss) before taxes amounted to ( 63)% in 1982,
46% in 1981 and 44% in 1980. The percent in 1982 differed from
the statutory rate of 46% because of the 1982 amortization of
the reduction in deferred taxes resulting from the federal tax
rate reduction in fiscal 1979. The tax provision for losses incurred
was recorded as a credit in the Statement of Income and as
refundable income taxes in the Balance Sheet, since the losses
can be carried back to prior years and recovered from taxes
previously paid. At June 30, 1982, approximately $15.9 million
of unutilized investment tax credits, expiring in fiscal year 1997,
are available to reduce future federal income taxes payable.
21
DELTA AIR LINES, INC.
8. Contingencies and Commitments:
The Company is a defendant in certain legal actions
relating to environmental problems (primarily noise), alleged
employment discrimination practices, other matters concerning
past and present employees, disputes concerning the Companys
liability for payment of fees and charges for certain airport
facilities, and other matters related to the Company's business.
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 opinion of management and its legal counsel, the
disposition of these matters is not likely to have any material
adverse effect on the Company's financial position or results of
operations.
Subsequent to June 30, 1982, the Company signed an option
agreement to purchase, for approximately $4.4 million, all of
the capital stock of Automated Business Applications, Inc., the
developer of a computerized business system. The agreement
provides that the Company must exercise its option by
December 15, 1982.
9. Quarterly Hnancial Data (Unaudited):
Three Months Ended (Note 6)
Sept.30 Dec.31 Mar.31 June 30
Fiscal 1982 (In Millions, Except Per Share Amounts)
Operating revenues . .. .... .. $891.3 $894.6 $881.3 $950.3
Operating income (loss) ..... . $ .6 $ 2.1 $ (45.7) $ 34.8
Net income (loss)._
. ......... $ 7.6 $ 8.5 $ (18.4) $ 23.1
Net income (loss) per share ... $ .19 $ .21 $ (.46) $ .58
There were no gains on sales of aircraft in 1982.
Fiscal 1981
Operating revenues . . .. .. . .. $838.2 $859.2 $881.6 $954.3
Operating income . . . . .. .. .. $ 36.7 $ 53.7 $ 20.8 $ 63.0
Net income . ............. . $ 26.3 $ 44.7 $ 27.9 $ 47.6
Net income per share .. . .. ... $ .66 $ 1.12 $ .70 $ 1.20
Net income per share includes
gain on sales of aircraft of .. $ - $ .18 $ .16 $ .10
DELTA AIR LINES, IN .
10. Constant Dollar and Current Cost Data (Unaudited):
The Financial Accounting Standards Board (FASB) State-
ment No.33, Financial Reporting and Changing Prices, requires
that certain historical financial data be restated utilizing two
different approaches to measure the impact of changing prices:
(1) the "constant dollar11 approach, which reflects the effect of
general inflation on the purchasing power of the dollar; and (2)
the "current cost11 approach, which reflects the changes in
relative prices for specific goods and services.
Data developed in compliance with Statement No.33 is of
an experimental nature and should be viewed with caution.
Calculations derived from the application of Statement No.33
involve a substantial number of assumptions and estimates, and
may not reflect the most accurate reporting of the effects of
inflation on the Company.
Under the constant dollar concept, the historical cost at
June 30, 1982, of property and equipment was aged by year of
acquisition. This historical cost was restated in average fiscal
1982 dollars by the application of the U.S. Government Con-
sumer Price Index for All Urban Consumers (CPI-U). The
CPI-U is a widely used measure of inflation and is the specific
index selected by the FASB to measure the effect of general
inflation. Depreciation and amortization were recalculated on a
straight-line method, using historical depreciation rates applied
to the constant dollar cost.
The gain from the decline in purchasing power was deter-
mined by calculating the changes in monetary assets and
liabilities in 1982 constant dollars. In times of inflation, there is a
purchasing power loss in holding monetary assets such as cash
and receivables and a purchasing power gain in holding mone-
tary liabilities such as debt and payables.
For flight equipment, current cost (specific prices) was
determined by utilizing the purchase price information for
current production aircraft types as furnished by the Air Trans-
port Association and current market values for nonproduction
aircraft as published in various industry sources. For spare
engines and components, the current cost was determined by
applying the historical ratio of the cost of spare engines and
components to the current cost of the related aircraft fleets. For
ground property and equipment, the current cost was computed
in the same manner as the constant dollar information. Current
cost depreciation expense was computed by multiplying the
historical rates by the current costs determined above.
Current tax laws do not recognize deductions for current
cost of depreciation and amortization expense; therefore,
income taxes provided are reported in historical dollars as
required by Statement No.33.
Consolidated Statement of Income Adjusted for Changing Prices (Unaudited)
For the year ended June 30, 1982
As Reported
in the
Financial
Statements
(Historical Cost)
Adjusted for
General Inflation
(Average
Fiscal 1982
Constant Dollars)
Adjusted for
Change in
Specific Prices
(Current Cost)
(In Thousands, Except Per Share Data)
Operating revenues . . . . ............................................. . $3,617,523 $3,617,523 $3,617,523
Depreciation and amortization expense ...................... . ............ . 251,701 374,697
Operating expenses (excluding depreciation and amortization) .................. . 3,373,978 3,373,978
Gain on disposition of flight equipment ........... .. ...................... . (1,570) (275)
Other expense (income), net . . . . ..... . ......... .. ................ . ..... . 8,619 8,619
Income taxes provided (credit) . . . . ................. . ................... . (9,652) (9,652)
Amortization of investment tax credits ........... . ... . .. . ................ . (26,367) (36,334)
Total expenses ..... ... ........... . .. . ............... . .. . .... . 3,596,709 3,711,033
Net income (loss) ........................ . ........ . ................. . $ 20,814 $ (93,510)
Net income (loss) per share ...................................... . ..... . $ 0.52 $ (2.35)
Gain from decline in purchasing power
of net amounts owed . . . . ..... . ......... . ...... .. ...... . ...... . ... . . $ 50,797
Effect on property and equipment of:
Increase in specific prices ( current cost)* . . ... . ........ .. . . ...... . ............ . . . ..... . ....
Increase in general price level ( constant dollar) . . ..... . ............ .. .............. . .........
Excess of increase in specific prices over the increase in general price level . .. .. . ........ . .. . ... . ..........
* At June 30, 1982, owned and leased property and equipment, stated at current cost, net of adjusted accumulated depreciation
from date of acquisition, was $3.52 billion compared with the historical depreciated cost of $2.14 billion.
22
441,707
3,373,978
(2,122)
8,619
(9,652)
(36,334)
3,776,196
$ (158,673)
$ (3.99)
$ 50,797
$ 247,798
209,591
$ 38,207
Hve-Year Comparison of Selected Supplementary Consolidated Hnancial Data (Unaudited)
Stated in Average Fiscal 1982 Dollars
For the Year Ended June 30
1982 1981 1980 1979
(In Th ousands, Except Per Share Data)
Operating revenues . . ... . ..... . .. . ...... . ... . .... . . . $3,617,523 $3,839,803 $3,585,234 $3,335,331
Historical cost information adjusted for
general inflation-
Net income (loss) ........... .. .. . ......... .. .. . (93,510) 47,976 9,012
Net income (loss) per share . . . . ... . ... . .. . ... . ... . (2.35) 1.21 .23
Net assets .......... . . ............. .. . . ...... . 1,997,334 1,997,324 1,950,758
Historical cost information adjusted for
specific prices-
Net loss ........... . ..... . ..... . . . . . ........ . (158,673) (16,803) (21,798)
Net loss per share .... . ........ . .. . .... . . . ..... . (3.99) (0.42) (0.55)
Excess of increase in specific prices over increase
in the general price level . .... . . . .. . .. .. . .. . .... . 38,207 344,797 61,685
Net assets . . .. . .... . .................. . .... .. . 2,199,008 2,345,315 2,159,748
Depreciation and amortization .. . .. . ......... . ... . 441,707 430,053 385,261
Gain from decline in purchasing power of
net amounts owed . ..................... . .. . ..... . 50,797 50,979 76,323
Cash dividends paid per common share ... . ..... .. . . . ... . .95 .76 .73 .72
Market price per common share at year-end ...... . . .. ... . . 34.00 38.72 23.79 27.56
Average consumer price index (1967 = 100) .............. . 281.9 259.4 232.5 205.2
23
DELTA AIR LINES, INC.
1978
$3,081,832
.56
34.09
187.6
DELTA AIR LINES, INC. DELTA AIR LINES, INC.
Consolidated Summary of Operations For the Years ended June 30
(Dollars expressed in thousands, except per share figures)
1982 1981 1980 1979 1978 1977 1976 1975 1974 1973
Operating revenues:
Passenger .. ... ......... . ...... .. . ......... ..... . $3,352,173 $3,287,511 $2,733,820 $2,213,024 $1,861,100 $1,575,642 $1,406,417 $1,271,720 $1,124,759 $ 962,558
Cargo .............. ...... ...... .... ......... . .. 230,597 213,431 190,490 167,904 153,233 114,800 100,626 85,388 86,685 76,323
Other, net ...... ..... . .. . ..... ................... 34,753 32,384 32,650 46,918 36,578 29,203 21,899 19,922 15,683 10,818
Total operating revenues .................. .... .... ...... 3,617,523 3,533,326 2,956,960 2,427,846 2,050,911 1,719,645 1,528,942 1,377,030 t227,127 1,049,699
Operating expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,625,679 3,359,132 2,864,323 2,218,814 1,845,816 1,578,464 1,411,333 1,282,000 1,070,043 928,940
Operating income (loss) . . ........... ... . . . ............. $ (8,156) $ 174,194 $ 92,637 $ 209,032 $ 205,095 $ 141,181 $ 117,609 $ 95,030 $ 157,084 $ 120,759
Interest expense, net 1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (22,284) (7,596) (11,062) (9,461) (17,313) (23,061) (31,387) (31,281) (17,465) (9,463)
Miscellaneous income, net . . . . ..... ........ .. ......... .. 11,280 19,917 10,687 9,069 7,640 4,825 2,284 2,297 3,088 292
Gain on disposition of flight equipment . ...... . . ............ 1,570 30,078 36,091 20,514 32,689 29,403 7,680 7,944 18,607 4,653
Realized and unrealized gain (loss) on
foreign currency translation .. . ..... ....... ......... ... . 2,385 6,227 (3,735) (7,110) (3,339) 2,699 13,357 5,855
Income (loss) before income taxes. . ..... ...... .. ....... . .. $ (15,205) $ 222,820 $ 124,618 $ 222,044 $ 224,772 $ 155,047 $ 109,543 $ 79,845 $ 161,314 $ 116,241
Income taxes credited (provided) .................... .. .... 9,652 (101,447) (54,433) (104,429) (109,296) (76,362) (53,949) (39,324) (78,953) (56,736)
Amortization of investment tax credits . . .... .. ... . . .. . ..... 26,367 25,101 22,973 19,129 15,651 13,695 14,613 11,359 8,288 6,490
Net income . . .. .. .......... . ... .... . . .. ...... . . . . . .. $ 20,814 $ 146,474 $ 93,158 $ 136,744 $ 131,127 $ 92,380 $ 70,207 $ 51,880 $ 90,649 $ 65,995
Net income per share* ... .. ............. .. .......... $0.52 $3.68 $2.34 $3.44 $3.30 $2.32 $1.77 $1.30 $2.28 $1.66
- -
Dividends paid . .......... ... ...... . ...... ...... ...... $ 37,773 $ 27,832 $ 23,857 $ 20,875 $ 14,911 $ 13,916 $ 11,928 $ 11,928 $ 11,926 $ 9,925
Dividends paid per share* ........ .... ............ . .. $0.95 $0.70 $0.60 $0.53 $0.38 $0.35 $0.30 $0.30 $0.30 $0.25
1 Has been reduced by interest capitalized of . .... ............. $ 38,154 $ 15,539 $ 10,790 $ 6,717 $ 4,794 $ 2,922 $ 3,247 $ 6,099 $ 10,810 $ 6,345
Other Financial and Statistical Data
1982 1981 1980 1979 1978 1977 1976 1975 1974 1973
Long-term debt .............................. ... .... . . $ 362,774 $ 198,411 $ 147,901 $ 125,483 $ 167,331 $ 237,497 $ 350,968 $ 390,437 $ 345,119 $ 168,000
Stockholder equity . ............... .................... $1,023,651 $1,040,611 $ 921,969 $ 852,668 $ 736,799 $ 620,583 $ 542,112 $ 483,833 $ 443,826 $ 364,553
Stockholder equity per share* .................. ...... .... $ 25.75 $ 26.17 $ 23.19 $ 21.44 $ 18.53 $ 15.61 $ 13.63 $ 12.17 $ 11.16 $ 9.17
Shares of common stock outstanding* ............ ... ....... 39,761,154 39,761,154 39,761,154 39,761,154 39,761,154 39,761,154 39,761,154 39,761,154 39,761,154 39,761,154
Revenue passengers enplaned . . . . ....... ... ...... ... ... .. 34,169,927 36,743,214 39,713,904 39,360,368 33,007,670 28,811,966 27,996,665 25,831,631 25,565,208 23,702,870
Available seat miles (000) . .. ............................ 45,154,885 45,428,277 43,217,372 39,826,891 35,135,046 32,614,260 30,389,761 29,497,234 28,417,679 27,958,095
Revenue passenger miles (000) ......... ..... ... .... .... ... 24,284,804 25,192,531 26,171,197 25,518,520 20,825,722 18,042,339 17,621,247 15,916,860 15,445,891 14,449,748
Passenger load factor ... ... ................. . ... . .. .... 53.78% 55.46% 60.56% 64.07% 59.27% 55.32% 57.98% 53.96% 54.35% 51.68%
Breakeven load factor . .... ... ........ ... ............. .. 53.91% 52.52% 58.51% 58.02% 52.74% 50.36% 53.14% 49.93% 46.76% 45.20%
Available ton miles (000) ................................ 5,937,817 6,037,476 5,748,143 5,357,995 4,743,778 4,478,038 4,145,183 4,030,116 3,847,226 3,815,285
Revenue ton miles (000) ................................ 2,773,337 2,845,425 2,934,375 2,916,585 2,426,265 2,113,798 2,034,848 1,822,574 1,800,400 1,711,229
Passenger revenue per passenger mile ....................... 13.80 13.05 10.45 8.67 8.94 8.73 7.98 7.99 7.28 6.66<t
Operating expenses per available seat mile ................... 8.03 7.39 6.63 5.57 5.25 4.84 4.64 4.35 3.77 3.32
Operating expenses per available ton mile . . ... . ............. 61.06 55.64 49.83 41.4H 38.91 35.25 34.05 31.81 27.81 24.35
* Adjusted for 2-for-1 stock split distributed December 1, 1981.
24
25
DELT IR LI ES, I C.
Board of Directors
R. W.ALLE
KARLD. BAYS
W. T. BEEBE
B. W. BIEDE HAR
R. W. COURTS
C.H. DOLSO
R .. FREEM
DAVID C. GARRETT, JR.
EDWARD H. GERRY
JESSE HILL, JR.
JOHN R. LO GMIRE
Bll.L MICHAELS
T. M. MILLER
ROBERT OPPENLANDER
JOH G. PHILLIPS
CARLETO PUTNAM
GEORGE M. S ELLINGS, JR.
AUDIT COMMITTEE
BILL MICHAELS, Chairman
B. W. BIEDENHARJ
C.H. DOLSON
JOHN R. LONGMIRE
CARLETON PUTNAM
PERSONNEL AND
COMPENSATION COMMITTEE
R. W. FREEMAN, Chairman
KARLD. BAYS
W. T. BEEBE
R. W. COURTS
T. M. MILLER
GEORGE M. SNELLINGS, JR.
COMMITTEE ON DIRECTORS
W. T. BEEBE, Chairman
KARL D. BAYS
R. W. FREEMAN
DAVID C. GARRETT, JR.
EDWARD H. GERRY
GEORGE M. SNELLINGS, JR.
Senior Vice President-Administration
and Personnel
Chairman of the Board and Chief
&ecutive Officer, American Hospital
Supply Corporation, Evanston, Illinois
Chairman of the Board
Chairman of the Board and Director,
Ouachita Coca-Cola Bottling Co.,
Biedenharn Realty Co., Inc., and Ouachita
Candy Co., Monroe, Louisiana
Director and Chairman of the &ecutive
Committee, Atlantic Reaf ty Co., Atlanta,
Georgia
Chairman of the &ecutive Committee
Chairman of the Personnel and Compensation
Committee and the Finance Committee;
Chairman of the Board and Director,
Louisiana Coca-Cola Bottling Co., Ltd.,
ew Orleans, Louisiana
President and Chief &ecutive Officer
Partner of Gerry Brothers & Co., Investment
Management, New York, New York
President, Chief &ecutive Officer and
Director, Atlanta Life Insurance Company,
Atlanta, Georgia
Partner of investment banking firm of
I. M . Simon & Co., St.Louis, Missouri
Chairman of the Audit Committee;
Chairman of the &ecutive Committee and
Director, Storer Broadcasting Co., Miami,
Florida
Retired Senior Vice President-Marketing
Senior Vice President-Finance
Chairman of the Board and Chief &ecutive
Officer, Louisiana Land and &ploration
Company, Inc., New Orleans, Louisiana
Private Investments
Member of the law firm of Snellings,
Breard, Sartor, Inabnett & Trascher,
Monroe, Louisiana
EXECUTIVE COMMITTEE
C. H. DOLSON, Chairman
R. W. ALLEN
DAVID C. GARRETT, JR.
ROBERT OPPENLANDER
FINANCE COMMITTEE
R. W. FREEMAN, Chairman
KARL D. BAYS
W. T. BEEBE
R. W. COURTS
EDWARD H. GERRY
JESSE HILL, JR.
T. M. MILLER
JOHN G. PHILLIPS
GEORGE M. SNELLINGS, JR.
26
Officers
DAVID . GARRETT, JR.
R. W. ALLEN
JAMES W. CALLISON
J. A. COOPER
HOLLIS L. HARRIS
D. P. HETTERMANN
ROBERT OPPENLANDER
FRANKF.ROX
R. G. CALDWELL
ROBERT H. COWART
JOHN P. DAVIS
M. E. DULLUM
J. D. DUNN
R. LAMAR DURRETT
M. 0. GALLOWAY
R. L. GIBSON
RUSSELL H. HEIL
JOHN HUME
CJ. MAY
REX A. McCLELLAND
R. A. McKINNON
FOY PHILLIPS
C. A. SMITH
C. A. THOMPSON
FRANK S. CHEW
JULIUS P. GWIN
DONM. ADAMS
J. K. BURNETTE
A. C. FORD
ROBERTS. HARKEY
W. WHITLEY HAWKINS
H.M. JOHNSON
DICKEY C. LEE
W. L. MILLER
HENRY ROSS
EUGENE H. STEWART
C. G. SWEAZEA
SUSAN Q. DOWNER
IKE LASSETER
W. ALLEN REED
LAWSON ROLLINS
AUDL Y TOLLER, JR.
President and Chief &ecutive Officer
Senior Vice President-Administration and
Personnel
Senior Vice President-General Counsel and
Secretary
Senior Vice President-Marketing
Senior Vice President-Passenger Service
Senior Vice President-Technical Operations
Senior Vice President- Finance
Senior Vice President- Right Operations
Vice President-Personnel Administration
Vice President-Management Services
Vice President-Maintenance
Vice President-Government Affairs
Vice President-Purchasing
Vice President-Facilities and Technical Operations
Administration
Vice President- Finance
Vice President- Traffic
Vice President-Personnel Benefits
Vice President-In-Right Service
Vice President-Engineering
Vice President-Properties
Vice President-Marketing
Vice President- Passenger Service
Vice President-Right Operations
Vice President-Stations
Treasurer
Comptroller
Assistant Vice President-Law
Assistant Vice President-Quality Control
Assistant Vice President-Long Range Planning
Assistant Vice President-Law
Assistant Vice President-Marketing
Assistant Vice President-Employment
Assistant Vice President-Internal Auditing
Assistant Vice President-Materiel Services
Assistant Vice President-Marketing Services
Assistant Vice President-Corporate Security
Assistant Vice President-Public Affairs
Assistant Secretary
Assistant Secretary
Assistant Treasurer-Investment Management
Assistant Comptroller-Revenue Accounting
Assistant Treasurer- Treasury
Transfer Agent and Registrar
for Common Stock
The Citizens and Southern National Bank
P. 0. Box 105555
Atlanta, Georgia 30399
Trustee for Debentures
Shawmut Bank of Boston, N.A.
One Federal Street
Boston, Massachusetts 02211
Auditors
Arthur Andersen & Co.
25 Park Place, N.E.
Atlanta, Georgia 30303
Annual Meeting
October 28, 1982, Monroe, Louisiana
Common Stock
Listed on the New York Stock Exchange
Number of Stockholders
18,657 as of August 12,1982.
Market Prices and Dividends*
Market Price Range of
Fiscal Year 1982
Quarter Ended:
September 30 .. .
December 31 ... ..... . . . . .
March 31. ... .
June 30 . .... .
Fiscal Year 1981
Quarter Ended:
September 30 . ... . .. .. ... .
December 31 ... .
March 31. ..... .
June 30 ........ .
Common Stock on
New York Stock &change
High Low
35 26
31 24
32 22
35 29
25
29
37
41
19
22
28
33
* Adjusted for 2-for-1 stock split distributed December 1, 1981
Availability of Form 10-K
Cash
Dividends
Paid Per Share
$.20
.25
.25
.25
$.15
.15
.20
.20
The Company will supply, upon written request and without
charge, a copy of the Company1s annual report for the fiscal
year 1982 on Form 10-K to any person beneficially owning or
owning of record any of the common stock of the Company on
September 7, 1982. Requests for the report should be directed to
James W. Callison, Secretary, Delta Air Lines, Inc., Hartsfield
Atlanta International Airport, Atlanta, Georgia 30320.
27
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, beneficially 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 Section 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
case of the stock subsequently acquired, a report under Section
245.13, within 10 days after such acquisition, unless 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 Domestic
Aviation, Civil Aeronautics Board, Washington, D.C. 20428.
Delta Air Lines System Route Map
At June 30, 1982, Delta provided scheduled air transportation
to 82 domestic cities in 31 states, the District of Columbia and
si cities in si foreign countrie . During fiscal 1982, Delta
initiated service to three new cities: Pittsburgh, Amarillo and
Lubbock. In addition, Delta continued to develop its hub
operation by adding new nonstop services in 25 markets
between cities on its e isting route system.
Delta Air Lines, Inc.
General Offices, Hartsfield Atlanta International Airport
Atlanta, Georgia 30320
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