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 $iHC M %|< p#$v\T Ll)j H/*x ,K 4gTM"#   fO    &2#6n  4<%D]$ xs!~ Z (6iBbJ&Z $-/jCBN7h*ps3c/,?ACGO' 1 ,lq  2"p`  d b8A.G08hIJkn)H'>T`$YAuNjJ qOBd,N   a9xc0 %zC,%c 8y`gw dH $P;5  *   ]/_u !]b2  h4ay(:h T !%> o`  A  ( B0q+wCZ3 D@ UJ*3i5 sfS P E>.Gp[4.Y)\(}`  w Ld,nSH9  5BX'a cTo  6Z  X0 8^@ ! g"Nd7!rp'rH6tv92 A> }  ?0    @0X8  >@ T       ~A@  z  >`  z <   B G S oss on translation of long-term portion of 
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 
28 
  DEL T F ,'1 l-C RE ~AVI S PlA 
I 
I 
I 
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