Delta Air Lines annual report 1984

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tion and are appropriately reoorded to permit preparation
of financial statements in conformity with generally
accepted accounting principles and to maintain accounta-
bility of assets.
The Board of Directors pursues its responsibilities for
these financial statements through its Audit Committee,
which consists solely of directors who are neither officers
nor employees of the Company. They meet periodically
with the independent auditors, the internal auditors and
representatives of management to discuss internal ac-
counting control, auditing and financial reporting matters.
ROBERT OPPENLANDER
Vice Chairman of the Board
and Chief Financial Officer
~ ( : _ ~
DAVID C. GARRETT, JR.
Chairman of the Board and
Chief Executive Officer
17
DEITA AIR LINES, INC.
Consolidated Statements of Changes in Financial Position For the years ended June 30, 1984, 1983 and 1982
Funds Provided By:
Net income (loss) .......................... _ . . .... .
Add (deduct) items not affecting working capital-
Depreciation and amortization . . . . . . . . . . . . . . . . . . . .
Deferred income taxes . . . . . . . . . . . . . . . . . . . . . . . . . .
Unrealized gain 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 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Decrease (increase) in funds held by bond trustees . . . . . . . . .
Reimbursement of construction costs .................. .
Disposition of property and equipment (book value) ....... .
Manufacturers' credits ............................ .
Deferred gain on sale and leaseback transactions ......... .
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 ........................ . ............... .
Inci:ease (Decrease) in Working Capital . . . . . . . . . . . . . . . . . . . . .
Changes in Working Capital Components:
Increase (decrease) in -
Cash ..................................... .
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 . . . . . . . . . . . . . . . . . . . . . . . . . .
Increase (Decrease) in Working Capital . . . . . . . . . . . . . . . . . . . . .
The accompanying notes are an integral part of these statements.
18
1984
$ 175,604
347,484
48,490
5,334
(537)
576,375
7,630
6,469
83,597
37,478
96,224
23,217
432
831,422
365,412
118,712
484,124
427,284
23,857
19,659
954,924
$ {123,502)
$ (22,393)
95,120
(78,126)
(811)
2,260
12,000
112
(73,839)
(44,818)
{13,007)
$ (123,502)
1983
(In Thousands)
$ (86,730)
306,945
(121,476)
(959)
60,854
(284)
158,350
917,252
(11,396)
33,208
47,053
349
1,144,816
688,767
179,155
867,922
186,721
39,761
15,451
1,109,855
$ 34,961
$ 9,696
4,344
25,083
(4,123)
1,999
91,357
403
(73,695)
(20,103)
$ 34,961
1982
$ 20,814
251,729
49,188
(1,614)
(6,757)
(549)
312,811
325,000
7,783
1,590
8,698
754
656,636
417,035
93,824
510,859
159,024
37,773
5,047
712,703
$ (56,067)
$ 38,650
10,337
53,043
(2,356)
2,611
(146,357)
(79,913)
55,050
12,868
$ (56,067)
Notes to Consolidated Financial Statements
June 30, 1984, 1983 and 1982
1. Summary of Accounting Policies:
Basis of Presentation-The consolidated financial state-
ments include the accounts of the Company and its wholly
owned subsidiaries. All significant intercompany accounts and
transactions have been eliminated in consolidation.
Passenger Revenue - Passenger ticket sales are recorded
as revenue when the transportation is provided. 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 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 three to 30 years). Leased prop-
erties 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.
Deferred Manufacturers' Credits - In connection with the
acquisition of certain new generation aircraft and engines, the
Company is receiving various introductory credits. These credits
are being deferred until the aircraft and engines are delivered,
at which time they will be applied on a pro rata basis as a
reduction of the acquisition costs resulting in reduced future
depreciation expense.
Deferred Gain on Sale and Leaseback Transactions - Gain
on the sale and leaseback of aircraft is deferred and amortized
over the life of the lease as a reduction in rental expense.
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 savings plan.
The total expense under these plans amounted to approximately
$165,759,000 in 1984, $147,434,000 in 1983 and $125,563,000 in
1982. The Company's policy is to fund each year's accrued costs
under the plans. Costs under the noncontributory plans include
DEITA AIR LINES, INC.
amortization of prior service costs over varying periods up to
30 years.
As of June 30, 1983 (date of the most recent actuarial
study) and June 30, 1982, the actuarial present value of accumu-
lated plan benefits and the net assets available for plan benefits
under the Company's defined benefit pension plans were
as follows:
Actuarial present value of
accumulated plan benefits-
Vested .................... .
Nonvested .................. .
1983 1982
(In Thousands)
$1,013,150
22,918
$819,801
22,814
$1,036,068 $842,615
Net assets available for plan benefits. . . . $1,203,088 $756,837
The weighted average assumed rate of return used in
determining the actuarial present value of accumulated plan
benefits was 8%.
2. Aircraft Purchase and Sale Commitments:
At June 30, 19&4, the status of the Company's current fleet
and aircraft purchase commitments was as follows:
Aircraft Current Fleet Committed
Type Owned Leased Orders Options Sales
L-1011-1/200 ... 35 5
L-1011-500 3
B-727-200 107 5
B-737-200 20 13
B-757-200 60 10
B-767-200 15
B-767-300 5 22
DC-9-32 ...... 31 5
DC-8-71 ...... 13
204 25 78 32 10
The orders for 60 Boeing B-757-200 aircraft include 30
aircraft which are subject to reconfirmation by the Company.
The Company intends to assign its rights to purchase the
ordered 13 Boeing B-737-200 aircraft to third-party lessors and
then to lease the aircraft under 15-year operating leases.
Future expenditures for the aircraft and engine commit-
ments (excluding option aircraft and the Boeing B-737-200 air-
craft) are estimated to be approximately $275 billion, as follows:
1985 ................... .
1986 ................... .
1987 ................... .
1988 ................... .
1989 ................... .
After 1989 ............... .
Amount
(In Thousands)
$ 312,000
269,100
462,200
313,200
301,300
1,089,200
$2,747,000
The Company presently anticipates financing these com-
mitments from internally generated funds, supplemented as
required by borrowings.
The Company has outstanding agreements to sell five
Lockheed L-1011-1 aircraft and five Boeing B-727-200 aircraft
with deliveries scheduled for fiscal 1985.
19
DELTA AIR LINES, INC.
3. Long-Term Debt:
At June 30, 1984 and 1983, the Company's long-term debt
and capitalized lease obligations (including current maturities)
were as follows: 1984 1983
1983 Bank Credit Agreement, providing
for unsecured borrowings up to $250
million on a revolving basis to Decem-
ber 31, 1986, at which time the out-
standing balance converts to a term
loan payable in installments through
December 31, 1990. Interest during the
revolving period is, at the Company's
election, an adjusted domestic certifi-
cate of deposit rate plus 3/4%, the
Eurodollar rate plus 3/4%, or the
prime rate as defined plus 3/8% . . . .
1982 Bank Credit Agreement, providing
for unsecured borrowings up to $450
million on a revolving basis to June 30,
1986, at which time the outstanding
balance converts to a term loan payable
in installments through June 30, 1990.
Interest during the revolving period is,
at the Company's election, an adjusted
domestic certificate of deposit rate
plus 3/8%, the Eurodollar rate plus
3/8%, or the prime rate as defined ...
11.35% Notes, unsecured, due April 1,
1993, redeemable at the Company's
option on or after April 1, 1990 ..... .
Development Authority of Clayton
County, 11 % unsecured loan agree-
ment, repayable in annual installments
beginning in 2003 and continuing
through 2012 ................. .
Development Authority of Fulton County,
unsecured loan agreement, repayable
in installments beginning on Novem-
ber 1, 1991, and continuing through
2012. Interest ranges from 9.Ys% to
11 o/~ over the life of the loan . . . . . . . .
Development Authority of Clayton
County, 6% unsecured loan agree-
ment, repayable in installments begin-
ning in 2000, with the remaining
balance payable in 2011 . . . . . . . . . . .
Convertible Subordinated Debentures,
unsecured, 6Y2%, maturing August 1,
1986 ......................
United Bank of Denver Credit Agreement,
providing for unsecured borrowings up
to $8 million on a revolving basis, re-
newable annually at the Company's
option. Interest is, at the Company's
election, an adjusted certificate of
deposit rate plus 3/4% or the prime
rate as defined plus 3/8% . . . . . . . . .
20
(In Thousands)
$ 250,000 $ 250,000
155,000 450,000
125,000 125,000
47,320 47,296
38,915 38,912
35,000 35,000
10,921 10,921
7,967
1982 Prudential Interfunding Corp. Credit
Agreement, providing for unsecured
borrowings up to $100 million on a
revolving basis through September 29,
1985, at which time the outstanding
balance converts to a term loan payable
in installments through September 29,
1990. Interest during the revolving
period is at 1 Ys% above the rate on
30-day dealer-placed commercial
paper ...................... .
Manufacturers Hanover Trust Company
Credit Agreement. Borrowings under
this agreement were voluntarily pre-
paid in full, without penalty, in
August 1983 ................. .
Mellon Bank unsecured Corporate
Variable Interest Note, voluntarily
prepaid in full, without penalty, in
August 1983 ................. .
Lazard Brothers & Co., Limited, SY2%,
6% and 7Yz% unsecured notes, repay-
able in pounds sterling in semiannual
installments to 1986 ($3,265,000 pay-
able in fiscal 1985)-
At original exchange rates . . . . . . .
Unrealized gain on -
Current maturities . . . . . . . . ..
Long-term portion. . . . . . . . . ..
At fixed contractual exchange
rates ................... .
Other unsecured notes, with various
interest rates and maturity dates
($1,002,000 payable in fiscal 1985) .. .
Capitalized lease obligations . . . . . . .. .
Total ................. .
Less-Current maturities .......... .
Total long-term debt ....... . $
1984 1983
(In Thousands)
50,000
28,000
50,000
6,060 14,775
1,634 2,998
290 1,919
4,136 9,858
2,745 3,239
665
677,004 1,098,891
4,267 6,527
672,737 $1,092,364
At June 30, 1984, the annual maturities of long-term debt
for the next five fiscal years were as follows:
Amount
1985 .................... .
1986 .................... .
1987 .................... .
1988 .................... .
1989 .................... .
(In Thousands)
$ 4,267
1,791
117,001
125,000
50,000
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, 1984, there were no restrictions in the
agreements as to the payment of cash dividends.
4. Operating Lease Obligations:
The Company leases certain aircraft, 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
$83,258,000 in 1984, $65,178,000 in 1983 and $57,357,000 in
1982.
At June 30, 1984, the Company's minimum rental commit-
ments under noncancelable operating leases with initial or
remaining terms of more than one year were as follows:
Payable for
Fiscal Year Amount
(In Thousands)
1985 . . . . . . . . . . . . . . . . . . . . $ 120,578
1986 . . . . . . . . . . . . . . . . . . . . 140,827
1987. . . . . . . . . . . . . . . . . . . . 145,627
1988. . . . . . . . . . . . . . . . . . . . 145,796
1989. . . . . . . . . . . . . . . . . . . . 144,040
After 1989. . . . . . . . . . . . . . . . 2,116,069
Total . . . . . . . . . . . . . . . $2,812,937
The Company is negotiating lease agreements for 13
Boeing B-737-200 aircraft. Future minimum rental commit-
ments include expected payments under these leases.
The Company has negotiated noncancelable sublease
agreements at certain of its airport terminal facilities. At June 30,
1984, the Company expects to receive rentals under these agree-
ments as follows:
Rental for
Fiscal Year
1985 .. . ....... . ........ .
1986 ....... . ....... . ... .
1987 .. .. ... . ..... . . . .. . .
1988 .. . ................ .
1989 .. . .... . ....... . ... .
After 1989 ... .. . . ... . .. . . .
Total . . ............ .
5. Short-Term Borrowings:
Amount
(In Thousands)
$ 4,297
4,142
4,083
4,083
4,083
76,948
$97,636
Interim financing of operations is obtained through the
issuance of commercial paper and the use of short-term bank
borrowings. At June 30, 1984, outstanding commercial paper
totaled $123,884,000 at interest rates ranging from 10% to
11Ys%, and short-term bank notes totaled $43,000,000 at interest
rates ranging from 11% to llY2%.
The average interest rate and average and maximum out-
standing balances of short-term borrowings during 1984 and
1983 were as follows:
1984 1983
Maximum amount of borrowings
( In Thousands)
outstanding at any month-end .. . . . . . $214,084 $284,932
Average daily borrowings
during period . . . . . . . . . . . . . . . . . . . 158,639 203,444
Weighted average interest rate
on borrowings during period .. .. ... . 10.14% 10.06%
DELTA AIR LINES, INC.
6. Common Stock:
At June 30, 1984, the Company had 87,368 common shares
reserved for conversion (at $125 per share) of the Convertible
Subordinated Debentures which mature August 1, 1986.
During fiscal 1984, the Company established a payroll-
based employee stock ownership plan (PAYSOP) which the
Company intends to fund with $6.4 million in newly- issued
common stock. The actual number of shares issued will depend
on the average market value of Delta stock during a prescribed
period prior to the date of the contribution.
7. Income Taxes:
Income taxes provided (credited) in 1984, 1983 and 1982
consisted of:
Current taxes . . . . . . . . . . . . .
Deferred taxes . . . . . . . . . . . .
Reinstatement (reversal) of
deferred taxes . . . . . . . . . .
Investment tax credits . . . . . .
PAYSOP credit. ..... . .... .
Income taxes provided
1984 1983 1982
( In Thousands)
$ 21,317 $ (81,287) $(50,967)
(31,356) 42,030 22,902
77,579
41,471
(6,386)
(161,200)
90,815 18,413
(credited). . . . . . . . . . . . $102,625 $(109,642) $ (9,652)
Total income taxes as a percent of book income (loss)
before taxes amounted to 43% in 1984, 48% in 1983 and 63% in
1982. The percent in 1984 differed from the statutory rate of 46%
primarily because of the PAYSOP credit and nonrecurring
adjustments to deferred taxes. The percent in 1983 and 1982
differed from the statutory rate because of state income taxes
and the amortization of the reduction in deferred taxes resulting
from the federal tax rate reduction in fiscal 1979.
Subject to certain restrictions, the Company is allowed a
tax credit for contributions made to its PAYSOP (See Note 6).
The amount of the planned contribution for 1984 has been
recorded as additional compensation expense and as a
reduction in the provision for income taxes.
At June 30, 1983, deferred income taxes had been reduced
by approximately $62.3 million of fiscal 1983 net operating loss
carryover and approximately $98. 9 million of investment tax
credit carryovers. At June 30, 1984, deferred income taxes had
been similarly reduced by approximately $42.3 million of invest-
ment tax credit carryover. Additionally, the Company utilized
its entire net operating loss carryover and a portion of its invest-
ment tax credit carryover to offset income taxes which would
otherwise have been currently payable during fiscal 1984. To
reflect the utilization of these carryovers, deferred taxes were
restored in 1984. At June 30, 1984, the Company had remaining
investment tax credit carryovers of $84.4 million, of which $42.1
million expire in 1998 and $42.3 million expire in 1999.
In April 1984, the Company settled with the Internal Reve-
nue Service for taxes applicable to fiscal years 1977 through
1980. These taxes had been provided for in prior years; con-
sequently, previously deferred taxes related to the issues settled
were transferred to the current income tax liability.
21
DELTA AIR LINES, INC.
8. Conting~ncies:
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 Com-
pany's 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 pre-
dict. In the opinion of management and the Company's legal
counsel, the disposition of these matters is not likely to have any
material adverse effect on the Company's financial condition.
9. Quarterly Financial Data (Unaudited):
Three Months Ended
Sept.30 Dec.31 Mar.31 June 30
Fiscal 1984
(In Millions, Except Per Share Amounts)
Operating revenues ....... $973.1 $1,068.7 $1,078.7 $1,143.2
Operating income ........ $ 12.2 $ 63.4 $ 31.3 $ 104.5
Net income ............. $ 10.4 $ 40.7 $ 52.8 $ 71.7
Net income per share ...... $ 0.26 $ 1.03 $ 1.33 $ 1.80
Fiscal 1983
Operating revenues . . . . . . . $876.5 $ 899.1 $ 904.8 $ 936.0
Operating loss . . . . . . . . . . . $ ( 39 .2) $ (35.6) $ (81.6) $ (50.9)
Net loss ............... $(16.1) $ (5.6) $ (39.5) $ (25.5)
Net loss per share ........ $(0.41) $ (0.14) $ (0.99) $ (0.64)
10. Constant Dollar and Current Cost Data (Unaudited):
Statement of Financial Accounting Standards (SFAS)
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 dollar" approach, which reflects the effect of general
inflation on the purchasing power of the dollar; and (2) the
"current cost" approach, which reflects the changes in relative
prices for specific goods and services.
Data developed in compliance with SFAS No.33 is of an
experimental nature and should be viewed with caution. Calcu-
lations derived from the application of SFAS 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, 1984, of property and equipment was aged by year of
acquisition. This historical cost was restated in average fiscal
1984 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 SFAS No.33 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.
22
The gain from the decline in purchasing power was deter-
mined by calculating the changes in monetary assets and
liabilities in 1984 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
monetary liabilities such as debt and payables.
For flight equipment, current cost (specific prices) was
determined by using the current manufacturers' prices for air-
craft in production. For aircraft types no longer in production,
the current cost was determined by indexing the price of the
most recently delivered aircraft to a mid-fiscal year 1984 delivery
(aircraft for which production was recently discontinued) or by
utilizing the current market values as published in various
industry publications (older aircraft). For spare engines and
components, the current cost was determined by applying the
historical ratio of the cost of spare engines and GOmponents 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 depre-
ciation 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 SFAS No.33 .
DELTA AIR LINES, INC.
Consolidated Statement of Income Adjusted for Changing Prices (Unaudited)
For the year ended June 30, 1984
As Reported Adjusted for
in the General Inflation
Financial (Average
Statements Fiscal 1984
(Historical Cost) Constant Dollars)
Adjusted for
Change in
Specific Prices
(Current Cost)
( In Thousands, Except Per Share Data)
Operating revenues ............. . ................................ . $4,263,731 $4,263,731 $4,263,731
Depreciation and amortization expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Operating expenses ( excluding depreciation and amortization) ............... .
Gain on disposition of flight equipment . . . . . . . . . . . .. . . . . . . . . . . . . . . . . . . . . .
Other expenses, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Income taxes provided . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Amortization of investment tax credits . . . . . . . . . . . . . . . . . . . . . . . . . . . . .....
Total expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Net income .................................................... .
Net income per share . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ... .
Gain from decline in purchasing power
of net amounts owed . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ....
Effect on property and equipment of:
346,480
3,705,859
(129,511)
100,688
102,625
(38,014)
4,088,127
$ 175,604
$ 4.42
369,211
3,705,859
(115,705)
100,688
102,625
(46,015)
4,116,663
$ 147,068
$ 3.70
$ 54,605
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, 1984, owned and leased property and equipment, stated at current cost, net of adjusted accumulated depreciation
from date of acquisition, was $3.20 billion compared with the historical depreciated cost of $2.52 billion.
Five-Year Comparison of Selected Supplementary Consolidated Financial Data (Unaudited)
Stated in Average Fiscal 1984 Dollars For the Year Ended June 30
1984 1983 1982 1981
( In Thousands, Except Per Share Data)
Operating revenues . . . . . . . . . . . . . . . . . . . . . . . . . . . ... $4,263,731 $3,750,492 $3,912,673 $4,153,089
Historical cost information adjusted for general inflation -
Net income (loss) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 147,068 (152,389) (101,139) 51,891
Net income (loss) per share . . . . . . . . . . . . . . . . . . ... 3.70 (3.83) (2.54) 1.31
Net assets ................................. 1,146,309 1,595,952 2,160,294 2,160,284
Historical cost information adjusted for specific prices-
Net income (loss) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 137,853 (230,328) (171,619) (18,174)
Net income (loss) per share . . . . . . . . . . . . . . . . . . . . . 3.47 (5.79) ( 4.32) (0.46)
Excess of increase in specific prices over increase
in the general price level . . . . . . . . . . . . . . . . . . . . . . 297,063 57,020 41,324 372,929
Net assets ................................. 1,434,157 1,850,580 2,378,423 2,536,667
Depreciation and amortization. . . . . . . . . . . . . . . . . . . 421,957 475,797 477,745 465,141
Gain from decline in purchasing power of net amounts owed 54,605 32,319 54,941 55,138
Cash dividends paid per common share . . . . . . . . . . . . . . . . 0.60 1.04 1.03 0.82
Market price per common share at year-end . . . . . . . . . . . . . 30.75 44.08 36.77 41.87
Average consumer price index (1967 = 100) ............. 304.9 294.0 281.9 259.4
$
$
$
$
$
421,957
3,705,859
(159,236)
100,688
102,625
(46,015)
4,125,878
137,853
3.47
54,605
438,131
141,068
297,063
1980
$3,877,751
9,748
0.25
2,109,919
(23,576)
(0.59)
66,717
2,335,960
416,694
82,550
0.79
25.74
232.5
23
Consolidated Summary of Operations For the years ended June 30
(Dollars expressed in thousands, except per share figures)
1984 1983 1982
1981 1980 1979 1978 1977 1976 1975
Operating revenues:
Passenger ..................................... $3,963,610 $3,347,014 $3,352,173
$3,287,511 $2,733,820 $2,213,024 $1,861,100 $1,575,642 $1,406,417 $1,271,720
Cargo ........................................ 239,649 227,146 230,597
213,431 190,490 167,904 153,233 114,800 100,626 85,388
Other, net ..................................... 60,472 42,253 34,753
32,384 32,650 46,918 36,578 29,203 21,899 19,922
Total operating revenues . . . . . . . . . . . . . . . . . . . . . . . . . . ..... 4,263,731 3,616,413 3,617,523
3,533,326 2,956,960 2,427,846 2,050,911 1,719,645 1,528,942 1,377,030
Operating expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,052,339 3,823,747 3,625,679 3,359,132 2,864,323 2,218,814 1,845,816 1,578,464 1,411,333 1,282,000
Operating income (loss) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 211,392 $ (207,334) $ (8,156) $ 174,194 $ 92,637 $ 209,032 $ 205,095 $ 141,181 $ 117,609 $ 95,030
Interest expense, net 1 ................................ (109,802) (63,494) (22,284)
(7,596) (11,062) (9,461) (17,313) (23,061) (31,387) (31,281)
Miscellaneous income, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,054 14,000 11,280 19,917 10,687 9,069 7,640 4,825 2,284 2,297
Gain on disposition of flight equipment .................... 129,511 28,229 1,570 30,078 36,091 20,514 32,689 29,403 7,680 7,944
Realized and unrealized gain (loss) on
foreign currency translation .......................... 60 1,898 2,385
6,227 (3,735) (7,110) (3,339) 2,699 13,357 5,855
Income (loss) before income taxes ....................... $ 240,215 $ (226,701) $ (15,205) $ 222,820 $ 124,618 $ 222,044 $ 224,772 $ 155,047 $ 109,543 $ 79,845
Income taxes (provided) credited ........................ (102,625) 109,642 9,652
(101,447) (54,433) (104,429) (109,296) (76,362) (53,949) (39,324)
Amortization of investment tax credits .................... 38,014 30,329 26,367
25,101 22,973 19,129 15,651 13,695 14,613 11,359
Net income (loss) ................................... $ 175,604 $ (86,730) $ 20,814 $ 146,474 $ 93,158 $ 136,744 $ 131,127 $ 92,380 $ 70,207 $ 51,880
Net income (loss) per share* ........................ $4.42 $(2.18) $0.52
$3.68 $2.34 $3.44 $3.30 $2.32 $1.77 $1.30
Dividends paid . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ....... $ 23,857 $ 39,761 $ 37,773 $ 27,832 $ 23,857 $ 20,875 $ 14,911 $ 13,916 $ 11,928 $ 11,928
Dividends paid per share* .......................... $0.60 $1.00 $0.95
$0.70 $0.60 $0.53 $0.38 $0.35 $0.30 $0.30
1 Has been reduced by interest capitalized of ................. $ 18,263 $ 29,398 $ 38,154 $ 15,539 $ 10,790 $ 6,717 $ 4,794 $ 2,922 $ 3,247 $ 6,099
Other Financial and Statistical Data For the years ended June 30
1981 1980 1979 1978 1977 1976 1975
1984 1983 1982
Long-term debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 672,737 $1,092,364 $ 362,774
$ 198,411 $ 147,901 $ 125,483 $ 167,331 $ 237,497 $ 350,968 $ 390,437
Stockholders' equity .................................. $1,048,907 $ 897,160 $1,023,651
$1,040,611 $ 921,969 $ 852,668 $ 736,799 $ 620,583 $ 542,112 $ 483,833
Stockholders' equity per share* .......................... $ 26.38 $ 22.56 $ 25.75
$ 26.17 $ 23.19 $ 21.44 $ 18.53 $ 15.61 $ 13.63 $ 12.17
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 36,319,567 35,666,116 34,169,927
36,743,214 39,713,904 39,360,368 33,007,670 28,811,966 27,996,665 25,831,631
..........................
Available seat miles (000) .............................. 50,935,173 47,915,817 45,154,885
45,428,277 43,217,372 39,826,891 35,135,046 32,614,260 30,389,761 29,497,234
Revenue passenger miles (000) .......................... 26,099,115 26,096,996 24,284,804
25,192,531 26,171,197 25,518,520 20,825,722 18,042,339 17,621,247 15,916,860
Passenger load factor . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 51.24% 54.46% 53.78%
55.46% 60.56% 64.07% 59.27% 55.32% 57.98% 53.96%
Breakeven load factor 48.51% 57.84% 53.91%
52.52% 58.51% 58.02% 52.74% 50.36% 53.14% 49.93%
................................
Available ton miles (000) .............................. 6,569,248 6,202,910 5,937,817
6,037,476 5,748,143 5,357,995 4,743,778 4,478,038 4,145,183 4,030,116
Revenue ton miles ( 000) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,983,840 2,951,119 2,773,337
2,845,425 2,934,375 2,916,585 2,426,265 2,113,798 2,034,848 1,822,574
Passenger revenue per passenger mile . . . . . . . . . . . . . . . . . . . . . 15.19 12.83 13.80
13.05 10.45 8.67 8.94 8.73 7.98 7.99
Operating expenses per available seat mile 7.96 7.98 8.03
7.39 6.63 5.57 5.25 4.84 4.64 4.35
.................
Operating expenses per available ton mile . . . . . . . . . . . . . . .... 61.69 61.64 61.06
55.64 49.83 41.41 38.91 35.25 34.05 31.81
*Adjusted for 2-for-1 stock split distributed December 1, 1981.
25
24
DELTA AIR LINES, INC.
Board of Directors
R. W. ALLEN
KARLD. BAYS
B. W. BIEDENHARN
GEORGE D. BUSBEE
C.H. DOLSON
MARY JOHNSTON EVANS
R. W. FREEMAN
DAVID C. GARRETT, JR.
EDWARD H. GERRY
JESSE HILL, JR.
BILL MICHAELS
T. M. MILLER
ROBERT OPPENLANDER
JOHN G. PHILLIPS
CARLETON PUTNAM
AUDIT COMMITTEE
BILL MICHAELS, Chairman
B. W. BIEDENHARN
GEORGE D. BUSBEE
C.H. DOLSON
MARY JOHNSTON EVANS
CARLETON PUTNAM
PERSONNEL AND
COMPENSATION COMMITTEE
R. W. FREEMAN, Chairman
KARL D. BAYS
T. M. MILLER
President and Chief Operating Officer
Chairman of the Board and Chief
Executive Officer, American Hospital
Supply Corporation, Evanston, Illinois
Chairman of the Board and Director,
Ouachita Coca-Cola Bottling Co.,
Biedenharn Realty Co., Inc., and
Ouachita Candy Co., Monroe, Louisiana
Partner of law firm of King & Spalding,
Atlanta, Georgia
Chairman of the Executive Committee
Director of various corporations
Chairman of the Personnel and
Compensation Committee and Finance
Committee; Vice Chairman of the Board,
Louisiana Coca-Cola Bottling Co., Ltd.,
New Orleans, Louisiana
Chairman of the Board and Chief
Executive Officer
Partner of Gerry Brothers & Co.,
Investment Management, New York,
New York
President, Chief Executive Officer
and Director, Atlanta Life Insurance
Company, Atlanta, Georgia
Chairman of the Audit Committee;
Chairman of the Executive Committee
and Director, Storer Communications,
Inc., Miami, Florida
Retired Senior Vice President-
Marketing
Vice Chairman of the Board and
Chief Financial Officer
Chairman of the Board, The Louisiana
Land and Exploration Company, New
Orleans, Louisiana
Private Investments
EXECUTIVE COMMITTEE
C.H. DOLSON. Chairman
R. WALLEN
DAVID C. GARRETT. JR.
ROBERT OPPENLANDER
FINANCE COMMITTEE
R. W. FREEMAN, Chairman
KARLD. BAYS
EDWARD H. GERRY
JESSE HILL, JR.
T. M. MILLER
JOHN G. PHILLIPS
COMMITTEE ON DIRECTORS
DAVID C. GARRETT, JR., Chairman
KARLD. BAYS
R. W. FREEMAN
EDWARD H. GERRY
26
Officers
DAVID C. GARRETT, JR.
R. W. ALLEN
ROBERT OPPENLANDER
JAMES W. CALLISON
J. A. COOPER
HOLLIS L. HARRIS
D. P. HETTERMANN
FRANK F. ROX
R. G. CALDWELL
ROBERT H. COWART
JOHN P. DAVIS
M. E. DULLUM
J. D. DUNN
R. LAMAR DURRETT
M. 0. GALLOWAY
RUSSELL H. HEIL
JOHN HUME
C. J. MAY
REX McCLELLAND
R. A. McKINNON
FOY PHILLIPS
C. A. SMITH
C. A. THOMPSON
FRANKS. CHEW
JULIUS P. GWIN
DON M. ADAMS
J. K. BURNETTE
ROBERT W. COGGIN
JOHNW. COX
ROBERT S. HARKEY
W. WHITLEY HAWKINS
H. M. JOHNSON
CHARLES A. POULTON
C. G. SWEAZEA
SUSAN Q. DOWNER
LAWSON ROLLINS
AUDLY TOLLER, JR.
Chairman of the Board & Chief Executive
Officer
President & Chief Operating Officer
Vice Chairman of the Board & Chief
Financial Officer
Senior Vice President- General Counsel &
Secretary
Senior Vice President- Marketing
Senior Vice President-Passenger Service
Senior Vice President-Technical Operations
Senior Vice President - Flight Operations
Vice President- Personnel Administration
Vice President- Information Services
Vice President - Maintenance
Vice President- Government Affairs
Vice President- Purchasing
Vice President - Facilities & Technical
Operations Administration
Vice President- Finance
Vice President - Personnel
Vice President-In-Flight Service
Vice President- Engineering
Vice President- Properties
Vice President - Marketing
Vice President- Passenger Service
Vice President- Flight Operations
Vice President- Stations
Treasurer
Comptroller
Assistant Vice President-Law &
Assistant Secretary
Assistant Vice President- Quality Control
Assistant Vice President- Marketing
Development
Assistant Vice President- Community Affairs
Assistant Vice President- Law &
Assistant Secretary
Assistant Vice President- Marketing
Assistant Vice President- Employment
Assistant Vice President - Traffic
Assistant Vice President- Public Affairs
Assistant Secretary
Assistant Comptroller- Revenue Accounting
Assistant Treasurer-Treasury
Transfer Agent and Registrar
for Common Stock
The Citizens and Southern National Bank
P.O. Box 105555
Atlanta, Georgia 30348-5555
Trustee for Debentures
Shawmut Bank of Boston, N.A.
One Federal Street
Boston, Massachusetts 02211
Auditors
Arthur Andersen & Co.
133 Peachtree Street, N.E.
Atlanta, Georgia 30303
Annual Meeting
October 25, 1984, Monroe, Louisiana
Common Stock
Listed on the New York Stock Exchange
Number of Stockholders
19,469 as of August 7, 1984
Market Prices and Dividends
Market Price Range of
Fiscal Year 1984
Quarter Ended:
September 30 .. . . . ... . . .
December 31 . . . . . . . . . . .
March 31 .. . .. . ...... . .
June 30 . .. ........... .
Fiscal Year 1983
Quarter Ended:
September 30 . . . . . . . . . . .
December 31 . . . . . . . . . . .
March 31 .... .. . . ... .
June 30 . . ... . .. . . . ... .
Availability of Form 10-K
Common Stock on
New York Stock Exchange
High Low
44 29
42 34
45 321/2
37 29
35
47
51
49
25
27
38
403/s
Cash
Dividends
Paid Per Share
$.15
.15
.15
.15
$.25
.25
.25
.25
The Company will supply, upon written request and without
charge, a copy of the Company's annual report for the fiscal
year 1984 on Form 10-K to any person beneficially owning or
owning of record any of the common stock of the Company on
September 4, 1984. Requests for the report should be directed
to James W. Callison, Secretary, Delta Air Lines, Inc., Hartsfield
Atlanta International Airport, Atlanta, Georgia 30320.
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.
27
Delta Air Lines System Route Map
At June 30, 1984, Delta provided scheduled air transportation
to 91 domestic cities in 34 states, the District of Columbia, and
six cities in six foreign countries. During fiscal 1984, Delta
initiated service to eight new cities: Mobile, Pensacola,
Melbourne, Tallahassee, Ontario, Richmond, El Paso and
Minneapolis/St. Paul. In addition, Delta continued to develop
its route system by adding nonstop service in 10 markets
between cities on its existing route system.
28
Delta Air Lines, Inc.
General Offices, Hartsfield Atlanta International Airport
Atlanta, Georgia 30320
B311gore
Port~nd
.
Nassau
London
Frankfurt
San Juan
.