Delta Air Lines annual report 1985

Metadata
Text

Collection:: Delta Air Lines Annual Reports
Title:: Delta Air Lines annual report 1985
Creator:: Delta Air Lines, Inc.
Date of Original:: 1985-08
Subject:: Annual reports
Corporation reports
Delta Air Lines
Finance
Investor relations
Corporations--Investor relations
Location:: United States, Georgia, Fulton County, Atlanta, 33.749, -84.38798
Medium:: annual reports
Type:: Text
Format:: application/pdf
External Identifiers:
Metadata URL:: https://dlg.usg.edu/record/delta_dal-ar_dal-ar-1985
Digital Object URL:: https://dlg.galileo.usg.edu/do:delta_dal-ar_dal-ar-1985
Language:: eng
Bibliographic Citation (Cite As):: Cite as: [Title], Delta Air Lines Serial Publications, Delta Flight Museum
Original Collection:: Delta Air Lines Serial Publications
Holding Institution:: Delta Flight Museum
Rights:

0$z i$` |O7 ? =E0 =EQ3G4 >QNf d3p @ 4]Pq H$ S84 ' -. `v$ 1 @8 ' Sl c@ ` j 6L Y `; @ ul`cx` $ @>p1S NN^R A :`(J 1@ "c` }i0 @} r~H r qGA #L B z`"av$F g z~G w'@ H m
:dP H<wa
#Jl :u v ) ' g` b S 1^ Ag X _j y' 4 { R F{Q` 0 ` wS W [R p ; uP34p; : V 4 GQ@ @ J@/?_ 4u 9<{0 N "=s J,!
dZ 8C 1A@ Gw~x9 .Bci g' nOz <f > PprO ; 5Q) ' p sb Xb h f W H( ! # (CH S) = C qEAX 40 44 O 9 8pXt J ]o" H ;b N #=:P1 8 \U^ q r X Aq. du /) v@ *GcI $ 4(@ n.? ~f Q q zq@ 1 w Z@ _ xz u : t : : {P ' y nG 8+ @3 $ $TX i zL P 1p( Cs a < u9Jab6?8 @K2(@ 9w 8< `3@8r =zaa 8 q@Xq ?Z B0P :p;b
09^rNFh 0 9P=
I#Br( [
z =@ # )9P N( $$e M0 `p740Bq 9 N 6'# P ; )` ? . #aH.?h ( G ~ 2) ': r 1F! 8 cpsP 0 \ l( $:
q>s4 sg$wP7 8 L
x( %R 1W #coN @ 8/' rGoZ. % L h ~ ^ x1N'!I@
RZm9 . 0 T ~@Z Qs= n46 : @
I'N+ w` 2I'4 e 8G+H\ F m n@C I ' Ibq BXx 8F1H '>B N ? 8 N < `"2(49u8P @y w {S G9 pGJ 0p} j`.>n2 ( _ri @ %FGI R }h 9;q. N( L sh # $c z0=F(
G@ /9
1C @ xf 1F [^ Z4 x4UGZ@/@O F47i [@ # @9 F =+ 0?7' NG` Xc' Qa AJk ph Z@ P 9<Qe` rp t , >
H_z, H z>XhpOz =s ` Q8 z9@ 4
( Q9< AH x<v c\ 3@ I@1mq Q` c@ ` ~T ` v( h s \ y # 9GCzQ` c 3B > {~r 8E@Ib{ QH S Is ` tE )lb d/dk @ O$ p:uN NN9 8c <sL GN QpX z{ c J $= + ', r 4 c O w x4 }( YON ! J B }z 4$ @ ( C u$ 8rp{ O+ 0aiX@ :
}F.L ` ( ( =hRC[ qGBO>j {S 2 d c@q H( ~( x Z@$?xn}( n:P 7 { @4 < .= ``r@q [ ct<S .~e E 7& 5@2Q@
s@ \.3 }( A!P I NO F h a0` # O= 5SpmO_j U 8 ( ) i b8 9'z r rh R y' =iX.*ibX 1 d EA1ry h (q`4cfiXcn<q`" !8^3! @ 2sLB y P )tPI( h H ( ' { * # p #4
' ^ r E 4 FH wJ 9 > Oj U 9BAq 2{ ~\ R -qJ@89'0 c913<X L {S# x H BG'` 4 $ = 3 qOn( 98Bph @ ~" 9 4 HI@ ( tu S h G@
9 to|t #gx ( h [#4 $q4 a1H @_ (`!) d{ 408 4Sq 9? >|H 88{ H _ 9 ! r FiU G @ =:P 2s z
.{h < }q@ 8 `?Z ( 2X. bvuq
J P x@7%= hQ%E0 @ : 1 `
` 8%R 7 CS; <Z a }3@ q 3vXq t@ 394 3 ^ ( ?/J U o=i { {
z E u(@{u4 3( z h "=d)$ | zP s I=) 9@ 2Z Te `1H,=F 4 \0 = g Aa}C s@ ^( N} z(
= { =M &2z B {u.@P( ::P {c \ N ` =z q 10G (Q rg'4 ^
7S =1gh nzP c Eh` h X8@ ahaFs@ 8>0+ q@j/L H`M G> c j. y mQ@Y
Pqj RO<sXPq|P y?05 <( H Nrq@
3 <h v@P'# z @M qEi$h`5 Nin1: g .y 47@ `@
AUh Z :
T /< F }( x {P ` <f z
1 d: RFG^:S f OZv'2=h I Br c@ x# Qa 7|b # g' tV Cy@ m 1 R Z 4@i h F {P f @ R:S@+c i 2 M N4GjA88?0 #, di } p3 h<cf t w f h`1d rEO<qN (`4d` p~xz !zR +Ph @xzrh n tzb _N@ sN {` =z W sO g=( 22 | w@\vCpA)9R =h Q:
" 2p LQa d4 & | >9b^ ~4 brh l M4 I ` C 8'N P P 9 F!I=;P1 >! ;J .x( 11@ s@ [@ Z
u4 r $`d! b 9 #( +r ^sEq# T nq J g zP!3 Cz 1z 8= $ C rzP wg@g> >q@s|F G B( !H 8Jc E ( 6 `6} LDJr<{Rok
' ~h qB '8 s F@XiOs( 9' D x!}sZ U$ <h @Xq S9 q ( csP* zP $u@ 0r h ;
q( E *( z 9J: z
U j }i\ca(
}rh R G (
Q4 G
O :#A9Jl=kbG|P )$ s : . ; p9; 2 4 P c$ 9=( H + j ,x] Zba *7c C M0 9q@=AO) d@ R3CMu$ H )a$1(y) ' 3 PV3@ +p? A q n 11 Qqh4 9 fe;` 4 | 9 I$s@ .8B3o C arW =iBFsH W
`1+;b < 7 zv u < q bH 4 9& l h#n8i 9c dEG =` 9z >NE P9 E g ! arn aI 0;h O4 ` JMQ w!AO4 3 d Bvq ; z~T
b8 4 Lc0( A#8 J
sV {P F L` Xk
$ 9 @ 5 FqP G_ @ X@8(%H 0) s0iz @ ,d= ) =n b0I P:g@ B(, | p8$( 9M `8 P [=? ; o O c#4! < R q <w y8 + 3?z E G+ ;TqH ) 9j hS( rH v@ z LP F y acq4 h 0Nsz `~ $ JG' 4P H b p(-qC~@ u$@\pF) = ~4\S 'Cio\sLZ9@j0v) R=E0FP ON)1H "x^@ 4M - IJ 2Br})Q 8 S si GO 1:1@ =D<fj9 >c Z
8=;{ $z @ =h h Fs
' L
{ \c NN
w c 2) 3`<' 7 01J r10 l H ` E:dt ( f1@ q\nBH<Qp W ^ y + h @ z y @ > > Kt O @ {
+u Tw pP84 +M x=zP!A @ #a GJ H lS } H @ 8 D; `| ;~sy < Xs )qH !r: , w@ sJ =# ` \C z`ny=h x$@ cI pr~/ .s GN '( y 8 qM 1 ^3 h $) i P z
[
}2Oc =3@ <0=F{p @ 9 (> 7mp 8 .F 7 @ < i qq ; ~h E4@<v 6 `f 1S 3s .~a{S ?0P rA$
J F \t pp:R y!pK=J@7' ( @ zc1 b# y48 pzP!;zP0 Qp p(
N(NI$dR^B h GQX@70q@8x ~o1XLH ( . &3a )dgV l1 { @
\3E 9 1 $V c `NM+ ;gaA 4 s G
OL@Xi w'OJ@1?J E c
bA9h
Sp8+ d4= .? 8zwezp!g/
BP @ ~ ( 1C@`O9pU Fv 67 ?{D? #1@ 1t"c yoz <d>?Z Fwv x ( &
W s 2 &1: e jB r 1h N8+~QAL HA1Na !9r( < _ 3C`JW L w ! s u'4 p 1 Ra `"=L% i~; 4p< 3w4n O o A U$ zj. $@ w Z FH
P # hLc `1@
J`D # S : + m ;u )84 7 oR c 0Q< L ,q) ( )uL ( 8t0 ` : ^M+ s)LB\P H 0 c @i p 1 b OZ ].zHc? \ ?\ 8'4 21 N>"x B {f j Kd ` 1
( " f G bn) x ,+ NG ` 8|0 @ < j@. = F a`S X *{f *:z BFG\P `"J q##Z[ 5F ^W z
\q@ b< b b wN?= )0=} ( (L $ 4 P p q 1 ;{ u= W @ H h 0 x !@ :px +9 } )0 X scm 7 )`s H ## ]8o 7 4 & y S q@
@=h Q+ H ^( p=p( 0 @d !^I =x F9 s( ^G;B <R{q ~^P h 0 OM h * Z 7n= O^9B =:t m T@ s B` 8" s
: 4(?PqKQ 8i r 4 = q 4 1 B q I 05 ~vi OZA`e# `0 ? yty!OSB ]FG1 c L N s {c P: L AM .z @ :( 8$sE! s@SL >B @ G=})` 7 P G zh I#Z j: }`T# g'v=i\ lA@ ' y 0 ' ~n z\ 3c \j L zt Go ~ ( j >B :ds( wc ru Oj 6zP tlql09 8 $g 6NGB 19 6!!Q0 t G ) 9,;
7 A, Qzz 0 ~#
2( 7dw q n 3L R {P Xx C a1 8 " |* @ =i0@3 v@P0= 8 1T %# &CI 4C0 0 n <3@ q wQ A0;c #0GN # M0 F?: ( A 0# 0)j10L ? nh c z Tz@ Aq+Z P8 }ik8=RXL 8 2 @XCTt ( _
=B 9 XC t Pg 1v 4a<
CbdvC@` < P!KpH(`4 Ri { g9= x(2y [.Hb@ pq9 P U b & 3@ @ ~yb yB7`z P $ H <4 ~4 Lq z` dP9 (8( @2^ q L,
A^z\SN!;' zSZH F9 `1 # > At 4{ !$a: = 88aNGz`)' @ !^A ~&0
? P }h @ sx #8'@
Jb n=! > C
{ =h t P 3` 9 pNA \c:+n b ( Yw P H | 1r( 3@B PF < & ai b s ( BhB ! j W5
s q F;P Ar09*w~ =
q q8 : A9' A f x l<f F 4 ;$ G `P d>U *H.0 3)d ^H94 sqp 9= ?t!u R=x 0 J 8 % <h P aA `w` X I n* Fy7 . 0 ; 9@h)J 4:>w \{ S qC(4U O9 6A=P;<9B L@[ @/,M0 q >_J py UM3@ '<`zLCTr:f p 4^ h n0 w cB10 P!8 8 < # =@,>` c| Fh mrzS O y + EN r@ ! lu! = z # c=/! C ` <sa8Osc#O7O W/n#{{ r S)N6 4 rsv e 9 zP!{gC '8<})$ NFO0@~d3q1U /@< IP1 =q@X b rI4H|g g#~ G'
L 3 ( 1 k.K`` Gna# 4 ~ }( 7 = . ^H 7# Py 1 qh L ( .s q Q 2 q@ {J F p >\w@# ; 4
@= 3L 91JA 0 & OZ n{ 21h r 8@B w h 0:c OQ P # O S 8 3 Sx < #A` @X^ ( h PG^ ;? ngc ( q0~ "; ' P+ # aqH40 :P W B PS@ Bf98 `c ( v4sg;S Fx ; ~zbBg R1 =1@
sv > sj o # H @} X ; zP 7 R QSM0 zq@ h eHo_ x+ +s ;
C00( <d * Q;P s y9i ) 7 8 z $H Y <g 79
@Kj0 Nq Hx.9 l ]h 8 B ;ej9$F7 xW1k Q wg 0O& g @I#1L t n -s = ; c
tn)
wQP d @ psp ( V34 #8 >Q Z @ a N) r{ q1@ O b I
a|> 0z
dO@ s
S RC Qx \ :` / i wH ( 4 l ] =@y 0 89 @ lwX ( q '*M!;z @
E\ @ s0 u ^y X S AWH @7 *99 g-H zoJ` \R -!l a h9#J6@MH L @*OAL, 0 gE A+ H )4 c p H'<c >P N aqzQ` h Oj q 4 };P 1L 21@ ' " sH *?0 sC c : n t &@Rz < 0' ! X s@
@<7n . j7 !2 S\q3@ 8pQ i 8 e (aqn3 I 1@ P Wph F1@Gj "9@
9.8=y=h N i\f z wpq@ P QB8 $R
4 zP 8 8O S p NO 0r
`"R0 Lp T0b88H 1w ) _ B c1 A l\ =zS k @ZB !MEV>qH q }( c i9
h l1'xHG? F~?v Fs#z mt8 g G: @ L xC#e6 4 L),A 8P A d`p( 2z0` NpM .3 c #oE# kdsi Q}=(A8=x4 N@ : Onz '# h !\ ` U q ITlF'c8 h :
hH8u *gqQ@ '<z4 ]rr}}h AL ' ,5z {t @<P+!K|
1:pGTF @X ;
C $Tn7 + $ = z`n)zy H) b,H> 4 ( 7 h | H
BG9F o@V] # 8}oJ` @ 4 z Q pl H u ,AC 2H$= 0 9 O<xrr )& 9S ==@:d !ci 1 =@k9 =8 t ;QX|{t `nm Z pxbR5-cR3$R1 > ,$\Lc F vCzR `M/ ?{ Ui =h ps eI@ <ij st cw<
F{w
bHdjX7#1H,8 aGzz#O# )h 49' ,? k #4 5:W ! | S p 3=zP $V!A= 6|0 Jw -,8 =q@ rv 1 A N Fy
ia , z`&p \ G#> O ZX $ <J@5B4\, } SE i S zAaA; `= Jb x #H ( s Lv sJa \ + v \m ! Qq
8U 4
? Z.0 xCS( 0 s y{! U rO_Z R# @2 + C ybgz @45 4 oJ.+
e0 )0 i| n?OZ@&>lt4\ '3@ T^{tp }N~ Px4 [n ' E xR O|P ;B ' &qs@n: zS g#' %=x9 F$ @ 8#?_j G F8 =hw | ^h ! P :~B \ f N( \g 8# 4 4 )# 1P R q xH` p( G9@'w@\F sc@ # r GRh ^ Z !9 ;P e <;'01[ Z (P}05# hm=\t 4 3R 4 h$I q# ( e : J @y S{aO ;Qp 9p 8@ v@ *v@zS H >*A TS 6NG|1 y ~ b .3P 9<qHc];P vB* ( ;9,3; h Qd ({
8 + 4 t ab 8 O Q 8~ cs@p;P O L ^ 9>R@ ( p@zR "y( I 5GRs Pc 1 <sLHh; ZV )SS v: $ } $ \g
U &p}h x @ q ~\Lgb rH p: {qH n 1Q` gjc 0Bs3 ~+
1 >"# E,H @E G1@ [ 4 4; N{
W Nh P / L x =z ;NOJlcx b `" c ( _`7 0 {
k E A F q9, * r( @z `8@YR@
8$ P{R A@3 P 3csGJ
;c .y P+ ~O i Z '<rE c# n lr @ '{wBdbOLz B A2O" ,ON @A,z1 H 1L@
9 y CH !dzP=' n B@ !g <bDd
xM 9 sH l h OAzP! : NqHv ( N{@@? $Hv '=; S=I B 3t C |= = 'c
a l XF1} @ <; fc+p 1 b 4 ! bA O ES [ 9 6g' YG# @ -#1X 84n1:qI 9' 5> ^ ( =( {P $@
\ 3H 0 `R e ) : N1 XpScS J T$ `x f \Xf: u I l Ns@ x 7 2A4 * @X Pd Cudvz)Fw OJ@*p NX aJ /Nh8 pF L[ G| EA ?J j =6In )? `*8 i N Aa P l&Ii {P ?*9X\ B@ N@ ;{/ $ 9 w 9 1 g4Pp?Z S 'VJ A1<va J;Qn. ' {+
88 8m 9 h ## t 8 0OWk*" I v +K k =1HW j
j <1 lR`aU IZT[ w~X)cF N:VD 8 4 P Z`<p1 >P> ul
@H * O ) n O0 v ?^in | )pqH c@ _Lb S q8 # zP K9 8$| 49 0 #H $ {)c{s@ PAZ P7 )qt+ 8( ?CL {`R`" z/ ('=) ZL Wh uh 90 I OzMEaBQL5 \c# T@ Xn c@ <LB' S CR9aX#F^e O#i vh 8 =)F^F:R x =E E qC I !' i z hJ p98
H g<( # @
0=h PI cl < ^pA
zP s@ H Ch @ p ( Fw <$ E0Q Q S F9 `s y8i SNR@ * L G . RGj \ j`;s cW!s=( OZ P>m@ ' * q 4 ?0 !rh 4X 2 @. qnI9 9 =Nc'&.<d r y 1 4 N 4 `0 =z{P 6 6 L >nI$t lq CD|> {8 W q-Yt F9vi RR G?= 1@
s@O` A x# " 8# s@ # A P >h </@p: 8n
s4 8#@ N nF1@X ;zt xQ ~p4 npN9 t \`g,7F9 a3 4 FyL,4 s@" >}( @ 2I1@X O'h 9yJ O ^P t\ 1Nh PP}z j / c< 4j0 9 ,58,?o 'ig2) , P 5 a 6 irN) 2 E 8t v " ,8};BI 8 F\ w c, q@X> azq j h 3 4$p) L, 0q 9" \c {w { Z (#9 4a J sE
ls@ GLP9 (LV 9 E9 $ l ^ H8 . h Gh 8 =zq .; =:fPP1:u \b 
C ( l ;Q {
. /x.1 @E F e9C`'B PI`y E q@ OA@ *NAh 6SdI LC 'S q( - '=i T9 ? 6Nh R P #=8
I G0BJ
&Nq 9A q @\p @= ): ) A 7@zh H ! (+< x ,d:
i\Mq{
C 8 8"P ~= aF8 5Ju ,X a =F@4 ( |v@$s \ " b Px s E 5B@ ;B LP V * j+&%l z c{ p i\cU~cz.)B @.p j7 W( <PV =.6 + OZW s:Q{ q @ {S s@.3N z 8) 4@ rA> =}i 8z . 4 X>\ 2` E *?Z } 49\ s |_[ 8 y@> x&~ fO2P: U y5B$A >+dcp:tZVme Db;s3 ya =;P ! w8 ~|Qp ^ [{ 8 N r1\S F( X n :w8c4 1n r@dg4N @ :`4rpz q /R \
wah 1P ( _z ;zp ]b : Z `L 14] Ozw ( xR gu W< B1Td Wq0 2
< O ?0 1' 1AH ( ^G @ 0H S @1pBEB J h 7 P1[ j Gu LO0 ' L ( s4\ n L ;u4 94 y4^`j`=1 P s) C, As *b `" fL 4]g #' w A L z c` Z G j T( N M h < ( ny ^J ; " 2)9 hS'>D 63qNIN ZL p R # 9<Q` ! < n ;=P 7|=E <Q` 67u @!` ^ 9+ r8 L ' dg<f 9
P H 9 @ `$ jV GSirs @ i L 8
9t @ H ,0@ 0 389v=6!8 j `pH wd : -mb K1' 1 2\[ Zy + A56* h|\ M .? I)l} T G( Qa@X c9z E} '84 `lP H > q@n<=(
q} %1@ x=( P =X8yV 1 h H 9F9E!XAN@ aa 'P 0 1oZ B~nv& P1 >XLzR CG,{b$w (
\ ; 4 n V\I } ph e (OL ` 3s4 u M *
r @ {Z k.A $y-BC9 h`( G# OsS n q@ A _ S9J z hc RT8 h N 9#C@ ly4 " /9&w( \ @\@: G\ `1Fq hYp Oz4 8 `B9= w v?
q rP z3 A 8 S wP1 R9@~Uj g 8 q [> ? !<C 9t qO x h O 9<{P A 84X 8 6zP s@
N( @^.(Q=z@ : c `th 7 c & 2;AI l @s8 `\q- A+S zu gh 3z@*/ #s *94 y t {1 x8C_q )41 $A( ddS 9 r a~F Z rGoH O a 1 R{ B
s@ A< ] rq@ RG${ tz v9lt+8v c9j6 9.'8'`? t I X [8'
0`G#n TS j+a (g}( $ f[ @ 1 {( `QL 98aQ@.[+S ? 4H H#*R]#k - Gu5Y|{ My \ af&[ iN f!Y5 B4X L `H ' ` s/< $V *F S 3A `P F *zP Y HL q 9 h@+ 1A ( wE F1$b ]Z ) $Q!v93 >*3F? 0 _C W.@__A* n|"TnAzWEB { 1 , $a )aB ZV qc z ( H ( ' F9@(# +E 7 9 ] 4XB1g0 r A =( $m( n {'@<rx?-0 9 @O# n~n }( z dc #u? )'8 Tcq9 n? I H^9` I;g+ py `( B&{ N9 !n $;P0 <w u ( CJ v 0 \trp{ 1%H c` td i { VEo ) A3 {2( 1{@ \ O994Xam @ j I cZ # ( .I q@/ 0 dV68 aAY2:zP!F v ;@ 9 8 :, * _N( F~lb r9, t= `F3 : U .x p `P:u H,2x# 9) =G ai"|Ch 0T}B6q # 9R ^9 ; Ry {t4 ppzP 38 px h [ 3EE 7 F h 3HB Ab OJ6 {n={ J v9 # 1 D^[
x 40 @ lu 1 "9 ( t + Gi y^8=( 19 @ P:c 1#j ~4\ g4 6{ d S Aw GN z`G"9 ;R {P @ 8,I' 5km t ) h+ B;X <co)HW}= & ! rz! x}2> !OJ\ { >sx{ )0'xP YS J<'}O 2 v (3 z E x XM Lf 745} G/ O )"m! ! < x 9#8F _#"( ?)K x\)8! Jn6CGX2 @ rM ?# 7.= z M (U B F8Hw 0 4 < * u@ <ch G'@ @8=h #=( & ? AqyLB@ qz G\.794\B C c{p u<c ,m#4 =h
- \@0 p(\n m .8g q\ b .~P14\ +?/By9( Cri &Jaq q\v 0 h O3 )_Z` R F}( )N3@ O< #G dqT m@\6$ S1E@ ;p z8.4qH lG) c #J L ('$f\E 4 = ; pQp . 93E{ 0Iq 8 sJ) <@\F G( An@ c # u @
n JM$ z y 8 `s w 8x H #pL ^( *s@ x Oa
yB @ [ ` x T h 7@\ <
@, = W JHcc=1 8h u @ q@ 1;P ^ ybFC *OP( {!9 n}Z mq@
2Us@ b8` ( q@ X= BnL`
q@ ~bx {@(90 }h s '9 Hcx l9( W | 14 4\0 GjZ Rs! ; 80rh l!O Ldc9 U$N ' {z I X ,0y@1pW z, \} ]I & &N X 8( H (=7
V p8( \ Zv $ b ' ? ;q@ l =( G+@ FAJ hG J 9 $ G P 9 v 8Iv g z .O 2 7hAd 8v( 9 = 9t X `f w ? \ c c !P!>bqE N 3E n$g ! Z C{w *#' ^ # S A@ #J `q )<S
X?1 /uomP\- ,j a%}O Yks%SM%V1N9 {ltB
Jx Y2M l<ZlM_CHK(*i 3d@gJ=8 iN| oS .bY( P s~hG h >N1@ 8)x_ 8L q i'v) d zP0'#<hA @py!`@ A@O'40I S ' 8s@ = N Q z< Rd| oN=D
l^ [ ve m tj Kx'HM' Y7cP\mq
cN) j 8<s@n8=!6=) Cs@
` :S @ :ry S & zP >@ H1>4 # @ u 1 *W `m 2 <QqP84
``~ Q b ;M .8@ G ( ' z@ \ r 8 9 ( `@ EBF ' 0 & j
@/p | 8bq I y C h g Oq@ #<}; >z 8 P f n; [ COP;zM\.1 "`1iF>0 r AOJ v 02y& S V f2rIx YW?N *h O ^ ap.zc@ j1H@ bGOJ ~8&84 A9= zP 8 1 G@ 4 S_ I J ek s}mn& L sLW ZCy=s@ P =h H<c0 i4 B p 1@3<S= =h ;) zq!??Zaqv!\
. 9 s@= \b 2z; tA:@
A U
F<@\=z qP 0 Z{ `t ) q 5I8*z 4 0 g@ u@\2w x b u@ C@4c?+A@9 J ;=x`3 # EI = n+ D]7] ' h tcr{P v yOP (b z cKhw 7X! ilc8h@d!I($ A9)Xw n%d`8qh:& f-
C;_ 'R(bygn6=> Rps T=H C z z@m<+;=h = " ' g M . G ) 8! q: 1c 0x=i v AC F0 %;Q` g4 u U"
G|c N y4 s :f h @ `I9 O F1 a]Hl f }H /@( FF8h '# ~ s; dtEl s" 9_| 9 1U~Q@ ~cL Z, JIX.I; ;! rph =[ L ~9+ L @ n} H A 'L b E >psh c h '#h d 9 @h 3@ H$f 0 6WK > P 2( 3 d z @O # E tH `u | 6c<P F( W `P O+ `g asvsv 8=)pG8 haa7 ,*T / g, 0 s@866`;< ' Xh {h FsX ~( A @ ` a Xc y EW9y $ V a c 8 8 l 7 RH " NGj 3 h $ t g'NX 3 +y@ IH( lj, nJ c SH @
y S T J@;GL 9z J:{ zP c ! Q 884 N( cc y ~P;Q P G# w{z 8 0@b q 9)
@@ =A pA / A(cB IDlpqHv GHb 8{1\ C p1zR @ M 2 s A@ @p@ z P = \ h g{ k0Pp94 B 2GqP ^ 7="-[G ?+ GON :zP!F0xk6 h ,r 0: @ |}{s@
1G@ <q c# R r3 H z) n8kd|=( q`1p t^O8 ^7x ~u }Mm /@}Y]|>/a$Fr>d> d 5 ww5prgKBy Q,6@}V[4] u QC OEX T 8V=AA `/?+ 9 j Q 8 !6C A ?* 84? R I L yI ! sP t4 4 6 #*3@8g 9 @8h = p9$# s rhhE s Hc
,3,P& V%du 6vq ( r : d V n4 |b-XbqtB vq q9`L 3t u>dDW nAf(x[vxC4p8oaD>V B `y# ^C wP= 8 3 7$6 C@XV#oC @ '#" b @ ${ X0 M8 BFqO? ` =h \= #rr 4 G" xj Uu 3; pl7<R O@ 9 B z @ Uzc = 0G{S B q
oj )? H 0 x( zC j 1C!W '0 +R @ d n4 n pyB`/
p$R 8@ 9n [ =z ( W ~Q) 19 \9 )> $p <: A31H g # J h m 0 uHa 8t!W g?E4 0 ~4 c@ v 98@ 8` L ? 9@ p z (}h 8>XCv( \g > Ol1O O4 > #2O s rOjb c802 8 >& 9 9 ? 9 w I\ _ E F1@ 8 9P s&wrh {ps{R 0 . w q@ 6O4 c3H ?:`8 : zc 9NGQ@
t`&~ ( F C= iB2 Gvq( O p:c X`3W KWuk d0}E5 C#x yvOqj jT`T,P v >i>J =iY SEr)d A~?VfrN E V 98;2%v'vOzM /i ! @ o+ U =OTv3oVp#$D HlN~ q?6h ` ;@\=+ G J 3i <f nE0 W=H __E 1 ; \C J. C >\, N & \`& S@/,I BN 5 @ h ~9 @?~1L 6 < L ( ) C, _ u ? $XB p9P ' p oz 7 0
n<qL i H =c !q@ ^O<sN< 1 w/ ( c= Z n2 9 { i 0: H 8 ?J czajy #0T}b @ 8# " j@ 9 vi K q 1L }) Xd; qLC0 #r UC
5 6! }{$* ?Z 3#< a A@ I@-=P @ A u U8iP }ij JSn@\B }i Q2uiq*W @`h ao@7n0ixz =s(` })j =cs @ :P :w H
`t A \ zm9 = Tl y<~t0 9sC T14 & q =(B @8"41 47 6}*Bw @ *@ @=3@; ^q NM!@ @\E= s@\ }z
3s@\R: 8 8 z 7?Z Bn})\.?G0 . R '0 3 p p)4 p( Z Qh [Gj vG8 (c .*$ z/p S tj B z m>P\ R3@ 3 0 z r~ F @/#P 4
AW 1 rM!ar\vpc q9 q@3 w #>C =h $ \ 9 ;S<ex=!\iS:P1 [ \x zP F 3 - Z px4 *( I1H 1+<w .G6ph h B9EvA R : = X @bAR gP ZW K %4 N*@/a< # ;I t iy|c%i er; m [V;[s ,k x> *ODpz A|aN~bK6$35X *UnMXZz^ 0s97 `H@ 6 ${ @@ 6}sLW N E ! ! . Ks # 8@XS (@sFacy ZCU4 l 0 g'8,"( ( z A 9 r? @ gr 3uU o$ B p*=e<y g |+Y ICi1 3#IP nd ]gz :Z[ 7SU +>#{fW}| R0* k$n7Kq' mxKJEt6 7]{0s 9 8# Z T !*6' Qn*VqH 94\ \p L :d @c:~
1r5{ : ) }iJ..sJ [ t h 09< @ W8 S |_P2' FpB ! :z K R j h g N8h H' # Oza9 p i ) }h P `` 8 = cH #$ i) M =h H H`Ni@ ) w_lB y- =1(` Nzv=0o> U q ry h lc z`8> ? @ @ :P 9#4 pryH 'Fq M x t( F3 3+ q H yL 8@\9Z Qp Z 1 qwA~ ]m . ~U iX $P A ."9 qL x TaG<` rs@ H M0 { $M (9 x {
$q ^ `4 A,x X 0h s 4 ZV 1 {P FH= }q@ # `z \p7P u J z P 0 ?3A bA:Kp q qH t H )X 0x ac
U 9 9 J
9AH ?$( ' ( Y 0 3@\svg40 sHb2 ~ `0x+/ X| K;t Rz1 T`=EQL ` q 0k @ 98j-jR:u;O x>_t8 Iu +\ NV G 9s '8 ;;\M :P @=A@I i @ # ) p .I<@Fp; 9' o 0i zv!6 @o ; h ~ 8 PC ! =h ) p@ B( bG& R) m0 qa #9h X`vCv 17 {P$7? 4 @`6O8Z J`/ W !l+ } *@;S C$ :L uH %J aOE? dP 8 0z q@ Ha z` `zRb $ h
0$. I <P I? @ ?1Xz 99 < =h oZ @( X3E06! 4 A GA4 @ d 20} O Rw P zg b + zu,+ , Hn}( 9 J4 3 < c@ 7j,0 c 2 ;P I8 h T nt v3@S( w`g P :P ~4 $ 1 :
1`v a st 6bN1 3 Z *dc y # m y r[v0) 2?* 2h ' 17d :R 9<P1;x v9 h P z
s ;P x Hq q@
OOa <@\q G~1@ q sG E " ;cW d=) 4 ny@ s-@\ OP F cn #=IF.NE; sP! rON x '4 ( #9 0 &\s rr9+j T:g 9 P d3P pr 9p \ ~t @ y(RFh ^{ "P L sF+` / =) UJRc,OCLCq'& b0I P@=qOB < . Z c .( 98@)NOs@ W*{ J`4gw_ V N (| v ! cL H J W 2 Hc TJ\ qN=m<4b sQp/`[lX=L ;zb 8 qF q@ :P0 q@ !^sG@ <
T $ sO^ r s E ; Gnr H8 W@
G s E9L ~!xa&'bG^J{bZ 9U p9 > ! #I+S uB -*d]G (-~[hV%< > e0F9jB pO# 7 8lQ` v Q;@h@8/ |DL IY * g(cL.I{Z7.ic< u^O *N1 I klo*@95 &G
~0@ {: s+> L < GZ@gqRN j: +` 0#s t 23 0 &\j:Z u3e d F.N~FW|H|E mU8r c0}3,)WP #rr3oCuS 0cp go' pM 8 % ]E 4Wd ~ ~P\ZX] =3N X X7v"l [ `Wb > E[w G CW(E L!t ; x @ n+@=2 L#ZG 4 ./1SVWvArk!^@ =)2@ 9h f3) v1" r ' 0{ + [v2Iz C2}HBQny ZP 6 C A};)@ :m A vq@ h NFs 9' zP1O ! ez,AG4w LB6K.zP q4 i6 A@ qJ<p#-Sp ;R z { 0p)9 uJ@*4 a@!fN aL g ?0`;9 F`3 >c21 F ;>) { 8=: ^ <r1@ NI@ @ 8 h@&CN 4 rr oZ. Z haOZ P9< Z VzZ 3 < L /=P
F s .xQ> P=8CYN (h= # :1Y In( FA ?lz` l {P $9=@^@3O <84 1 UM ,iI S g [Iu 0 ~zd
~ "A 1 }N#V$8= 1 I O6 F3@ LC=H`) x<R P) !
$LcC!A c@ Q 7?6} | P G ds@ ` '@(4ypA i q v g ~cZ (?Jb }1v 0( j3 i Qy3@*A'
29 0 09 \ ( yzaa ) u4pbzG )j3Cmiq=*K Mk~v &fE^f- $ R = $zg v j; JC>!vx? n[= qz$8 & ~H N 4 ~h H @? ? 8 }hhh G?Z ay
j C P v h <qB G C &r \,H?Z. 8H nh P pz L ' P 4wt<. @R }hXfOa .t p H"nN \
u $ xdc ( 812FA?w < n<! lzb0=l 2@p# 84; v@h NH \ {SXq4n a ` s
j}(B X s{b \0i '" z cp Fy \ R1 @= : `4r[#}) a q\,)=zQp }h pyJH li'w Z]@ L ' : z ) 1& duaP 8{ |:\ w$id 3 c'0 " 00 }QpszzsC 8>
( I__J V @4 I @ ~t qL. H 9 0U1z .: \q QHc)# 8zQpR ^ N \ : 9}h E@ = Fx A4 H, mS@*P ^ ,9^ '4 ~ti ) QJ`{ * ! { ) h O#: E r Rq Tc q #
@Fw ? 0 ;P4q@.szS Z; AQan A= =h !x 1Bz A', Gh A<Qm &84 L3@ R= J vr G X N y]dW 0 EF }& OC aB@
T}8B0 cuc%T=IF9=. ! ^ ,P 9?R r q8'<z q cz@t Iq #c iv ( {b&; / x<Q 0 724 c@ P ` N{P AP 3 { Jqr 7t 9 A@ <q ;$ E;_l ^`Xb ` 3zeSH L zf @ ; W 4 8M g@ I \ ( ?$y Zb lv'@ J \r : L` p# Ns Aq8"1W } |?C[0#nwg:/* !~aYB To djT ' 1H`G;W] @ .2Cc D1X}>!O e7=ohW{+j 8ERy uEf))H'o 0XJ F V
) h, u k
d Ka:/H2 P Xg0 SHbC @: I0 H82 sN'W!'nA} NIm}J.;U# B N ALPx) L4!UB Rz
</nn,-702*_N?o 5-Gnv^ [<}Mc'wpz; .W#N# p@ \:[ ' |SY )8 FL]EXY i. ,Q SV_e S + (P4G&F 9? k7 v+[ F
CNVg&-hW gc/ a@ $j olVo xW3;MwW{%)k PD>H }+)' J ; Lg # iOeo1Kv @Bosg q4Cw Yz N)0. {H ;8a gYQSMm
mZ / j q}$6a, r+e!` |Ov= >0d]06^ SLC e'v- q
:1 H d( B@ N( ''q'@) u \ #;qfcr( q@ L i v ( h 0 $ u 9:f 8 U9p >R{ p ;S {b gJ :`c s .2yLA 1 w s 9E 9Z 8
'~?:]@^qH 'p*& G@ ' 8 9 (b :` rs&L O'# xz; M Ps u@ A FpGZ s: 9 /` j p ' 8 0D P ~4 % ^ @L`s"A@ ) dg <!ph O Jv c yE e'R
v@4 18 '9 98 : AI U @ \ s@ i g $w s :{ c = N'@ Z 0A< N*+ &r ,)G (= bF@ SH A`! # aE):1Z 38=( g 44. xI0 ds@XVP A c :sL Z G#`0@?p( 3` b < h 0<coIi& Zp 9= G]O rCzhX$9.7 Gh! qrqF J1ln2r8M= r U*8LgGI" uh J (9 w 1 `P!Gcjc ts@
8!i?w9:( 1@G< 6 0 ! c <pi +pX L ZB t<p)P {
C 0E I 1:tCi~R q3 d{t rE!}h # 0@UFH\` a s@
zS ` J 8 b @ |b ~sI #c8 !qE!<4 S< H H9cz I .qf Ac}( s Y Bz, w & * t ) =@HF J@"~ <4\B S Ol h @' @9LBs 91 n
==) @ # .H @/ p9 c- 9 ' Y 1= z`IJ pG P zR Q 3# z Gj hc+ sz ? Rp:L s@ 6 @ U *qr cH lt<QbF ( h `d h @: J kt @! 4@! n9j zp( 7| . r:SB C =h (; P ` i
=i 8 Z ! #?JB 9 4 obA s$A! 0 !,O n; # L \ 1 > #I XbAp s@ ' ? q Qzc \n9 1[ cC @ '' /Ry4X idy }) t \) zh ~N}) <S 9*=8 @ 9 9 n; R D[9; Rqh A F Eh# 4 c! qGL -F~X 8 d9=0B1@ : 0) 88 - cx zu X9 ##8 t u Z r s@ fx M l )~RyJ5 4. p jB3 qL 0 P1m 8\u 0 M ,|L O H S
= cb+ ^@ 13+j p]]8Hc 'Tcwd&1-f 7=; {Zo< P0 < Kv f h q 38 " <w .5p{ zuq3[H{{CHlz-:GU o[ gjZCed c{{WB5~=35f[ M` u ? j@k Q4l+ 0{V B /4
<]L W?,i 4<lZOh*#A o qZi>2URO98rM9MGq\#Mk}>TT L Y}=# b kBv+1) >k 6= 4 F`f:y<@}4W{ ] . mo4{";o E q.i\n]: n!f ' a%f:4&7( I '<qE> ~)_AovV` ~$-&6 nu QZN| Wg EknmE s2Q: ;?7| @B 0<]rR d Dw<% y F\Ml i7 Gq=X}+'vKw70xSa#@ g;W , m$ @M5 i Hs . W<jN7 ?V _ODWf|YqI%" CT zT_ |> lg 0k?e"l z 6 aa 2 Qskk-AdV1(oxWu DW =B hm!XmHQU &x nm!;6 6={VH e[[8m '# E8# 9s@, y 1H\ y RN:P 9 b8
r 89 4XB~ $f :b 'Sc - :;tcy$ A)c N) FF)R[& Mw $lzP q $i - @H?wAa wx,( # $ GL ( E0 =O X d+ E } jb $1' 98# d~ 0ZL $G8 s 3)
u \w g aeF}h M< Ya @ 9 c #g BFM 3
rO> 83 9 C il5k@
GJ v99 X sF #1 r r@ $o dP 4P 8 J R : 9 Q J5 7_`4 ' v l
3>
') dd C Rx R h p9 l1x =( P h 8W4 8 :vL - Xpr1)> 9## 0P 0 ( @ {dP |& F8 3 4 +Q zESbM! y( #A gDf=og:\ =u4Z n 1)[OgO+H:S BIK y722t8 VY3Q5KQ Fb2R;
&s ~4&G) f 8 LD3 !i ' i !Is EXA wc. 8 s@ t r s' >z. ' @ 9 @i vq@
h i\ 9@ sPk j = `&pz \ #)i +v t@
NW @zP>l 8:EC@ Q4 M v4 [ f`q g= ' 1A9 {
8+w.3 #nh Z 4z '=) q1$q+!b0qP^ O_JC G BG 2} 9lR 8n =)jG cLb b Bc H V )6 r)0 # h @ ) C $ ` 4 d @ ) X E &0s( m ( `A H 1h x=)\d 8 `N =( sZ@ 2:@
@); z`v4 $
C 0 )# p g@ }) 0#; \rz!A u h b ` W;8 2{qH #B I\J. y4 T> @ z ; nh s= B29 ?)9 ~ L @| Fz~R7dR d SESO k ) p =i SaC 3# "0 <Hd~SL `H J FNh @ o0 1rKZ < '4 ds I\@ 9@ pXpG41A=) $` r15B HoAR 0 9A 3w8#xa# ( 79= zdS *9 s cL@xZC \
@=}x4 # 3 oQ@ Z. b j s ' q ?x ) z 3h 8# 4 PpS 8=i I a2w 3@
I>`^0h A rh 00xh YF} q@
w N
9c Y1 F ,h g9-G x d ~d
Cqv qI^y'b W ; s
y i p
@\U`@ ). 9@\c9b1kpl k7^) B3e+:>
*tM6 'LF {m F)' *w J 8S `t #,=@\+ 9.n$T Y ~7ZMp$z vIjz A hF{*.LW} 2|qB $y+k+ evrk wb \ S1@ i\ S@!,{S I[# s!B c:IC=hC <Rn6 R>;5rFjK *yVN$sv;/ j:wt ( 8 2wv<io j ne=}nV * ~pVmA9 < I;'\=*Es >!{ \ <^I 69wV: xRK j #Q XN|ml }"} y? rvn_,nOZ/ uG^[[M + tL @:kG J-; ^m gy #y ui]]sxg>1[D2`= NU"* ^ 1$V(G(<aXah tvHdT k ' mtH.5h wpW XM& N+L7]<@uhwyxS2C c N sI AroxoSK{ d>C9E'(j*FZu=2 z {V$ :sGP < euU OJ 9_Mr uV8I5iI <[. elw6<rBs[% jQ ? D+ <}k)To}=%- (8 tVwgf ' 5&avVO| I,cq8 cCMwZq$o,& gE :p& fa Z@g /eR [W6s0p+I="{ r:D < x < rM 7o C ( S hP m OZ 0s & q x h 5N{P E" 9P @ $ {S G9=Fy7 sz@* @
> 0 8B$(<zq@ p8 l :[ aEv0i^O>2 F1L d1R L4 b < :: ( =: n9Vt=) 9?Z @FFh0<zP 9`7 c@/ !Ps) Lacx 0 O s C 7i =( `' _^q LP nv #9 [ L W : [9 y= z ] Q?Z 19( A I(
FN W0)C y }s@99 ( R{@!$E `N !0O~9 #j M!r drh c9w =( # z. <.1 9 + o q L I zL - ! \ 0 `T: 4l xb H Bp}}) 8E\ :b > I< 8 )n 9;q@ P H,( @ iHb sGZ {b OP: GH R ;O" +Q3 2Nz
kPz 8|PCr ^8,n$ vtU:c@p mYwf p f?Te c4L:r1Wb@ g gmB6 z %FEn =1 I ;Fz <( (M &G$ ( Hh S J`7TH 6 8 + t b !GJ
r " 8Op xP F O@O 4 `&8@ zP ( qHCS$ $@ \:
! @)rz!y 4 @ @ zP!x2 rB(c %#993
~8 0F{ h 1?xw< 2wdq 8# d O FH qLCy ( G\ Xc~e>
)H ~>R=Fi H<c c -v4=3 w@ $ I F @ q N@; b( c > )' z B * S1@ = F
pzsL }H EEq q v I1 .2zL '9 b:` b 8*:fH@O\@
: N | p;hF g RT z U> c0 + FsL +4p 9 V #Z O=h #9 d@ zqE dBg/M cV x` E d ;9Q` ' Z, `# |R N M ^h G i4 C [i PrA8 C Hc t! vz b ~t @ /N
q1 Q Nwb1!99. A@ < ` z4 t = L|sN7 4 r z
7# =F( !Z,! :c I J9X1~)y$@ P A q NE0 p)! A X I @d ? I @@ w# h . Q ~4`,C }` L4 <}zP }( G94 zcB \`9p; v <s 4Hc
o_j@M S 2w8 =@vC. #c}! \b
Gs@ 8 ;`in P L n3A 0h l ( $@40 8xW H=h $
x c XEb{R u% ? h 5U -O! y& 9&7 Q@ ~@?< S Fq@ Nx ` @ 9\R v I h .:R GSL = zg0<_ G22Q Zlr < oc bG^ 6:@j8` Jb6h 4l 7 zQ`< Lz j k[; }V<
\A6 t3T6`| iJ ! V6 F `Y oZC 0A9 < })Ci _ T )PrMi n[ w SfJ&<ZW?erD:Um\t-2 (T wg) pC7 _J $#:zLp Et=S64; vew}+
R < y$E Qc'8.be 1&&af:[ZUV8 z i)\lP$TYna}vyI $~B & x*.F{
5m 5z2}< VR/V[ b'hrx+ZVF -19>R N $ {:( U7 0in#x R E t5? AV) dZm-@ X >D%i"x*,@ %v.I8K]7^%REyM1 H` rW E=7Mlt 66pp9?SX(eU//g6I
>= tSf=_x^# /<el 0nS_@iuZQm6 @' (3$+$ \U^1 c|;e&xmb Y:zx~E (0 .Mw5A =H dGaNb O P1lu \ =1LGZCk f I`9kJkQ6 I#Y&a MrztHXr1
0M , a$ 2B8 4 ~ Nh S q nh A 8 G P 3H jaa2x( ; Ge ?x 0@: O# ; b qh?7C5L4 m@X^8 h 7m
9NNI } <( #0 wu \Rq b t @ 9H x ^ $v4
( z =0( w 8 1 aT ;ph H# ` `~(l LS T @
G#3 n<c @ d I
>j`* ! "{p: rc
c GQ@ E |B( Z h 8 Iq
?& 9 A< `g @
8g dQ@ 9 v M 43 ! @ ) > {1 :x,8cC@}sM 9Tc= })wR # r) 8"j??/J R G L @ '=`0 1E+ L| y g E b@j&71nh 0O gDj:) \iz{vO G ^Z3 r64=G_ VQuTV9&}r} e je t4l Xs QBgJ oo m*N8 T]T| Exv r8i2| 5,Jn ); McqPM<d 0 } F 1T| L3Op >bs q * 9!s= Z w L +F:P Cqv@\x h. a # px. ;P ~]h s@ S br) > 9 v !$ b rr8 #
< c \z _j 7 ^1Uw
q: 9w I =i O^1N R?1\n@OZB c`c> 9 ;@ XdP+,H Zc }MH\S`p?J wd`.Il aCw@7 #>U' L u `h AQq ; V Lq @ @5A' h =c 4 n}) c@!sb! ` P: ?:B F;P1 $r:P r0{ y P > cLAt E r( +# TgZ 0: '* yC > 3\dx J.! y94z 0 sq < J`7#'w_zC 8` x $ > Lg d z ;P 4 10n@( =@ {@ >n vp.:q@: z :m 4 y@ SE F G"$ 8ah
zP o~( . ,x # ) lc8 " d {i8<Qq`Kd ?* uNG z i RsE 6 z 8<
OL NEp< Qp ~(
{. X@ $ ( & ) !1@ c1. hc 4\`A?y 8 A R23OF $I O T Z 9 ddLd)oI < ~ l -~4 #`r 8 M li^= B Y# @ A@n/< )g) rc"'AP 9 # pW> h (THgx \ } ;{ lj3z !d> /SW;A=serDc :qVqM1Xy` 0qH q '&5k )ic3O5\d 7 ZtQ).k4x. RGa_[ a!UD Y =xR ( A!V{0 y8as|y[r/ gTi7> H oil( h S F7y [={5 eO@ Sr 5$i.cX J8_ xn!\e@`=khSKY W< VO \1 NjgRDm:O~ m C; 5 z D%`VW IKIe
N=}}%\js{ ur hZcC> u[O7claX-"X DA8 8L $ %GOZC0Q gD*f 1,m i
b\ ^JW 3S # Tx U 9[ :] W q<f x Bx% i Nveg e9 MLt[ Uc { cP 0 @kcp2ncXv -e q(-Kd@5jn'x E, C}A:[kX
G f%@8rW ; ( "SAqP p;P+F 'J r 0(l+ ; _ ?g[Y\'8 kRK+d #@d^ JI = 8.+!'$)H.* =( E O@ %y $ 9 !s I c8= `7 Os@ d 9'@
@ p7+gG@ $S #9 V " z FJ U[L# Un#B A3L )\ 4 q) b { 87 @ Ij q` q@ 8;ph s8 zq@ q/ j6 9 ?Nh #@ ' @ .I<c Q <4 ?J S8LB q! ' z ( 8 Bv=3K ^@
r @ A
:u =( 2 : `P 1 IR>v wv qB H`1 )8i 2; GN3H Qch r1`1Yx
= 3qLbc F0 s@ '@ >R) A~.Fwb: L @! [91@ } gG@ o x * p\`#`) 1@ F/=piB G9z 48 wg8 }0 0=h @4 4XB C& Cq@
8 0 h <~ A | 9?>#| H
%xFB%~Y?ZrZ|1 8(u\net@4 p9@ 9< 4 c(#$q\|U[ \@9j D)r88Bt}*VR % 0[ 4 g8= / @cP ~Z Ltt8 $S l 8= 4 Ds@ q= x x yn Z ?- ry( F 9AFG + Rj d as G ' p ^`F& W 9 9 XFRr1 t z n l S \0 Z@7 ?I 08 ~r9 >t ` I( ..3T ` 1q# 0Lyx?! H rx P7q 2h I q!P ONI q br8H, d\Bsjw p E 85dP 1@;" ><S H d'4 z22r( @9 =(c m R,/UG1 O& dw j g \` ? CA3 :0^l@ h # P! $h S$F , G|u4 dQat {+ O^zP #h !8EiFr1 H t # J A 8 b zz!T X s9 za h }N) i z@ q v y"X f qg F}8l /Z 8Jb z8 3I qqLb7$c ) OS@ '}q-=qh J 4 R@S\ m z V z $8+IIrp80 ~c?& R ' / !2 v& sL }OJ w Lx123u,!=X xlJ 8 L5 #n'cP p BF 1 E^1 aN i LF r( '@Xo@ S1L QAH (' H P J`P {1ui *O J`I ;E #q:@ zh \ { | = '' 3H j. (Q<S D'? ThQ C=i'Aa @ Q@y C> '\ e >ny C 8;! 9 XKp # G9 P `><& BBw 9 >C! Lcd`m & L 3F( 1jM) L( !! u$ Tm @ ?7 . 3 $ [ "m4 *wd @1 J b rz A+IoSXD ))e JD
l4{[Xg = ^GQ!|xLh @^ zh.( FI1N . vhvm e Q{ {q^6a qmgo ~$> \BD3= - 7 4 XI "m.^'r qwIv B% r q) ) ^UGg;}r NAk 2 2J 4-cl ,_s I<v* o
FGUzW<7(# n
W evK# 4a a1 h J q?J. k pM $U##0~ < ]= 6 Qq Eq 6%Q3N w G2 #z r =:}) cw {p .j. "
; z`3 -H Qz` N @ 9 4 % E/ ~\ A cG V:?dB< y>< u-V}Z| #l EG= :Y8rsP A P h 4 @,v$F9 g;? #9 9A'94 q F[ L: IE($ r3@ ~ >X 's sL
h 9 F=: u?J 48c$
y84 + 4 `5 R1Q` $ps@ <~|P rB , d H$z` ( I 9=@ <ES 9' =
} 8 ao @; L AQd n + yL, M aX' P ?* J Rq C@ ( (;F @XO*`{ O@ r i SHEp#8a s@9 d , G< NI 1[ v Z, yc< J \ QLBf B ! L 17 R 2 > 0 RF~ u I = =B N3 \g 9` 9 M 4H y S ! 8^ ' L @ 1X d` N h :t N>0#
,0S >\ b1F @ z =:0 J4= ) ( A @8? )< 9 q f ' ?
QqEB A q ( <LB=( ^ fe iX.[i H&K{ K`g\ sE F x "i qEsh i e0F =z w h v O_J`90GJ 1 4e Hc?^ia g An ; 1h v94 t @ l L @9"/rA ) 9H (r9@ v !y ` BN: z. 1 @ BF 1I Ea8@ 7'9 g9&F :pi x 1N ! # b c#<
6 cj tw= 0z aN}p $Qp W ? yP!:P 69#C 1=( ( Q _h B \cr?J SSCa7 \ 9 B' gSM R>S. H #+ \B E ( q N >^=i ~ah 0q4\ r @
:+>3Jl NF zQp 8" ' p\ `( r3. q@ 3 "h l 8im9HB :8b /8' r *) ` y < ;F9 @= U
I' qG"
a@ p C :dH $90 # Y r $@GN G X z wn~l G zP K #lnP P 6A@ ~J n
( ! q c @ Qr~ 9.4q Cg ) ) 8 :t `n E $s dMOQ@\^:g ^ P!?H u sL g K) @ npFf r ( Y h F 4 `gL # t J j j@=g#4 08(0 Zb zL wcOLCsp@#J al 0 dg ?J7 mzP? .9 t Hxi4 1@@ydP! dt C~` F0s XlFx z AI 84 - *M ) j \@ { n 1D @XN Jt@~hD'OJ xS `zc ) S AH (A 8 \ ~4G'c O 2 1+ = +P :u [ 0 z< 8 89 Ph PS :P!2pA . |PSoLF Rz IFc4* &KxGPTW>2O *{ W h H!\ l4{).n c 81 Rn> T'?U8[ 'vzxoMrU!STXcj
d3 iAo $ 05' lqW
'2rp9Ue| xB *4 gT4 ` {I#;( yrov f G H)
z0 W@ ^{) bh$CV bt tw lvmm ~]i } QH,Ms b cZ@ `gi= }) v ^{ 1#" aH` @ E IR pzUri!: * b) sH PXq?i s J: =>\ u+h F ~`1 N ( ^ @ 6C $ Z h9 %r 9 Af b X " jj !cWx I:7FO '+);GOR { IAE? U /$ H^ z`) ~y `rO^ <c C8tl ( @1 Ny T
:1=h tO4 q 0O 9@j0I<R \ j q zt Tax @ 'qt * {@ j O ; qP tH 5y `; 4x=J 8n3h6 =T gt $^
s{S N3rG# _4RN8i1W( G~ q 2 ~ s9<@ vcwah x [${P <g4 h ##=x:t R` > sAoS@ ! g8 s j vF( S i @\=8Cv0FsJ n- 0 3j 1 @ zz
<"H #$}h u c` GZ i h !@P13 C` 'vp6(B.w h GHc w w8J* Z`!< [ @ :Qp ` . qm.8 _ u'4 >l < ' I A }( 2zt ~;Qqv 8Q @ >_aM h 1$tc80 8 5 W 4 P Jz B J@ 8 N
dcgJ n ! Il q @'?! r) H L O\ *ApQ 1L.;hH4 }Z qh 2h s8 J { g(j. Ih
H^ p zR s @\ ~4\. n Ekpq4 >& pqNq =i\ TA s < T Nr0x Q o@ 7 s I<Qp/ 8 9 } 5@ ; v}h v s 1 Xq ~ 9 7N( l 5 @ > yG z? . h 1 @ \{ U N ch& OqH 8P 09 @ X 84\ zS #94vr@ 0 8> 9'h q & A 4 Nu> s@ ?0 'Ja" >( $6 ' 1\ 9 =+ U<R d 0 !-; AN
I4 H #a`9 2(`y Xw$tS V4 z 7Q8@ ^ 8 @ @Xh99@ a tM+ fA N 9B X p@H 0'Z `< ` ( RI3 R L,5 P y @3 yi }i44 cLV 4X 9<ciH R ' 64P]g#' ` ( 2? q)7H >4X :v q ( .3 A` G&YEq FJ 0# ~ 9 h$q
( s<d GP 4 cP m =i 8@
8@ q@ 0 =( )X`=4 am0 ## b G@ N q@ + a A 01)5h ):E# 084M ~ >d I e 9 \
rh F )8 f4:Ay-@F :U EW' C d ^@ #C@ GE9SP v$ $u ? \ x-wn
yy{w n xvWI-";V#< >mP[t;Fn8\/ ZVc> %W04e 3qi]]L~)D-e Y+GE?_RpZY9 w <z~Gh ^ n ( 4G n/Ic gm d n 7)1 i1 yqE]=sX ^: t 1 %< 7} 1 JC%
rsUa1 Q@.! qLBu'`=$ v'`06B=1 rE ^fh9[ @ 8
F c ;rE )' |h l!z: ( 8 NH 8 0r:R l.rp)D?9
C !x# Sv dd ( y8v s@ `I \ `?Z E] zu { K| MZ- J^B. z~QW`0 %o`y *R}OX"[3asWEQ5#$f{p#$g 9?78=if Z ~FO@ _84 G{P)c 1# N) (`; P+ 9 4 1 y?1; X OZ 1H p Z` {` x P 9 9$ .(( u
9'9b @ G> c #=i NN)>'j`# 8 V>Qp K q@V c 9 L!^p)6Z%4 #? < ? CP14 p' `` zsLCO 1xF I| cc ?? ! LS Fo P q 9p (=aaG c$ 21R = <v P `(\\n t 5Xm>) FU<` r C sL .@ ` _Z, @ 0A@ .9d!@u HT `
@ z x< )j GN iB @ 8 f 0 AQp = ^ xC6P \ x 7@=;snxH ^ . c. N~z@9z @ 8,; 4 A'&U #`8u9 R #( $H{
N' 8p 9 a{ R <v 4 k@
rx 84 ;6I J N@
tRNy WL =s * 8 8 'w^: B c v W @I f J L0 O@ ]C *O s
~=@ 4 >S@ ` _ #h |qH S ' 4 h Oi S 0 x #@
A0` r A P 7 '< ( F; s l 1
>aa P Onh ' F ;{S M rf O CIsEv;E4Gy ` k.IoJ`;`9cF # g Z .8; `g H B HG 4 n `v p H a e# c n(X t< N9CKdt x<!8t b J B6O#Z =) nm/ tF < 8 ?0 9% = 74 a wH z - qOoS ^4 P1 H 4 H * 1>< Os (< 9$L z 4 fy S'<c0 @c d L[ g )8,8 S@ A@z ! +
_ZC# % 9 sHcQpF{wB ; )^ dwH d` x + # 0sH 8 r9b 2W u >q GZ, ) U <`@ 9'sF(8# pa`@8 # Ny BH> >Q` }9 -c@ y q*OlR 5Ip LN8Z A( H zcZ r PB8 }q MF \sH @
p<Fx Mt @F0 q J Z s9yP BOZ@W+ basQ p 0A#) `$ 9 h pj4 e~8 ! 84=E & q ( =;uc@ O 2OH x .zt@
JN03@ r pU#8 8 1 rs@ J Pp QH.4/ bx g@e =p bDv :7CH 07@ Fw 1@ 7! ' I @Y|*OLw `3 #P<4 _~4 v1R nQ! |) 8\ (@",F ( #) ]bPXw 4Z8sO
d | xcM7PbO \d&4~ Yoa \j [|7`gYG]`
= F ]d RwsH"P"( ph `}) #Ons T\ g: (
3 #1Tp:P q3 Q< A as9J@9 xR rqO jqj@5 rq@ ` Cp z `f
& G# v = Fp9"J # >z u< Oz Bzh @Z u 8?P o 64X@I!Lb H ; r;S #1H 091E :}L [A8W> I~O84{\Hm$ q{
Ja7 R 8lP T 5 ;LCS( =( !#)AH N t$ @ & ^ 1HB66h Ay dB M~j@'9 q@<~= '
?h
4 rr(` =)Aq sP Az ;Tg9P3wB' $j@!B8 y<bq 8 Is@I N( HRh Ab Neb KASM0#c p /=h g z Ha2h L 0y!#0 $R :c ) 4 , ~r < $ O #X c Eh]( B &
G@ r >(`4TR/ c &\F< P y )7dq@g# B sH 8` 3@8 ;z L < s}( '!F?Z@ 8Ld C[ q |H1@j A$ g Q 'J Fr: 3A) 1E An I
1 Z `u@G cjC `(AB $ ( ] r Q 0 'Z@ 9 n #pPR? s 8#(< qI H: " h ? ! ^ G^ 9p@8L N?
C = 1 8 zqLB 9R f psLA ( i .31Gq r(E y&c9=h @!' 13( qS> X1.1@ ' = O? `J= N @ 8 r9 H ( S ?t S ` p2h N@+ A b 6}iq9 H M^ zS 1@ h #h cs@!\| d M i= \g
1 `&H Z /l 'E9 bh {az ^1(O 2}!- 0 , b( 1@
, 4 \P <0 ,B J A9 0<R A_@ @ 9# 7 lw 8 CAq ?
^ F1 )x R7 cE88) H? 898 r9 s \e}} e~lf 2 c h >9 $ Jb@"< ` ` O wG h![;d [ 8 %28 Qp ~@ psh v@ n NG=y e7 ) ^I3!TAElq t# z 1( s@ ( Q>oMG # JH ` 0xAq0H }ir? ` (\g4hx
H=z E 4 { ( scBs~Tw < W N x @9wd Xp 8=i\ cG9$ F [=~hfs +z & $ qz Aq@ U k c Brs FUG8 A @ 47 % ( s NC :P E a S"dg )i ^E @LDr Rc @)A;ES 1'Nzq # {P1{ qG&$du n v{@ Oj@0LP 8 9@=`7 HZH )wc `" gl @xi0 >Cj v8I \ F4 Z- y Z j' '9 ay#=) ~ 1{ } z <| <{( p }; 4 O 5I 8 2 Qq F2I 1N >{qq ^0 : Nh }H ! z!zg
: Gn1:O4#-u3O b , k- 4m-{ ( X s =sHzXd6O? h N H qzS @ L g \) @ N0( .E ;b }) /14{ '& v 0 A s@
NGlP z S@h A$ $`
rx P qP M1 08@v$c gI OZ j NF8 T 8h rH1@ 0 @ r estimated
service lives ( various lives ranging from three to 30 years).
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.
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 shares
outstanding during the year, which was 39,905,856 for fiscal
1985 and 39,761,154 for fiscal 1984 and 1983.
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 deferred until the aircraft and engines are delivered, at which
time they are applied on a pro rata basis as a reduction of
the acquisition costs resulting in reduced future depre-
ciation expense.
Deferred Gain on Sale and Le.aseback Transactions - Gains
on the sale and leaseback of aircraft are deferred and amortized
over the life of the leases as a reduction in rental expense.
DELTA AIR LINES, INC.
2. Aircraft Purchase and Sale Commitments:
At June 30, 1985, the status of the Company's current fleet
and aircraft purchase commitments was as follows:
Aircraft
Type
L-1011-1/200 .
L-1011-500
B-727-200
B-737-200 . .
B-757-200
B-767-200
B-767-300
DC-9-32.
DC-8-71 . .
. .
..
. .
. .
Current Fleet
Owned Leased Orders
30
6
93 9
33
10 50 10
15
9 18
31 5
13
198 47 59 28
The orders for 50 Boeing B-757-200 aircraft include 30
aircraft which are subject to reconfirmation by the Company.
On August 2, 1985, one Lockheed L-1011-1 aircraft was destroyed
in an accident at the Dallas/Fort Worth airport.
Future expenditures for the aircraft and engine commit-
ments (excluding option aircraft) are estimated to be approxi-
mately $2.3 billion, as follows:
Years Ending
June 30
1986
1987
1988
1989
1990
After 1990 .... . .. . . . . . ... .
Amount
(In Thousands)
$ 363,800
573,600
450,500
375,100
389,500
173,700
$2,326,200
The Company presently anticipates financing these com-
mitments from internally generated funds, supplemented as
required by borrowings under the 1984 Bank-
Credit Agreement.
At June 30, 1985, the Company had no outstanding com-
mitments to sell any of its aircraft.
19
DELTA AIR LINES, INC.
3. Long-Term Debt:
At June 30, 1985 and 1984, the Company's long-term debt
(including current maturities) was as follows:
1984 Bank Credit Agreement, providing
unsecured borrowings up to $1 billion
payable on or before December 31,
1992. Interest is, at the Company's
election, an adjusted domestic certif-
icate of deposit rate plus Y2%, the
Eurodollar rate plus Ya%, or the
prime rate as defined . . . . . . . . . . . .
1983 Bank Credit Agreement. Borrow-
ings under this agreement were
voluntarily prepaid in full, without
penalty, in December 1984 ........ .
1982 Bank Credit Agreement. Borrow-
ings under this agreement were
voluntarily prepaid in full, without
penalty, in December 1984 ........ .
11.35% Notes, unsecured, due April 1,
1993, redeemable at the Company's
option on or after April 1, 1990 . . ....
Extendable Notes, unsecured, due
May 15, 2000, redeemable at the
Company's option or repayable at
the holder's option on certain dates on
or after May 15, 1988. Interest is 9%
through May 15, 1988, at which time
the rate is adjustable at the Company's
option ...................... .
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 in 1991
and continuing through 2012. Interest
ranges from 9% to 11 % 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, 6Yz%, maturing August 1,
1986 ....................... .
United Bank of Denver Credit Agreement,
unsecured, payable in installments
beginning in 1986 and continuing
through 1988. Interest is, at the
Company's election, an adjusted cer-
tificate of deposit rate plus 1% or
the prime rate as defined plus Ys%
($1,325,000 payable in fiscal 1986) ...
20
1985 1984
(In Thousands)
$ 150,000 $
250,000
155,000
125,000 125,000
120,000
48,000 48,000
39,000 39,000
35,000 35,000
10,921 10,921
5,300 7,966
1985 1984
Citicorp Industrial Credit, Inc. Loan and
Security Agreement, at various interest
( In Thousands)
rate options, secured by receivables of
DatasLink Business Systems, Inc.,
repayable in monthly installments
through 1992 ($516,000 payable in
fiscal 1986) .................. .
Lazard Brothers & Co., Limited, 6% and
7Yz% unsecured notes, repayable in
installments to July 1, 1986 ($791,000
payable in fiscal 1986) .......... .
Unamortized discount on debt. . . . . . .
Total ................. .
Less-Current maturities . . . . . . . . . . .
4,725
870
(1,025)
537,791
2,632
Total long-term debt. . . . . . . . $
======
535,159
4,136
(765)
674,258
3,265
$ 670,993
At June 30, 1985, the annual maturities of long-term debt
for the next five fiscal years were as follows:
Amount
1986 .................... .
1987 .................... .
1988 .................... .
1989 .................... .
1990 .................... .
(In Thousands)
$ 2,632
14,448
2,410
1,210
664
The Company's debt agreements include limitations on
indebtedness and other obligations. There are 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
$149,929,000 in 1985, $83,258,000 in 1984 and $65,178,000
in 1983.
At June 30, 1985, 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
1986 ................... .
1987 ................... .
1988 ................... .
1989 ................... .
1990 ................... .
After 1990 ............... .
Total .............. .
Amount
(In Thousands)
$ 164,568
163,261
163,160
160,815
159,208
2,109,012
$2,920,024
The Company has negotiated noncancelable sublease
agreements at certain of its airport terminal facilities. At
June 30, 1985, the Company expected to receive rentals under
these agreements as follows:
Fiscal Year Amount
(In Thousands)
1986. . . . . . . . . . . . . . . . . . . . $ 5,437
1987. . . . . . . . . . . . . . . . . . . . 5,099
1988. . . . . . . . . . . . . . . . . . . . 4,670
1989. . . . . . . . . . . . . . . . . . . . 4,406
1990. . . . . . . . . . . . . . . . . . . . 4,306
After 1990. . . . . . . . . . . . . . . . 64,372
Total . . . . . . . . . . . . . . . $88,290
5. Short-Term Borrowings:
Interim financing of operations is obtained through the
issuance of commercial paper and the use of short-term notes
payable. At June 30, 1985, outstanding commercial paper
totaled $132,771,000 at interest rates ranging from 7.375% to
8.875%, and short-term notes payable totaled $35,924,000 at
interest rates of up to 8%.
The average interest rate and average and maximum out-
standing balances of short-term borrowings during 1985 and
1984 were as follows:
Maximum amount of borrowings
outstanding at any month-end . . . . . . .
Average daily borrowings
during period .. . .. . . . .. . . . . . ... .
Weighted average interest rate
on borrowings during period . . . . . . . .
6. Common Stock:
1985 1984
(In Thousands)
$274,658 $214,084
159,821 158,639
9.77% 10.14%
At June 30, 1985, 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 1985, the Company initiated a Dividend
Reinvestment and Stock Purchase Plan under which 5,382
shares were issued at an average price of $47.47 per share. Also
during fiscal 1985, the Company issued 191,931 shares, at an
average price of $33.43 per share, as its fiscal 1984 contribution
to its payroll-based employee stock ownership plan (PAYSOP).
Subsequent to the end of the year, the Company issued 142,917
shares at $49.03 per share as its fiscal 1985 PAYSOP contribution.
7. Income Taxes:
Income taxes provided (credited) in 1985, 1984 and 1983
consisted of:
1985 1984 1983
(In Thousands)
Current taxes . . . . . . . . . . . . . $ 29,429 $ 21,317 $(81,287)
Deferred taxes . . . . . . . . . . . . 101,875 (31,356) 42,030
Reinstatement (reversal) of
deferred taxes .. .. .... . . 9,723 77,579 (161,200)
Investment tax credits ..... . 52,597 41,471 90,815
PAYSOP credit. . . . . .. .... . (7,000) (6,386)
Income taxes provided
(credited) . . . . . . . . . . . . $186,624 $102,625 $(109,642)
Total income taxes as a percent of book income (loss)
before taxes amounted to 46% in 1985, 43% in 1984 and 48%
in 1983. The percent in 1985, although equal to the federal
statutory rate of 46%, included a provision for state income taxes
and a PAYSOP credit. The percent in 1984 differed from the
federal statutory rate primarily because of the PAYSOP credit
and nonrecurring adjustments to deferred taxes, partially offset
by a provision for state income taxes. The percent in 1983
differed from the federal 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 fiscal 1985 and 1984 contributions were recorded as addi-
tional compensation expense and as reductions in the provisions
for income taxes.
DELTA AIR LINES, INC.
At June 30, 1984, Delta had available tax credit carryovers
which had been recorded as a reduction in deferred income
taxes. In 1985, the Company utilized a portion of these carry-
overs to offset income taxes which would otherwise have been
currently payable. Deferred income taxes were restored to reflect
the utilization of these carryovers. At June 30, 1985, the Company
had remaining tax credit carryovers of $74.7 million of which
$13.0 million expire in 1999 and $61.7 million expire in 2000.
The Company's federal income tax returns for fiscal 1981
through 1983 are presently under review by the Internal Revenue
Service. Various potential adjustments are under consideration
in connection with this review. In the opinion of management
and the Company's legal counsel, the final outcome of this
review will not have a material adverse effect on the Company's
financial condition.
8. Employee Benefit Plans:
All of the Company's permanent employees are covered
under its noncontributory trusteed plans providing for retire-
ment, disability and survivor benefits, and certain employees
meeting service requirements are eligible to participate in a
contributory trusteed savings plan. The total expense under
these plans amounted to approximately $193,744,000 in 1985,
$165,759,000 in 1984, and $147,434,000 in 1983. 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.
As of June 30, 1984 (date of the most recent actuarial study)
and June 30, 1983, the actuarial present value of accumulated
plan benefits and the net assets available for plap benefits under
the Company's defined benefit pension plans were as follows:
Actuarial present value of
accumulated plan benefits-
Vested . . ................ . .
Nonvested . . . .. . ...... . . .. .
Net assets available for
plan benefits ........... . .... .
1984 1983
(In Thousands)
$1,192,100
26,300
$1,218,400
$1,013,150
22,918
$1,036,068
$1,221,539 $1,203,088
The weighted average assumed rate of return used in
determining the actuarial present value of accumulated plan
benefits was 8%.
In addition to providing pension benefits, the Company
provides certain health care and life insurance benefits for
substantially all retired employees. The cost of health care bene-
fits is recognized as expense as claims are incurred. The cost
of life insurance benefits is expensed as premiums are paid.
The total cost of these postretirement benefits was $4,238,000
in 1985.
21
DELTA AIR LINES, INC.
9. Contingencies:
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.
10. Quarterly Financial Data (Unaudited):
Three Months Ended
Sept.30 Dec.31 Mar.31 June 30
Fiscal 1985
(In Millions, Except Per Share A mounts)
Operating revenues . ... . . $1,109.8 $1,127.2 $1,170.1 $1,277.0
Operating income . . . . . . . $ 72.0 $ 83.7 $ 65.1 $ 145.2
Net income . .. . . . . . .... $ 60.2 $ 73.9 $ 41.2 $ 84.2
Net income per share . . . . . $ 1.51 $ 1.85 $ 1.03 $ 2.11
Fiscal 1984
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
- - -
11. Supplementary Current Cost Data (Unaudited):
Statement of Financial Accounting Standards (SFAS)
No.33, "Financial Reporting and Changing Prices," requires the
presentation of supplementary financial information with
respect to the impact of changing prices. The Statement, as
amended, requires that certain historical financial data be
restated in terms of "current cost" which reflects the changes
in relative prices for specific goods and services.
Current cost for flight equipment was determined by
using the current manufacturers' prices for aircraft in produc-
tion. 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 1985 delivery (aircraft
for which production was recently discontinued) or by utiliz-
ing the current market values as published in various industry
publications (older aircraft). For spare engines and compo-
nents, the current cost was determined by applying the his-
torical 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 by
restating the historical cost in average fiscal year 1985 dollars
( constant dollars) using the U.S. Government Consumer
Price Index for All Urban Consumers (CPI-U). Current cost
depreciation expense was computed by multiplying the his-
torical rates by the current costs determin~d above.
22
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.
The Statement requires separate disclosure of the amount
of purchasing power gain or loss on net monetary items. The
gain from the decline in purchasing power was determined
by calculating the changes in monetary assets and liabilities
in 1985 constant dollars using the CPI-U. 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.
Data developed in compliance with SFAS No. 33 is of
an experimental nature and should be viewed with caution.
Calculations 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.
DELTA AIR LINES, INC.
Consolidated Statement of Income Adjusted for Changing Prices (Unaudited)
For the year ended June 30, 1985
As Reported
in the
Financial
Statements
(Historical Cost)
Adjusted for
Change in
Specific Prices
(Current Cost)
( In Thousands, Except Per Share Data)
Operating revenues . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $4,684,115 $4,684,115
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:
349,128
3,968,977
(94,343)
55,190
186,624
(40,914)
4,424,662
$ 259,453
$ 6.50
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, 1985, owned and leased property and equipment, stated at current cost, net of adjusted accumulated depreciation
from date of acquisition, was $3.51 billion compared with the historical depreciated cost of $2.98 billion.
Five-Year Comparison of Selected Supplementary Consolidated Financial Data (Unaudited)
Stated in Average Fiscal 1985 Dollars For the Year Ended June 30
Operating revenues . . . . . . . . . . . . . . . . . . . . . . . . . . . . ..
Historical cost information adjusted for specific prices-
Net income (loss) ........................... .
Net income (loss) per share . . . . . . . . . . . . . . . . . . . ..
Excess of increase in specific prices over increase
in the general price level . . . . . . . . . . . . . . . . . . . . .
Net assets ................................ .
Depreciation and amortization. . . . . . . . . . . . . . . . . ..
Gain from decline in purchasing power of net amounts owed . .
Cash dividends paid per common share . . . . . . . . . . . . . . ..
Market price per common share at year-end . . . . . . . . . . . ..
Average consumer price index (1967 = 100.0) ........... .
1985
$4,684,115
198,523
4.97
171,637
1,492,927
421,537
40,821
0.70
49.00
316.8
1984 1983 1982
( In Thousands, Except Per Share Data)
$4,430,140 $3,896,869 $4,065,383
143,853 (239,318) (178,317)
3.62 (6.02) ( 4.4~)
308,657 59,246 42,937
1,490,131 1,922,807 2,471,252
438,426 494,366 496,392
56,736 33,581 57,086
0.62 1.08 1.07
31.95 45.80 38.21
304.9 294.0 281.9
421,537
3,968,977
(98,214)
55,190
186,624
(48,522)
4,485,592
$ 198,523
$ 4.97
$ 40,821
$ 283,337
111,700
$ 171,637
1981
$4,315,180
(18,883)
(0.47)
387,484
2,635,671
483,295
57,290
0.85
43.51
259.4
23
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)
1985 1984 1983 1982 1981 1980 1979 1978 1977 1976
Operating revenues:
Passenger ..................................... $4,376,986 $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
Cargo ........................................ 235,199 239,649 227,146 230,597 213,431 190,490 167,904 153,233 114,800 100,626
Other, net ..................................... 71,930 60,472 42,253 34,753 32,384 32,650 46,918 36,578 29,203 21,899
Total operating revenues ............................... 4,684,115 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
Operating expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,318,105 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
Operating income (loss) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . s 366,010 $ 211,392 $ (207,334) $ (8,156) $ 174,194 $ 92,637 $ 209,032 $ 205,095 $ 141,181 $ 117,609
Interest expense, net 1 ................................ (62,053) (109,802) (63,494) (22,284) (7,596) (11,062) (9,461) (17,313) (23,061) (31,387)
Miscellaneous income, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,863 9,114 15,898 13,665 26,144 6,952 1,959 4,301 7,524 15,641
Gain on disposition of flight equipment .................... 94,343 129,511 28,229 1,570 30,078 36,091 20,514 32,689 29,403 7,680
Income (loss) before income taxes ....................... s 405,163 $ 240,215 $ (226,701) $ (15,205) $ 222,820 $ 124,618 $ 222,044 $ 224,772 $ 155,047 $ 109,543
Income taxes (provided) credited ........................ (186,624) (102,625) 109,642 9,652 (101,447) (54,433) (104,429) (109,296) (76,362) (53,949)
Amortization of investment tax credits .................... 40,914 38,014 30,329 26,367 25,101 22,973 19,129 15,651 13,695 14,613
Net income (loss) ................................... s 259,453 $ 175,604 $ (86,730) $ 20,814 $ 146,474 $ 93,158 $ 136,744 $ 131,127 $ 92,380 $ 70,207
Net income (loss) per share* . . . . . . . . . . . . . . . . . . . . . . . . $6.50 $4.42 $(2.18) $0.52 $3.68 $2.34 $3.44 $3.30 $2.32 $1.77
- - - -
Dividends paid ..................................... s 27,938 $ 23,857 $ 39,761 $ 37,773 $ 27,832 $ 23,857 $ 20,875 $ 14,911 $ 13,916 $ 11,928
Dividends paid per share* ......... . ................ $0.70 $0.60 $1.00 $0.95 $0.70 $0.60 $0.53 $0.38 $0.35 $0.30
1 Has been reduced by interest capitalized of ................. s 22,028 $ 18,263 $ 29,398 $ 38,154 $ 15,539 $ 10,790 $ 6,717 $ 4,794 $ 2,922 $ 3,247
Other Financial and Statistical Data For the years ended June 30
1985 1984 1983 1982 1981 1980 1979 1978 1977 1976
Long-term debt ..................................... $ 535,159 $ 670,993 $1,089,796 $ 362,774 $ 198,411 $ 147,901 $ 125,483 $ 167,331 $ 237,497 $ 350,968
Stockholders' equity ... . ............................. $1,287,094 $1,048,907 $ 897,160 $1,023,651 $1,040,611 $ 921,969 $ 852,668 $ 736,799 $ 620,583 $ 542,112
Stockholders' equity per share* .......................... s 32.21 $ 26.38 $ 22.56 $ 25.75 $ 26.17 $ 23.19 $ 21.44 $ 18.53 $ 15.61 $ 13.63
~hares of common stock outstanding at year end* ............ 39,958,467 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 .......................... 39,340,850 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
Available seat miles (000) . ...................... .... ... 51,637,084 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
Revenue passenger miles ( 000) . . . . . . . . . . . . . . . . . . . . . . . . . . 29,061,618 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
Passenger load factor . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 56.28% 51.24% 54.46% 53.78% 55.46% 60.56% 64.07% 59.27% 55.32% 57.98%
Breakeven load factor ................................ 51.57% 48.51% 57.84% 53.91% 52.52% 58.51% 58.02% 52.74% 50.36% 53.14%
Available ton miles ( 000) .............................. 6,667,512 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
Revenue ton miles ( 000) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,275,329 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
Passenger revenue per passenger mile . . . . . . . . . . . . . . . . . . . . . 15.06 15.19 12.83 13.80 13.05 10.45 8.67 8.94 8.73 7.98
Operating expenses per available seat mile ................. 8.36 7.96 7.98 8.03 7.39 6.63 5.57 5.25 4.84 4.64
Operating expenses per available ton mile . . . . . . . . . . . . . . . . . . 64.76 61.69 61.64 61.06 55.64 49.83 41.41 38.91<!: 35.25 34.05
* Adjusted for 2-for-1 stock split distributed December 1, 1981.
24 25
DELTA AIR LINES, INC.
Board of Directors
R. W. ALLEN
KARLD. BAYS
B. W. BIEDENHARN
CHARLES L. BROWN
EDWARD H. BUDD
GEORGE D. BUSBEE
C. H. DOLSON
MARY JOHNSTON EVANS
DAVID C. GARRETT, JR.
EDWARD H. GERRY
JESSE HILL, JR.
BILL MICHAELS
T. M. MILLER
ROBERT OPPENLANDER
JOHN G. PHILLIPS
AUDIT COMMITTEE
BILL MICHAELS, Chairman
B. W. BIEDENHARN
. GEORGE D. BUSBEE
C.H. DOLSON
MARY JOHNSTON EVANS
PERSONNEL AND
COMPENSATION COMMITTEE
JOHN G. PHILLIPS, Chairman
KARLD. BAYS
EDWARD H. GERRY
T. M. MILLER
26
President and Chief Operating Officer,
Delta Air Lines, Inc.
Chairman of the Board and Chief
Executive Officer, American Hospital
Supply Corporation, Evanston, Illinois
Chairman of the Board, Ouachita
Coca-Cola Bottling Co., Biedenharn
Realty Co., Inc., and Ouachita Candy Co.,
Monroe, Louisiana
Chairman of the Board, American
Telephone and Telegraph Company,
New York, New York
Chairman of the Board, Chief Executive
Officer, and President, The Travelers
Corporation, Hartford, Connecticut
Partner of law firm of King & Spalding,
Atlanta, Georgia
Retired Chairman of the Board and Chief
Executive Officer, Delta Air Lines, Inc.
Director of various corporations
Chairman of the Board and Chief
Executive Officer, Delta Air Lines, Inc.
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 Executive Committee
and Director, Storer Communications,
Inc., Miami, Florida
Retired Senior Vice President -
Marketing, Delta Air Lines, Inc.
Vice Chairman of the Board and Chief
Financial Officer, Delta Air Lines, Inc.
Director and Retired Chairman
of the Board, The Louisiana Land and
Exploration Company, New Orleans,
Louisiana.
COMMITTEE ON DIRECTORS
DAVID C. GARRETT, JR., Chairman
KARLD. BAYS
GEORGE D. BUSBEE
EDWARD H. GERRY
EXECUTIVE COMMITTEE
C. H. DOLSON, Chairman
R. W. ALLEN
DAVID C. GARRETT, JR.
ROBERT OPPENLANDER
FINANCE COMMITTEE
KARL D. BAYS, Chairman
GEORGE D. BUSBEE
MARY JOHNSTON EVANS
EDWARD H. GERRY
JESSE HILL, JR.
T. M. MILLER
JOHN G. PHILLIPS
Officers
DAVID C. GARRETT, JR.
R. W. ALLEN
ROBERT OPPENLANDER
JAMES W. CALLISON
M. 0. GALLOWAY
HOLLIS L. HARRIS
W. WHITLEY HAWKINS
RUSSELL H. HEIL
D. P. HETTERMANN
R. G. CALDWELL
FRANKS. CHEW
ROBERT H. COWART
JOHN P. DAVIS
M. E. DULLUM
J. D. DUNN
R. LAMAR DURRETT
JULIUS P. GWIN
ROBERT S. HARKEY
JOHN HUME
C. J. MAY
REX McCLELLAND
C. A. SMITH
C. A. THOMPSON
DON M. ADAMS
H.C.ALGER
E. R. BENNETT
ROBERT W. COGGIN
W. E. CONDRA
JOHNW. COX
H. M. JOHNSON
CHARLES A. POULTON
W. B. SUGGS
C. G. SWEAZEA
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- Finance
Senior Vice President - Operations
Senior Vice President- Marketing
Senior Vice President- Personnel
Senior Vice President - Technical Operations
Vice President - Management Services
Treasurer
Vice President- Information Services
Vice President - Maintenance
Vice President- Government Affairs
Vice President - Purchasing
Vice President- Facilities & Technical
Operations Administration
Comptroller
Vice President-Associate General Counsel
Vice President-In-Flight Service
Vice President- Engineering
Vice President - Passenger Service
Vice President - Flight Operations
Vice President - Stations
Assistant Vice President-Law &
Assistant Secretary
Assistant Vice President- Flight Operations
Assistant Vice President- Internal Auditing
Assistant Vice President- Marketing
Development
Assistant Vice President- Information
Services Applications Development
Assistant Vice President- Community
Affairs
Assistant Vice President-Employment
Assistant Vice President- Traffic
Assistant Vice President- Materiel Services
Assistant Vice President- Public Affairs
and Public Relations
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 24, 1985, Monroe, Louisiana
Common Stock
Listed on the New York Stock Exchange
Number of Stockholders
17,848 as of August 14, 1985
Market Prices and Dividends
Market Price Range of
Common Stock on
Fiscal Year 1985 New York Stock Exchange
Quarter Ended: High Low
September 30 .. ... .. ... 36 27
December 31 . . . . . . . . . . . 44 311/s
March 31 . . . . . . . ..... . 47 -41
June 30 .. . . .... . .... .. 50 40
Fiscal Year 1984
Quarter Ended:
September 30 .. .. ...... 44 29
December 31 ..... . . .... 42 34Y2
March 31 ... .. . . ... ... 45 32
June 30 . ......... .. ... 37 29
Availability of Form 10-K
Cash
Dividends
Paid Per Share
$.15
.15
.20
.20
$.15
.15
.15
.15
The Company will supply, upon written request and without
charge, a copy of the Company's annual report on Form 10-K
for the fiscal year ended June 30, 1985, to any person bene-
ficially owning or owning of record any of the common stock
of the Company on September 3, 1985. 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.
Dividend Reinvestment and Stock Purchase Plan
Registered holders of Delta Air Lines common stock may use
the Company's Dividend Reinvestment and Stock Purchase
Plan to purchase additional shares of such stock through auto-
matic dividend reinvestment or cash contributions. Delta pays
all service and brokerage charges for the purchase of these
shares. Inquiries, notices, requests, and other communication
regarding participation in the plan should be directed to:
The Citizens and Southern National Bank
Delta Air Lines, Inc. Dividend Reinvestment Plan
P. 0. Box 105555
Atlanta, GA 30348-5555
Telephone ( 404) 897-3464
27
DELTA AIR LINES, INC.
Delta Connection Airlines
Four of the nation's most successful commuter airlines
participate in The Delta Connection, coordinating their
Milwaukee
Huntington/Ashland Richmond
Lexing~on ~ k
\ Roano e
Knoxvill~
Lawton
~airways
28
schedules with Delta's for fast, easy connections at Delta's
major hub cities. These airlines and the cities they served
as of July 7, 1985, are shown below:
fo~tteville
Ft.Smith
Burlington
Portland
Hyannis
Wansome
Airlines
Tri-City
heville
I /
Greenville/
~
S,,Oooobos
AHY
Brunswick
Panama City
A..'Jl
Atlantic Southeast Airlines
'
I
'
I
Delta Air Lines, Inc.
General Offices, Hartsfield Atlanta lnte,rnationai Airport
Atlanta, Georgia 30320