Delta Air Lines annual report 1986

INDX( Nt = ( 8 1 ~ Z Z_ ? 0M g0 Z_ ? D A 0 B F 8 ~ 1 . T I F 5 0 1 Z : }.M g0 : . D A 1 0 1 2 ~ 1 . T I F 5 0 1 Z ]7 A ,M g0 ]7 p i D A 1 5 4 D ~ 1 . T I F 5 0 1 Z t1 `%&M sEe0 t1 P H D A 1 7 2 C ~ 1 . T I F 5 0 Z r- }.M sEe0 r- D A 1 D E 2 ~ 1 . T I F 5 0 1 Z r- }.M sEe0 r- D A 1 D E 2 ~ 1 . T I F 5 0 1 Z r- }.M sEe0 r- D A 1 D E 2 ~ 1 . T I F 5 0 1 Z ' 0M sEe0 ' p ,h D A 1 E 7 B ~ 1 . T I F 5 0 1 Z ' 0M sEe0 ' p ,h D A 1 E 7 B ~ 1 . T I F 5 0 1 Z ' 0M sEe0 ' p ,h D A 1 E 7 B ~ 1 . T I F 5 0 1 Z ' 0M sEe0 ' p ,h D A 1 E 7 B ~ 1 . T I F 5 0 1 Z ' 0M sEe0 ' p ,h D A 1 E 7 B ~ 1 . T I F 5 0 1 Z `%&M `0 p t` D A 2 1 E 0 ~ 1 . T I F 5 0 1 Z `%&M `0 p t` D A 2 1 E 0 ~ 1 . T I F 5 0 1 Z `%&M `0 p t` D A 2 1 E 0 ~ 1 . T I F 5 0 1 Z `%&M `0 p t` D A 2 1 E 0 ~ 1 . T I F 5 0 1 Z `%&M `0 p t` D A 2 1 E 0 ~ 1 . T I F 5 0 1 Z B`? A ,M g0 B`?
D A 2 6 6 1 ~ 1 . T I F 5 0 1 Z B`? A ,M g0 B`?
D A 2 6 6 1 ~ 1 . T I F 5 0 1 Z B`? A ,M g0 B`?
D A 2 6 6 1 ~ 1 . T I F 5 0 1 Z B`? A ,M g0 B`?
D A 2 6 6 1 ~ 1 . T I F 5 0 1 Z B`? A ,M g0 B`?
D A 2 6 6 1 ~ 1 . T I F 5 0 1 Z B`? A ,M g0 B`?
D A 2 6 6 1 ~ 1 . T I F 5 0 1 Z B`? A ,M g0 B`?
D A 2 6 6 1 ~ 1 . T I F 5 0 1 Z B`? A ,M g0 B`?
D A 2 6 6 1 ~ 1 . T I F 5 0 1 Z B`? A ,M g0 B`?
D A 2 6 6 1 ~ 1 . T I F 5 0 1 Z B`? A ,M g0 B`?
D A 2 6 6 1 1 . T I F 5 0 1 Z B`? A ,M g0 B`?
D A 2 6 6 1 ~ 1 . T I F 5 0 1 Z t7 `!M uE; t7 D A 4 2 1 3 ~ 1 . T I F 5 0 1 [ p Z Z R M ! @ 0 D A 4 3 F 5 ~ 1 . T I F 5 0 1 Z p Z Z Q R M =" Q 0 D A 4 7 9 3 ~ 1 . T I F 5 0 1 [ p Z Z U % M SF# U ` ^ D A 4 8 B 1 ~ 1 . T I F 5 0 1 ;[ p Z Z r* `!M U / r* D A 4 F 5 E ~ 1 . T I F 5 0 1 Z p Z Z a( M * a( D A 4 F E D ~ 1 . T I F 5 0 1 [ p Z Z ; " 2M B ; D A 5 2 5 9 ~ 1 . T I F 5 0 1 , d a l - t t - 1 9 9 0 0 5 0 1 _ 0 0 0 4 . t i f INDX( = ( 8 1 3 Z PM 0M ^Y0 PM | d a l - t t - 1 9 9 0 0 5 0 1 _ 0 0 1 9 . t i f Z PM 0M ^Y0 PM | d a l - t t - 1 9 9 0 0 5 0 1 _ 0 0 1 9 . t i f Z PM 0M ^Y0 PM | d a l - t t - 1 9 9 0 0 5 0 1 _ 0 0 1 9 . t i f Z PM 0M ^Y0 PM | d a l - t t - 1 9 9 0 0 5 0 1 _ 0 0 1 9 . t i f Z PM 0M ^Y0 PM | d a l - t t - 1 9 9 0 0 5 0 1 _ 0 0 1 9 . t i f Z PM 0M ^Y0 PM | d a l - t t - 1 9 9 0 0 5 0 1 _ 0 0 1 9 . t i f Z PM 0M ^Y0 PM | d a l - t t - 1 9 9 0 0 5 0 1 _ 0 0 1 9 . t i f Z PM 0M ^Y0 PM | d a l - t t - 1 9 9 0 0 5 0 1 _ 0 0 1 9 . t i f Z PM 0M ^Y0 PM | d a l - t t - 1 9 9 0 0 5 0 1 _ 0 0 1 9 . t i f Z PM 0M ^Y0 PM | d a l - t t - 1 9 9 0 0 5 0 1 _ 0 0 1 9 . t i f Z PM 0M ^Y0 PM | d a l - t t - 1 9 9 0 0 5 0 _ 0 0 1 9 . t i f Z PM 0M ^Y0 PM | d a l - t t - 1 9 9 0 0 5 0 1 _ 0 0 1 9 . t i f Z PM 0M ^Y0 PM | d a l - t t - 1 9 9 0 0 5 0 1 _ 0 0 1 9 . t i f Z PM 0M ^Y0 PM | d a l - t t - 1 9 9 0 0 5 0 1 _ 0 0 1 9 . t i f Z 4vp 9 M s 4vp t d a l - t t - 1 9 9 0 0 5 0 1 _ 0 0 2 0 . t i f Z r Z L t M L d a l - t t - 1 9 9 0 0 5 0 1 _ 0 0 2 1 . t i f Z r Z t7 `!M uE; t7 d a l - t t - 1 9 9 0 0 5 0 1 _ 0 0 2 2 . t i f Z r Z XL M XL d a l - t t - 1 9 9 0 0 5 0 1 _ 0 0 2 3 . t i f Z r Z BF M BF .p d a l - t t - 1 9 9 0 0 5 0 1 _ 0 0 2 4 . t i f Z r Z f D M ,@i f
d a l - t t - 1 9 9 0 0 5 0 1 _ 0 0 2 5 . t i f Z r Z N t M w N d a l - t t - 1 9 9 0 0 5 0 1 _ 0 0 2 6 . t i f Z r Z .$ `!M g' .$ d a l - t t - 1 9 9 0 0 5 0 1 _ 0 0 2 7 . t i f Z r Z q M pq b d a l - t t - 1 9 9 0 0 5 0 1 _ 0 0 2 8 . t i f Z r Z Y( M Y( d a l - t t - 1 9 9 0 0 5 0 1 _ 0 0 2 9 . t i f Z r Z r2G M K r2G P E d a l - t t - 1 9 9 0 0 5 0 1 _ 0 0 3 0 . t i f Z r Z V[ 9 M !z V[ d a l - t t - 1 9 9 0 0 5 0 1 _ 0 0 1 . t i f Z p Z Z . /M t . N D A L - T T ~ 1 . T I F Z p Z Z g?: 0M g?: g?: g D g D A L - T T ~ 2 . T I F Z p Z Z 9 e 0M \<l 9 e . D A L - T T ~ 3 . T I F Z p Z Z t M & , D A L - T T ~ 4 . T I F INDX( . = ( 8 1 4 Z @ M [0 @ d a l - t t - 1 9 9 0 0 5 0 1 _ 0 0 3 4 . t i f Z @ M [0 @ d a l - t t - 1 9 9 0 0 5 0 1 _ 0 0 3 4 . t i f Z @ M [0 @ d a l - t t - 1 9 9 0 0 5 0 1 _ 0 0 3 4 . t i f Z @ M [0 @ d a l - t t - 1 9 9 0 0 5 0 1 _ 0 0 3 4 . t i f Z @ M [0 @ d a l - t t - 1 9 9 0 0 5 0 1 _ 0 0 3 4 . t i f Z @ M [0 @ d a l - t t - 1 9 9 0 0 5 0 1 _ 0 0 3 4 . t i f Z @ M [0 @ d a l - t t - 1 9 9 0 0 5 0 1 _ 0 0 3 4 . t i f Z @ M [0 @ d a l - t t - 1 9 9 0 0 5 0 1 _ 0 0 3 4 . t i f Z @ M [0 @ d a l - t t - 1 9 9 0 0 5 0 1 _ 0 0 3 4 . t i f Z @ M [0 @ d a l - t t - 1 9 9 0 0 5 0 1 _ 0 0 3 4 . t i f Z @ M [0 @ d a l - t t - 1 9 9 0 0 5 0 _ 0 0 3 4 . t i f Z @ M [0 @ d a l - t t - 1 9 9 0 0 5 0 1 _ 0 0 3 4 . t i f Z @ M [0 @ d a l - t t - 1 9 9 0 0 5 0 1 _ 0 0 3 4 . t i f Z @ M [0 @ d a l - t t - 1 9 9 0 0 5 0 1 _ 0 0 3 4 . t i f Z @ M [0 @ d a l - t t - 1 9 9 0 0 5 0 1 _ 0 0 3 4 . t i f Z q M N 4 d a l - t t - 1 9 9 0 0 5 0 1 _ 0 0 3 6 . t i f Z r Z t M C2 0 ( d a l - t t - 1 9 9 0 0 5 0 1 _ 0 0 3 7 . t i f Z r Z o_ q M c o_ d a l - t t - 1 9 9 0 0 5 0 1 _ 0 0 3 8 . t i f Z r Z E /M E d a l - t t - 1 9 9 0 0 5 0 1 _ 0 0 3 9 . t i f Z r Z a( M * a( d a l - t t - 1 9 9 0 0 5 0 1 _ 0 0 4 0 . t i f Z r Z F 0M [ F d a l - t t - 1 9 9 0 0 5 0 1 _ 0 0 4 1 . t i f Z r Z /M \ d a l - t t - 1 9 9 0 0 5 0 1 _ 0 0 4 2 . t i f Z r Z .^ M ` .^ d a l - t t - 1 9 9 0 0 5 0 1 _ 0 0 4 3 . t i f Z r Z e D M e & d a l - t t - 1 9 9 0 0 5 0 1 _ 0 0 4 4 . t i f Z r Z t M Fy @ 5 d a l - t t - 1 9 9 0 0 5 0 1 _ 0 0 4 5 . t i f Z r Z _ D M ~ _ d a l - t t - 1 9 9 0 0 5 0 1 _ 0 0 6 . t i f Z p Z Z . /M t . N D A L - T T ~ 1 . T I F Z p Z Z g?: 0M g?: g?: g D g D A L - T T ~ 2 . T I F Z p Z Z 9 e 0M \<l 9 e . D A L - T T ~ 3 . T I F Z p Z Z t M & , D A L - T T ~ 4 . T I F INDX( w = ( 8 1 ~ Z U@ A ,M g0 U@ D A 8 4 0 7 ~ 1 . T I F 5 0 1 Z -RB 0M g0 -RB < t< D A 8 E A D ~ 1 . T I F 5 0 1 Z = *M g0 = p i D A 9 9 B 8 ~ 1 . T I F 5 0 1 Z DU> " 2M g0 DU> D A A 5 6 1 ~ 1 . T I F 5 0 Z DU> " 2M g0 DU> D A A 5 6 1 ~ 1 . T I F 5 0 1 Z DU> " 2M g0 DU> D A A 5 6 1 ~ 1 . T I F 5 0 1 Z y.7 A ,M g0 y.7 D A A 5 8 E ~ 1 . T I F 5 0 1 Z y.7 A ,M g0 y.7 D A A 5 8 E ~ 1 . T I F 5 0 1 Z 7< }.M g0 7< f D A A F 0 8 ~ 1 . T I F 5 0 1 Z 7< }.M g0 7< f D A A F 0 8 ~ 1 . T I F 5 0 1 Z 7< }.M g0 7< f D A A F 0 8 ~ 1 . T I F 5 0 1 Z 7< }.M g0 7< f D A A F 0 8 ~ 1 . T I F 5 0 1 Z 7< }.M g0 7< f D A A F 0 8 ~ 1 . T I F 5 0 1 Z 7< }.M g0 7< f D A A F 0 8 ~ 1 . T I F 5 0 1 Z 7< }.M g0 7< f D A A F 0 8 ~ 1 . T I F 5 0 1 Z 7< }.M g0 7< f D A A F 0 8 ~ 1 . T I F 5 0 1 Z 7< }.M g0 7< f D A A F 0 8 ~ 1 . T I F 5 0 1 Z 7< }.M g0 7< f D A A F 0 8 ~ 1 . T I F 5 0 1 Z 7< }.M g0 7< f D A A F 0 8 ~ 1 . T I F 5 0 1 Z 7< }.M g0 7< f D A A F 0 8 ~ 1 . T I F 5 0 1 Z 7< }.M g0 7< f D A A F 0 8 ~ 1 . T I F 5 0 1 Z ;2 }.M sEe0 ;2 D A B 0 9 9 ~ 1 . T I F 5 0 1 Z ;2 }.M sEe0 ;2 D A B 0 9 9 ~ 1 . T I F 5 0 1 Z ;2 }.M sEe0 ;2 D A B 0 9 9 ~ 1 . T I F 5 0 1 Z ;2 }.M sEe0 ;2 D A B 0 9 9 ~ 1 . T I F 5 0 1 Z ;2 }.M sEe0 ;2 D A B 0 9 9 ~ 1 . T I F 5 0 1 Z ;2 }.M sEe0 ;2 D A B 0 9 9 1 . T I F 5 0 1 Z ;2 }.M sEe0 ;2 D A B 0 9 9 ~ 1 . T I F 5 0 1 Z .^ M P!^0 .^ D A B 0 B E ~ 1 . T I F 5 0 1 Z .^ M P!^0 .^ D A B 0 B E ~ 1 . T I F 5 0 1 Z .^ M P!^0 .^ D A B 0 B E ~ 1 . T I F 5 0 1 Z .^ M P!^0 .^ D A B 0 B E ~ 1 . T I F 5 0 1 Z .^ M P!^0 .^ D A B 0 B E ~ 1 . T I F 5 0 1 Z oL R M :P oL D A D 0 5 2 ~ 1 . T I F 5 0 1 '[ p Z Z R M 0 # D A D 8 6 2 ~ 1 . T I F 5 0 1 , d a l - t t - 1 9 9 0 0 5 0 1 _ 0 0 0 4 . t i f INDX( = ( 8 1 6 Z V$ 3$M P!^0 V$ q d a l - t t - 1 9 9 0 0 5 0 1 _ 0 0 4 9 . t i f Z V$ 3$M P!^0 V$ q d a l - t t - 1 9 9 0 0 5 0 1 _ 0 0 4 9 . t i f Z V$ 3$M P!^0 V$ q d a l - t t - 1 9 9 0 0 5 0 1 _ 0 0 4 9 . t i f Z V$ 3$M P!^0 V$ q d a l - t t - 1 9 9 0 0 5 0 1 _ 0 0 4 9 . t i f Z V$ 3$M P!^0 V$ q d a l - t t - 1 9 9 0 0 5 0 1 _ 0 0 4 9 . t i f Z V$ 3$M P!^0 V$ q d a l - t t - 1 9 9 0 0 5 0 1 _ 0 0 4 9 . t i f Z V$ 3$M P!^0 V$ q d a l - t t - 1 9 9 0 0 5 0 1 _ 0 0 4 9 . t i f Z V$ 3$M P!^0 V$ q d a l - t t - 1 9 9 0 0 5 0 1 _ 0 0 4 9 . t i f Z V$ 3$M P!^0 V$ q d a l - t t - 1 9 9 0 0 5 0 1 _ 0 0 4 9 . t i f Z V$ 3$M P!^0 V$ q d a l - t t - 1 9 9 0 0 5 0 1 _ 0 0 4 9 . t i f Z V$ 3$M P!^0 V$ q d a l - t t - 1 9 9 0 0 5 0 _ 0 0 4 9 . t i f Z V$ 3$M P!^0 V$ q d a l - t t - 1 9 9 0 0 5 0 1 _ 0 0 4 9 . t i f Z V$ 3$M P!^0 V$ q d a l - t t - 1 9 9 0 0 5 0 1 _ 0 0 4 9 . t i f Z V$ 3$M P!^0 V$ q d a l - t t - 1 9 9 0 0 5 0 1 _ 0 0 4 9 . t i f Z V$ 3$M P!^0 V$ q d a l - t t - 1 9 9 0 0 5 0 1 _ 0 0 4 9 . t i f Z Oq % M (w Oq 0 r* d a l - t t - 1 9 9 0 0 5 0 1 _ 0 0 5 1 . t i f Z r Z h R M ^ h d a l - t t - 1 9 9 0 0 5 0 1 _ 0 0 5 2 . t i f Z r Z -4 9 M 8 -4 * d a l - t t - 1 9 9 0 0 5 0 1 _ 0 0 5 3 . t i f Z r Z q M d1 d a l - t t - 1 9 9 0 0 5 0 1 _ 0 0 5 4 . t i f Z r Z q M LR p e d a l - t t - 1 9 9 0 0 5 0 1 _ 0 0 5 5 . t i f Z r Z (e q M tg (e ` P d a l - t t - 1 9 9 0 0 5 0 1 _ 0 0 5 6 . t i f Z r Z N^ 9 M N^ 8 d a l - t t - 1 9 9 0 0 5 0 1 _ 0 0 5 7 . t i f Z r Z W# q M ' W# d a l - t t - 1 9 9 0 0 5 0 1 _ 0 0 5 8 . t i f Z r Z oK " 2M - oK X d a l - t t - 1 9 9 0 0 5 0 1 _ 0 0 5 9 . t i f Z r Z D /M D 4 d a l - t t - 1 9 9 0 0 5 0 1 _ 0 0 6 0 . t i f Z r Z oL R M :P oL d a l - t t - 1 9 9 0 0 5 0 1 _ 0 0 1 . t i f Z p Z Z . /M t . N D A L - T T ~ 1 . T I F Z p Z Z g?: 0M g?: g?: g D g D A L - T T ~ 2 . T I F Z p Z Z 9 e 0M \<l 9 e . D A L - T T ~ 3 . T I F Z p Z Z t M & , D A L - T T ~ 4 . T I F INDX( x = ( @ D 0 i dA nL-M g0 dA ( D A 7 1 F E ~ 1 . T I F 5 0 1 -RB 0M g0 -RB < t< D A 8 E A D ~ 1 . T I F 5 0 1 &B /M g0 &B d D A D 6 8 6 ~ 1 . T I F 5 0 1 &B /M g0 &B d D A 6 8 6 ~ 1 . T I F 5 0 1 &B /M g0 &B d D A D 6 8 6 ~ 1 . T I F 5 0 1 &B /M g0 &B d D A D 6 8 6 ~ 1 . T I F 5 0 1 &B /M g0 &B d D A D 6 8 6 ~ 1 . T I F 5 0 1 <|w9 0M g0 <|w9 p d a l - t t - 1 9 9 0 0 5 0 1 _ 0 2 0 . t i f <|w9 p d a l - t t - 1 9 9 0 0 5 0 1 _ 0 2 0 0 . t i f <|w9 p d a l - t t - 1 9 9 0 0 5 0 1 _ 0 2 0 0 . t i f <|w9 p d a l - t t - 1 9 9 0 0 5 0 1 _ 0 2 0 0 . t i f <|w9 0M g0 <|w9 p d a l - t t - 1 9 9 0 0 5 0 1 _ 0 2 0 0 . t f <|w9 0M g0 <|w9 p d a l - t t - 1 9 9 0 0 5 0 1 _ 0 2 0 0 . t i f <|w9 0M g0 <|w9 p d a l - t t - 1 9 9 0 0 5 0 1 _ 0 2 0 0 . t i f <|w9 0M g0 <|w9 p d a l - t t - 1 9 9 0 0 5 0 1 _ 0 2 0 0 . t i f <|w9 0M g0 <|w9 p d a l - t t - 1 9 9 0 0 5 0 1 _ 0 2 0 0 . t i f <|w9 0M g0 <|w9 p d a l - t t - 1 9 9 0 0 5 0 1 _ 0 2 0 0 . t i f <|w9 0M g0 <|w9 p d a l - t t - 1 9 9 0 0 5 0 1 _ 0 2 0 0 . t i f <|w9 0M g0 <|w9 p d a l - t t - 1 9 9 0 0 5 0 1 _ 0 2 0 0 . t i f <|w9 0M g0 <|w9 p d a l - t t - 1 9 9 0 0 5 0 1 _ 0 2 0 0 . t i f <|w9 0M g0 <|w9 p d a l - t t - 1 9 9 0 0 5 0 1 _ 0 2 0 0 . t i f <|w9 0M g0 <|w9 p d a l - t t - 1 9 9 0 0 5 0 1 _ 0 2 0 0 . t i f <|w9 0M g0 <|w9 p d a l - t t - 1 9 9 0 0 5 0 1 _ 0 2 0 0 . t i f INDX( ^ = ( 8 1 7 Z { 9 M P!^0 { p |a d a l - t t - 1 9 9 0 0 5 0 1 _ 0 0 6 4 . t i f Z { 9 M P!^0 { p |a d a l - t t - 1 9 9 0 0 5 0 1 _ 0 0 6 4 . t i f Z { 9 M P!^0 { p |a d a l - t t - 1 9 9 0 0 5 0 1 _ 0 0 6 4 . t i f Z { 9 M P!^0 { p |a d a l - t t - 1 9 9 0 0 5 0 1 _ 0 0 6 4 . t i f Z { 9 M P!^0 { p |a d a l - t t - 1 9 9 0 0 5 0 1 _ 0 0 6 4 . t i f Z { 9 M P!^0 { p |a d a l - t t - 1 9 9 0 0 5 0 1 _ 0 0 6 4 . t i f Z { 9 M P!^0 { p |a d a l - t t - 1 9 9 0 0 5 0 1 _ 0 0 6 4 . t i f Z { 9 M P!^0 { p |a d a l - t t - 1 9 9 0 0 5 0 1 _ 0 0 6 4 . t i f Z { 9 M P!^0 { p |a d a l - t t - 1 9 9 0 0 5 0 1 _ 0 0 6 4 . t i f Z { 9 M P!^0 { p |a d a l - t t - 1 9 9 0 0 5 0 1 _ 0 0 6 4 . t i f Z { 9 M P!^0 { p |a d a l - t t - 1 9 9 0 0 5 0 _ 0 0 6 4 . t i f Z { 9 M P!^0 { p |a d a l - t t - 1 9 9 0 0 5 0 1 _ 0 0 6 4 . t i f Z { 9 M P!^0 { p |a d a l - t t - 1 9 9 0 0 5 0 1 _ 0 0 6 4 . t i f Z { 9 M P!^0 { p |a d a l - t t - 1 9 9 0 0 5 0 1 _ 0 0 6 4 . t i f Z { 9 M P!^0 { p |a d a l - t t - 1 9 9 0 0 5 0 1 _ 0 0 6 4 . t i f Z #8 9 M Cm= #8 p nj d a l - t t - 1 9 9 0 0 5 0 1 _ 0 0 6 6 . t i f [ r Z X j M ) X 4 d a l - t t - 1 9 9 0 0 5 0 1 _ 0 0 6 7 . t i f [ r Z C 9 M f C , d a l - t t - 1 9 9 0 0 5 0 1 _ 0 0 6 8 . t i f [ r Z O}Z 9 M Ca O}Z d a l - t t - 1 9 9 0 0 5 0 1 _ 0 0 6 9 . t i f [ r Z P j M ~ P @ 1 d a l - t t - 1 9 9 0 0 5 0 1 _ 0 0 7 0 . t i f [ r Z . % M : 1 . nz d a l - t t - 1 9 9 0 0 5 0 1 _ 0 0 7 1 . t i f [ r Z su j M F_ su ` T d a l - t t - 1 9 9 0 0 5 0 1 _ 0 0 7 2 . t i f [ r Z ' j M - ' d a l - t t - 1 9 9 0 0 5 0 1 _ 0 0 7 3 . t i f [ r Z rR j M 6CV rR @ 4 d a l - t t - 1 9 9 0 0 5 0 1 _ 0 0 7 4 . t i f [ r Z M x d a l - t t - 1 9 9 0 0 5 0 1 _ 0 0 7 5 . t i f [ r Z
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X d a l - t t - 1 9 9 0 0 5 0 1 _ 0 0 6 . t i f Z p Z Z . /M t . N D A L - T T ~ 1 . T I F Z p Z Z g?: 0M g?: g?: g D g D A L - T T ~ 2 . T I F Z p Z Z 9 e 0M \<l 9 e . D A L - T T ~ 3 . T I F Z p Z Z t M & , D A L - T T ~ 4 . T I F INDX( c = ( 8 1 ~ Z A A ,M g0 A v D A E 3 4 5 ~ 1 . T I F 5 0 1 Z @ 6 )M g0 @ 6 D A E 9 7 1 ~ 1 . T I F 5 0 1 Z @ 6 )M g0 @ 6 D A E 9 7 1 ~ 1 . T I F 5 0 1 Z @ 6 )M g0 @ 6 D A E 9 7 1 ~ 1 . T I F 5 0 Z ^u8 `%&M g0 ^u8 h D A E A 5 F ~ 1 . T I F 5 0 1 Z ^u8 `%&M g0 ^u8 h D A E A 5 F ~ 1 . T I F 5 0 1 Z ^u8 `%&M g0 ^u8 h D A E A 5 F ~ 1 . T I F 5 0 1 Z ^u8 `%&M g0 ^u8 h D A E A 5 F ~ 1 . T I F 5 0 1 Z ^u8 `%&M g0 ^u8 h D A E A 5 F ~ 1 . T I F 5 0 1 Z ^u8 `%&M g0 ^u8 h D A E A 5 F ~ 1 . T I F 5 0 1 Z ^u8 `%&M g0 ^u8 h D A E A 5 F ~ 1 . T I F 5 0 1 Z rR j M P!^0 rR @ 4 D A E B 5 D ~ 1 . T I F 5 0 1 Z rR j M P!^0 rR @ 4 D A E B 5 D ~ 1 . T I F 5 0 1 Z rR j M P!^0 rR @ 4 D A E B 5 D ~ 1 . T I F 5 0 1 Z rR j M P!^0 rR @ 4 D A E B 5 D ~ 1 . T I F 5 0 1 Z rR j M P!^0 rR @ 4 D A E B 5 D ~ 1 . T I F 5 0 1 Z rR j M P!^0 rR @ 4 D A E B 5 D ~ 1 . T I F 5 0 1 Z rR j M P!^0 rR @ 4 D A E B 5 D ~ 1 . T I F 5 0 1 Z rR j M P!^0 rR @ 4 D A E B 5 D ~ 1 . T I F 5 0 1 Z rR j M P!^0 rR @ 4 D A E B 5 D ~ 1 . T I F 5 0 1 Z C 9 M f C , D A F 3 8 E ~ 1 . T I F 5 0 1 3[ p Z Z r 0M - r D A F 5 1 5 ~ 1 . T I F 5 0 1 v[ p Z Z -P3 *M 3 -P3 P FA D A F 5 6 A ~ 1 . T I F 5 0 1 Z p Z Z D M O ~ D A F 5 8 5 ~ 1 . T I F 5 0 1 Z p Z Z M 3~ D A F 7 8 6 ~ 1 . T I F 5 0 1 Q[ p Z Z f% *M z % f% 8 D A F B 2 B ~ 1 . T I F 5 0 1
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D A F B B 0 1 . T I F 5 0 1 [ p Z Z ' j M - ' D A F D 2 5 ~ 1 . T I F 5 0 1 M[ p Z Z $ }.M 7 $ $ D A F D B A ~ 1 . T I F 5 0 1 Z p Z Z R M P D A F D D F ~ 1 . T I F 5 0 1 8[ p Z Z " `%&M L " ` BX D A F F B B ~ 1 . T I F 5 0 1 Z r Z . /M t . N d a l - t t - 1 9 9 0 0 5 0 1 _ 0 0 0 1 . t i f Z r Z g?: 0M g?: g?: g D g d a l - t t - 1 9 9 0 0 5 0 1 _ 0 0 0 2 . t i f yG Z r Z 9 e 0M \<l 9 e . d a l - t t - 1 9 9 0 0 5 0 1 _ 0 0 0 3 . t i f Z r Z t M & , d a l - t t - 1 9 9 0 0 5 0 1 _ 0 0 0 4 . t i f INDX( x = ( 8 1 ~ Z ! A A ,M g0 ! A @ 2 D A 5 6 8 6 ~ 1 . T I F 5 0 1 Z ! A A ,M g0 ! A @ 2 D A 5 6 8 6 ~ 1 . T I F 5 0 1 Z ! A A ,M g0 ! A @ 2 D A 5 6 8 6 ~ 1 . T I F 5 0 1 Z ; nL-M g0 ; : D A 6 5 4 6 ~ 1 . T I F 5 0 Z ; nL-M g0 ; : D A 6 5 4 6 ~ 1 . T I F 5 0 1 Z ; nL-M g0 ; : D A 6 5 4 6 ~ 1 . T I F 5 0 1 Z ; nL-M g0 ; : D A 6 5 4 6 ~ 1 . T I F 5 0 1 Z ; nL-M g0 ; : D A 6 5 4 6 ~ 1 . T I F 5 0 1 Z 7 `!M b0 7 D A 6 A C 6 ~ 1 . T I F 5 0 1 Z 7 `!M b0 7 D A 6 A C 6 ~ 1 . T I F 5 0 1 Z 7 `!M b0 7 D A 6 A C 6 ~ 1 . T I F 5 0 1 Z 7 `!M b0 7 D A 6 A C 6 ~ 1 . T I F 5 0 1 Z 7 `!M b0 7 D A 6 A C 6 ~ 1 . T I F 5 0 1 Z dA nL-M g0 dA ( D A 7 1 F E ~ 1 . T I F 5 0 1 Z dA nL-M g0 dA ( D A 7 1 F E ~ 1 . T I F 5 0 1 Z dA nL-M g0 dA ( D A 7 1 F E ~ 1 . T I F 5 0 1 Z dA nL-M g0 dA ( D A 7 1 F E ~ 1 . T I F 5 0 1 Z dA nL-M g0 dA ( D A 7 1 F E ~ 1 . T I F 5 0 1 Z zU M `0 zU l D A 7 2 1 A ~ 1 . T I F 5 0 1 Z zU M `0 zU l D A 7 2 1 A ~ 1 . T I F 5 0 1 Z zU M `0 zU l D A 7 2 1 A ~ 1 . T I F 5 0 1 Z ~ /M ^Y0 ~ \ D A 7 2 6 F ~ 1 . T I F 5 0 1 Z ~ /M ^Y0 ~ \ D A 7 2 6 F ~ 1 . T I F 5 0 1 Z Tv /M y Tv D A 7 B 0 6 ~ 1 . T I F 5 0 1 N[ p Z Z }$ }.M bg$ }$ p n D A 7 B 2 B ~ 1 . T I F 5 0 1 [ p Z Z R M H r D A 7 C 2 4 ~ 1 . T I F 5 0 1 [ p Z Z P j M ~ P @ 1 D A 7 E 2 5 1 . T I F 5 0 1 Z p Z Z q M N 4 D A 8 3 C 3 ~ 1 . T I F 5 0 1 7[ p Z Z `!M # 0 D D A 8 4 3 F ~ 1 . T I F 5 0 1 Z p Z Z q M H ` Q D A 8 5 E 2 ~ 1 . T I F 5 0 1 -[ p Z Z h `%&M 9 h F D A 8 6 7 8 ~ 1 . T I F 5 0 1 a[ p Z Z 3+ `%&M + 3+ P JG D A 8 7 C E ~ 1 . T I F 5 0 1 Z p Z Z N t M w N D A 8 7 E 3 ~ 1 . T I F 5 0 1 Z p Z Z F 0M [ F D A 8 9 1 D ~ 1 . T I F 5 0 1 Z p Z Z 4 9 M 4 D A 8 B 1 E ~ 1 . T I F 5 0 1 INDX( = = ( 8 1 9 Z d : M `0 d : d a l - t t - 1 9 9 0 0 5 0 1 _ 0 0 7 9 . t i f Z d : M `0 d : d a l - t t - 1 9 9 0 0 5 0 1 _ 0 0 7 9 . t i f Z d : M `0 d : d a l - t t - 1 9 9 0 0 5 0 1 _ 0 0 7 9 . t i f Z d : M `0 d : d a l - t t - 1 9 9 0 0 5 0 1 _ 0 0 7 9 . t i f Z d : M `0 d : d a l - t t - 1 9 9 0 0 5 0 1 _ 0 0 7 9 . t i f Z d : M `0 d : d a l - t t - 1 9 9 0 0 5 0 1 _ 0 0 7 9 . t i f Z d : M `0 d : d a l - t t - 1 9 9 0 0 5 0 1 _ 0 0 7 9 . t i f Z d : M `0 d : d a l - t t - 1 9 9 0 0 5 0 1 _ 0 0 7 9 . t i f Z d : M `0 d : d a l - t t - 1 9 9 0 0 5 0 1 _ 0 0 7 9 . t i f Z d : M `0 d : d a l - t t - 1 9 9 0 0 5 0 1 _ 0 0 7 9 . t i f Z d : M `0 d : d a l - t t - 1 9 9 0 0 5 0 _ 0 0 7 9 . t i f Z d : M `0 d : d a l - t t - 1 9 9 0 0 5 0 1 _ 0 0 7 9 . t i f Z d : M `0 d : d a l - t t - 1 9 9 0 0 5 0 1 _ 0 0 7 9 . t i f Z d : M `0 d : d a l - t t - 1 9 9 0 0 5 0 1 _ 0 0 7 9 . t i f Z d : M `0 d : d a l - t t - 1 9 9 0 0 5 0 1 _ 0 0 7 9 . t i f Z L % M m L d a l - t t - 1 9 9 0 0 5 0 1 _ 0 0 8 1 . t i f [ r Z Z M C^ Z @ : d a l - t t - 1 9 9 0 0 5 0 1 _ 0 0 8 2 . t i f [ r Z * M 9 * d a l - t t - 1 9 9 0 0 5 0 1 _ 0 0 8 3 . t i f [ r Z U % M SF# U ` ^ d a l - t t - 1 9 9 0 0 5 0 1 _ 0 0 8 4 . t i f [ r Z zU M zU l d a l - t t - 1 9 9 0 0 5 0 1 _ 0 0 8 5 . t i f [ r Z M * ^ d a l - t t - 1 9 9 0 0 5 0 1 _ 0 0 8 6 . t i f [ r Z 0aT M V 0aT x d a l - t t - 1 9 9 0 0 5 0 1 _ 0 0 8 7 . t i f [ r Z M s= | d a l - t t - 1 9 9 0 0 5 0 1 _ 0 0 8 8 . t i f [ r Z ( M r ( @ < d a l - t t - 1 9 9 0 0 5 0 1 _ 0 0 8 9 . t i f [ r Z bkw % M { bkw d a l - t t - 1 9 9 0 0 5 0 1 _ 0 0 9 0 . t i f [ r Z R M H r d a l - t t - 1 9 9 0 0 5 0 1 _ 0 0 1 . t i f Z p Z Z . /M t . N D A L - T T ~ 1 . T I F Z p Z Z g?: 0M g?: g?: g D g D A L - T T ~ 2 . T I F Z p Z Z 9 e 0M \<l 9 e . D A L - T T ~ 3 . T I F Z p Z Z t M & , D A L - T T ~ 4 . T I F INDX( G =
( 8 1 0 Z ; " 2M `0 ; d a l - t t - 1 9 9 0 0 5 0 1 _ 0 0 9 4 . t i f Z ; " 2M `0 ; d a l - t t - 1 9 9 0 0 5 0 1 _ 0 0 9 4 . t i f Z ; " 2M `0 ; d a l - t t - 1 9 9 0 0 5 0 1 _ 0 0 9 4 . t i f Z ; " 2M `0 ; d a l - t t - 1 9 9 0 0 5 0 1 _ 0 0 9 4 . t i f Z ; " 2M `0 ; d a l - t t - 1 9 9 0 0 5 0 1 _ 0 0 9 4 . t i f Z ; " 2M `0 ; d a l - t t - 1 9 9 0 0 5 0 1 _ 0 0 9 4 . t i f Z ; " 2M `0 ; d a l - t t - 1 9 9 0 0 5 0 1 _ 0 0 9 4 . t i f Z ; " 2M `0 ; d a l - t t - 1 9 9 0 0 5 0 1 _ 0 0 9 4 . t i f Z ; " 2M `0 ; d a l - t t - 1 9 9 0 0 5 0 1 _ 0 0 9 4 . t i f Z ; " 2M `0 ; d a l - t t - 1 9 9 0 0 5 0 1 _ 0 0 9 4 . t i f Z ; " 2M `0 ; d a l - t t - 1 9 9 0 0 5 0 _ 0 0 9 4 . t i f Z ; " 2M `0 ; d a l - t t - 1 9 9 0 0 5 0 1 _ 0 0 9 4 . t i f Z ; " 2M `0 ; d a l - t t - 1 9 9 0 0 5 0 1 _ 0 0 9 4 . t i f Z ; " 2M `0 ; d a l - t t - 1 9 9 0 0 5 0 1 _ 0 0 9 4 . t i f Z ; " 2M `0 ; d a l - t t - 1 9 9 0 0 5 0 1 _ 0 0 9 4 . t i f Z w R M V w 0 d a l - t t - 1 9 9 0 0 5 0 1 _ 0 0 9 6 . t i f [ r Z R M ! @ 0 d a l - t t - 1 9 9 0 0 5 0 1 _ 0 0 9 7 . t i f [ r Z } R M w) } * d a l - t t - 1 9 9 0 0 5 0 1 _ 0 0 9 8 . t i f [ r Z % M ^ d a l - t t - 1 9 9 0 0 5 0 1 _ 0 0 9 9 . t i f ![ r Z _@ R M D D _@ 0 l/ d a l - t t - 1 9 9 0 0 5 0 1 _ 0 1 0 0 . t i f "[ r Z /M <{ P I d a l - t t - 1 9 9 0 0 5 0 1 _ 0 1 0 1 . t i f #[ r Z Y R M M Y " d a l - t t - 1 9 9 0 0 5 0 1 _ 0 1 0 2 . t i f $[ r Z #d 0M f #d p j d a l - t t - 1 9 9 0 0 5 0 1 _ 0 1 0 3 . t i f %[ r Z \? / M \?
d a l - t t - 1 9 9 0 0 5 0 1 _ 0 1 0 4 . t i f &[ r Z w R M 7" w N d a l - t t - 1 9 9 0 0 5 0 1 _ 0 1 0 5 . t i f '[ r Z R M 0 # d a l - t t - 1 9 9 0 0 5 0 1 _ 0 1 6 . t i f Z p Z Z . /M t . N D A L - T T ~ 1 . T I F Z p Z Z g?: 0M g?: g?: g D g D A L - T T ~ 2 . T I F Z p Z Z 9 e 0M \<l 9 e . D A L - T T ~ 3 . T I F Z p Z Z t M & , D A L - T T ~ 4 . T I F INDX( = ( 8 1 2 Z c R M `0 c d a l - t t - 1 9 9 0 0 5 0 1 _ 0 1 0 9 . t i f Z c R M `0 c d a l - t t - 1 9 9 0 0 5 0 1 _ 0 1 0 9 . t i f Z c R M `0 c d a l - t t - 1 9 9 0 0 5 0 1 _ 0 1 0 9 . t i f Z c R M `0 c d a l - t t - 1 9 9 0 0 5 0 1 _ 0 1 0 9 . t i f Z c R M `0 c d a l - t t - 1 9 9 0 0 5 0 1 _ 0 1 0 9 . t i f Z c R M `0 c d a l - t t - 1 9 9 0 0 5 0 1 _ 0 1 0 9 . t i f Z c R M `0 c d a l - t t - 1 9 9 0 0 5 0 1 _ 0 1 0 9 . t i f Z c R M `0 c d a l - t t - 1 9 9 0 0 5 0 1 _ 0 1 0 9 . t i f Z c R M `0 c d a l - t t - 1 9 9 0 0 5 0 1 _ 0 1 0 9 . t i f Z c R M `0 c d a l - t t - 1 9 9 0 0 5 0 1 _ 0 1 0 9 . t i f Z c R M `0 c d a l - t t - 1 9 9 0 0 5 0 _ 0 1 0 9 . t i f Z c R M `0 c d a l - t t - 1 9 9 0 0 5 0 1 _ 0 1 0 9 . t i f Z c R M `0 c d a l - t t - 1 9 9 0 0 5 0 1 _ 0 1 0 9 . t i f Z c R M `0 c d a l - t t - 1 9 9 0 0 5 0 1 _ 0 1 0 9 . t i f Z c R M `0 c d a l - t t - 1 9 9 0 0 5 0 1 _ 0 1 0 9 . t i f Z \ `!M oZa \ ~ d a l - t t - 1 9 9 0 0 5 0 1 _ 0 1 1 1 . t i f -[ r Z h `%&M 9 h F d a l - t t - 1 9 9 0 0 5 0 1 _ 0 1 1 2 . t i f .[ r Z `!M Tv d a l - t t - 1 9 9 0 0 5 0 1 _ 0 1 1 3 . t i f /[ r Z `%&M p t` d a l - t t - 1 9 9 0 0 5 0 1 _ 0 1 1 4 . t i f 0[ r Z = `!M Y = P @ d a l - t t - 1 9 9 0 0 5 0 1 _ 0 1 1 5 . t i f 1[ r Z A /M .E A @ = d a l - t t - 1 9 9 0 0 5 0 1 _ 0 1 1 6 . t i f 2[ r Z \ 0M . \ r d a l - t t - 1 9 9 0 0 5 0 1 _ 0 1 1 7 . t i f 3[ r Z r 0M - r d a l - t t - 1 9 9 0 0 5 0 1 _ 0 1 1 8 . t i f 4[ r Z c `!M U f c d a l - t t - 1 9 9 0 0 5 0 1 _ 0 1 1 9 . t i f 5[ r Z i " 2M i d a l - t t - 1 9 9 0 0 5 0 1 _ 0 1 2 0 . t i f 6[ r Z ' "M j2 ' d a l - t t - 1 9 9 0 0 5 0 1 _ 0 1 1 . t i f Z p Z Z . /M t . N D A L - T T ~ 1 . T I F Z p Z Z g?: 0M g?: g?: g D g D A L - T T ~ 2 . T I F Z p Z Z 9 e 0M \<l 9 e . D A L - T T ~ 3 . T I F Z p Z Z t M & , D A L - T T ~ 4 . T I F INDX( = ( 8 1 3 Z + _ #M b0 + _ @ ; d a l - t t - 1 9 9 0 0 5 0 1 _ 0 1 2 4 . t i f Z + _ #M b0 + _ @ ; d a l - t t - 1 9 9 0 0 5 0 1 _ 0 1 2 4 . t i f Z + _ #M b0 + _ @ ; d a l - t t - 1 9 9 0 0 5 0 1 _ 0 1 2 4 . t i f Z + _ #M b0 + _ @ ; d a l - t t - 1 9 9 0 0 5 0 1 _ 0 1 2 4 . t i f Z + _ #M b0 + _ @ ; d a l - t t - 1 9 9 0 0 5 0 1 _ 0 1 2 4 . t i f Z + _ #M b0 + _ @ ; d a l - t t - 1 9 9 0 0 5 0 1 _ 0 1 2 4 . t i f Z + _ #M b0 + _ @ ; d a l - t t - 1 9 9 0 0 5 0 1 _ 0 1 2 4 . t i f Z + _ #M b0 + _ @ ; d a l - t t - 1 9 9 0 0 5 0 1 _ 0 1 2 4 . t i f Z + _ #M b0 + _ @ ; d a l - t t - 1 9 9 0 0 5 0 1 _ 0 1 2 4 . t i f Z + _ #M b0 + _ @ ; d a l - t t - 1 9 9 0 0 5 0 1 _ 0 1 2 4 . t i f Z + _ #M b0 + _ @ ; d a l - t t - 1 9 9 0 0 5 0 _ 0 1 2 4 . t i f Z + _ #M b0 + _ @ ; d a l - t t - 1 9 9 0 0 5 0 1 _ 0 1 2 4 . t i f Z + _ #M b0 + _ @ ; d a l - t t - 1 9 9 0 0 5 0 1 _ 0 1 2 4 . t i f Z + _ #M b0 + _ @ ; d a l - t t - 1 9 9 0 0 5 0 1 _ 0 1 2 4 . t i f Z + _ #M b0 + _ @ ; d a l - t t - 1 9 9 0 0 5 0 1 _ 0 1 2 4 . t i f Z r* `!M U / r* d a l - t t - 1 9 9 0 0 5 0 1 _ 0 1 2 6 . t i f <[ r Z 7 `!M y 7 d a l - t t - 1 9 9 0 0 5 0 1 _ 0 1 2 7 . t i f =[ r Z `!M i } d a l - t t - 1 9 9 0 0 5 0 1 _ 0 1 2 8 . t i f >[ r Z GE `%&M H GE 4 d a l - t t - 1 9 9 0 0 5 0 1 _ 0 1 2 9 . t i f ?[ r Z t `!M p t j d a l - t t - 1 9 9 0 0 5 0 1 _ 0 1 3 0 . t i f @[ r Z `!M X d a l - t t - 1 9 9 0 0 5 0 1 _ 0 1 3 1 . t i f A[ r Z ~ )M x0 ~ } d a l - t t - 1 9 9 0 0 5 0 1 _ 0 1 3 2 . t i f B[ r Z g "M g B d a l - t t - 1 9 9 0 0 5 0 1 _ 0 1 3 3 . t i f C[ r Z ) B (M aD ) B D d a l - t t - 1 9 9 0 0 5 0 1 _ 0 1 3 4 . t i f D[ r Z @ `!M >N @ p d a l - t t - 1 9 9 0 0 5 0 1 _ 0 1 3 5 . t i f E[ r Z 0f ! `!M A ! 0f ! d a l - t t - 1 9 9 0 0 5 0 1 _ 0 1 6 . t i f Z p Z Z . /M t . N D A L - T T ~ 1 . T I F Z p Z Z g?: 0M g?: g?: g D g D A L - T T ~ 2 . T I F Z p Z Z 9 e 0M \<l 9 e . D A L - T T ~ 3 . T I F Z p Z Z t M & , D A L - T T ~ 4 . T I F INDX( i = ( 8 1 ~ Z `JI= *M g0 `JI= T D A B 4 2 1 ~ 1 . T I F 5 0 1 Z `; 0M g0 `; D A B A 7 A ~ 1 . T I F 5 0 1 Z . }.M sEe0 . D A B D A 4 ~ 1 . T I F 5 0 1 Z . }.M sEe0 . D A B D A 4 ~ 1 . T I F 5 0 Z . }.M sEe0 . D A B D A 4 ~ 1 . T I F 5 0 1 Z . }.M sEe0 . D A B D A 4 ~ 1 . T I F 5 0 1 Z . }.M sEe0 . D A B D A 4 ~ 1 . T I F 5 0 1 Z . }.M sEe0 . D A B D A 4 ~ 1 . T I F 5 0 1 Z w R M `0 w N D A B D F 9 ~ 1 . T I F 5 0 1 Z
66 nL-M g0
66 D A B F A 5 ~ 1 . T I F 5 0 1 Z
66 nL-M g0
66 D A B F A 5 ~ 1 . T I F 5 0 1 Z
66 nL-M g0
66 D A B F A 5 ~ 1 . T I F 5 0 1 Z
66 nL-M g0
66 D A B F A 5 ~ 1 . T I F 5 0 1 Z
66 nL-M g0
66 D A B F A 5 ~ 1 . T I F 5 0 1 Z
66 nL-M g0
66 D A B F A 5 ~ 1 . T I F 5 0 1 Z
66 nL-M g0
66 D A B F A 5 ~ 1 . T I F 5 0 1 Z f D M [0 f
D A C 1 1 3 ~ 1 . T I F 5 0 1 Z =7 0M s: =7 D A C 1 6 8 ~ 1 . T I F 5 0 1 [ p Z Z d : M z< d : D A C 1 F 4 ~ 1 . T I F 5 0 1 `[ p Z Z 9W+ `%&M Y+ 9W+ D A C 1 F D ~ 1 . T I F 5 0 1 [ p Z Z :l> A ,M &o> :l> D A C 3 8 4 ~ 1 . T I F 5 0 1 K[ p Z Z ^# (M ~`# ^# p 2g D A C 3 F E ~ 1 . T I F 5 0 1 Z p Z Z F M VK F p D A C 7 9 3 ~ 1 . T I F 5 0 1 F[ p Z Z 9d! `!M h! 9d! 0 :% D A C 9 4 8 ~ 1 . T I F 5 0 1 Z p Z Z Oq % M (w Oq 0 r* D A C 9 B 8 ~ 1 . T I F 5 0 1 "[ p Z Z /M <{ P I D A C B 4 F ~ 1 . T I F 5 0 1 Z p Z Z r2G M K r2G P E D A C B B 9 1 . T I F 5 0 1 >[ p Z Z GE `%&M H GE 4 D A C F 5 E ~ 1 . T I F 5 0 1 [ p Z Z 9 *M 9 9 @ 3 D A C F E 6 ~ 1 . T I F 5 0 1 Z p Z Z oL R M :P oL D A D 0 5 2 ~ 1 . T I F 5 0 1 P[ p Z Z z>% 3$M RKB% z>% 0 ' D A D 0 C 2 ~ 1 . T I F 5 0 1 l[ p Z Z / V'M B;/ / D A D 1 5 B ~ 1 . T I F 5 0 1 e[ p Z Z >- nL-M B- >- . D A D 2 C 3 ~ 1 . T I F 5 0 1 j[ p Z Z &/ `%&M #!)/ &/ D A D 8 1 D ~ 1 . T I F 5 0 1 '[ p Z Z R M 0 # D A D 8 6 2 ~ 1 . T I F 5 0 1 INDX( l = ( 8 1 ~ Z < )M g0 < D A 3 A 7 A ~ 1 . T I F 5 0 1 Z C5 0M g0 C5 D A 3 F A 5 ~ 1 . T I F 5 0 1 Z C5 0M g0 C5 D A 3 F A 5 ~ 1 . T I F 5 0 1 Z C5 0M g0 C5 D A 3 F A 5 ~ 1 . T I F 5 0 Z C5 0M g0 C5 D A 3 F A 5 ~ 1 . T I F 5 0 1 Z C5 0M g0 C5 D A 3 F A 5 ~ 1 . T I F 5 0 1 Z C5 0M g0 C5 D A 3 F A 5 ~ 1 . T I F 5 0 1 Z C5 0M g0 C5 D A 3 F A 5 ~ 1 . T I F 5 0 1 Z C5 0M g0 C5 D A 3 F A 5 ~ 1 . T I F 5 0 1 Z C5 0M g0 C5 D A 3 F A 5 ~ 1 . T I F 5 0 1 Z C5 0M g0 C5 D A 3 F A 5 ~ 1 . T I F 5 0 1 Z C5 0M g0 C5 D A 3 F A 5 ~ 1 . T I F 5 0 1 Z C5 0M g0 C5 D A 3 F A 5 ~ 1 . T I F 5 0 1 Z C5 0M g0 C5 D A 3 F A 5 ~ 1 . T I F 5 0 1 Z C5 0M g0 C5 D A 3 F A 5 ~ 1 . T I F 5 0 1 Z C5 0M g0 C5 D A 3 F A 5 ~ 1 . T I F 5 0 1 Z C5 0M g0 C5 D A 3 F A 5 ~ 1 . T I F 5 0 1 Z 1 > A ,M > 1 > P @ D A 4 0 D 9 ~ 1 . T I F 5 0 1 [ p Z Z 7 `%&M 7 7 p j D A 4 0 F 6 ~ 1 . T I F 5 0 1 Z p Z Z f7 C M 9 f7 0 l D A 4 1 4 A ~ 1 . T I F 5 0 1 [ p Z Z
V'M Y

X D A 4 1 F 4 ~ 1 . T I F 5 0 1 Z p Z Z t7 `!M uE; t7 D A 4 2 1 3 ~ 1 . T I F 5 0 1 [ p Z Z R M ! @ 0 D A 4 3 F 5 ~ 1 . T I F 5 0 1 [ p Z Z \:: *M (A: \:: ` Z D A 4 5 2 2 ~ 1 . T I F 5 0 1 Z p Z Z Q R M =" Q 0 D A 4 7 9 3 ~ 1 . T I F 5 0 1 U[ p Z Z z)' 3$M 9.' z)' D A 4 7 B 8 ~ 1 . T I F 5 0 1 [ p Z Z U % M SF# U ` ^ D A 4 8 B 1 1 . T I F 5 0 1 y[ p Z Z w4 nL-M 14 w4 < D A 4 9 B F ~ 1 . T I F 5 0 1 C[ p Z Z ) B (M aD ) B D D A 4 A 4 8 ~ 1 . T I F 5 0 1 ;[ p Z Z r* `!M U / r* D A 4 F 5 E ~ 1 . T I F 5 0 1 Z p Z Z a( M * a( D A 4 F E D ~ 1 . T I F 5 0 1 o[ p Z Z _r 1 V'M 1 _r 1 D A 5 1 5 B ~ 1 . T I F 5 0 1 [ p Z Z ; " 2M B ; D A 5 2 5 9 ~ 1 . T I F 5 0 1 b[ p Z Z , 3$M r- , , D A 5 2 C 3 ~ 1 . T I F Z[ p Z Z lO ) " 2M ) lO ) P D A 5 3 5 C ~ 1 . T I F INDX( + = ( 8 1 5 Z B'" `!M b0 B'" ` \ d a l - t t - 1 9 9 0 0 5 0 1 _ 0 1 3 9 . t i f Z B'" `!M b0 B'" ` \ d a l - t t - 1 9 9 0 0 5 0 1 _ 0 1 3 9 . t i f Z B'" `!M b0 B'" ` \ d a l - t t - 1 9 9 0 0 5 0 1 _ 0 1 3 9 . t i f Z B'" `!M b0 B'" ` \ d a l - t t - 1 9 9 0 0 5 0 1 _ 0 1 3 9 . t i f Z B'" `!M b0 B'" ` \ d a l - t t - 1 9 9 0 0 5 0 1 _ 0 1 3 9 . t i f Z B'" `!M b0 B'" ` \ d a l - t t - 1 9 9 0 0 5 0 1 _ 0 1 3 9 . t i f Z B'" `!M b0 B'" ` \ d a l - t t - 1 9 9 0 0 5 0 1 _ 0 1 3 9 . t i f Z B'" `!M b0 B'" ` \ d a l - t t - 1 9 9 0 0 5 0 1 _ 0 1 3 9 . t i f Z B'" `!M b0 B'" ` \ d a l - t t - 1 9 9 0 0 5 0 1 _ 0 1 3 9 . t i f Z B'" `!M b0 B'" ` \ d a l - t t - 1 9 9 0 0 5 0 1 _ 0 1 3 9 . t i f Z B'" `!M b0 B'" ` \ d a l - t t - 1 9 9 0 0 5 0 _ 0 1 3 9 . t i f Z B'" `!M b0 B'" ` \ d a l - t t - 1 9 9 0 0 5 0 1 _ 0 1 3 9 . t i f Z B'" `!M b0 B'" ` \ d a l - t t - 1 9 9 0 0 5 0 1 _ 0 1 3 9 . t i f Z B'" `!M b0 B'" ` \ d a l - t t - 1 9 9 0 0 5 0 1 _ 0 1 3 9 . t i f Z B'" `!M b0 B'" ` \ d a l - t t - 1 9 9 0 0 5 0 1 _ 0 1 3 9 . t i f Z " "M `" " d a l - t t - 1 9 9 0 0 5 0 1 _ 0 1 4 1 . t i f K[ r Z ^# (M ~`# ^# p 2g d a l - t t - 1 9 9 0 0 5 0 1 _ 0 1 4 2 . t i f L[ r Z ,# 0M # ,# d a l - t t - 1 9 9 0 0 5 0 1 _ 0 1 4 3 . t i f M[ r Z $ }.M 7 $ $ d a l - t t - 1 9 9 0 0 5 0 1 _ 0 1 4 4 . t i f N[ r Z }$ }.M bg$ }$ p n d a l - t t - 1 9 9 0 0 5 0 1 _ 0 1 4 5 . t i f O[ r Z ~$ " 2M =$ ~$ 0 & d a l - t t - 1 9 9 0 0 5 0 1 _ 0 1 4 6 . t i f P[ r Z z>% 3$M RKB% z>% 0 ' d a l - t t - 1 9 9 0 0 5 0 1 _ 0 1 4 7 . t i f Q[ r Z f% *M z % f% 8 d a l - t t - 1 9 9 0 0 5 0 1 _ 0 1 4 8 . t i f R[ r Z
& "M &
& ` R d a l - t t - 1 9 9 0 0 5 0 1 _ 0 1 4 9 . t i f S[ r Z Lf& (M j& Lf& P L d a l - t t - 1 9 9 0 0 5 0 1 _ 0 1 5 0 . t i f T[ r Z l& }.M S & l& d a l - t t - 1 9 9 0 0 5 0 1 _ 0 1 1 . t i f Z p Z Z . /M t . N D A L - T T ~ 1 . T I F Z p Z Z g?: 0M g?: g?: g D g D A L - T T ~ 2 . T I F Z p Z Z 9 e 0M \<l 9 e . D A L - T T ~ 3 . T I F Z p Z Z t M & , D A L - T T ~ 4 . T I F .... . .. .... . . .. ...... ... .
Aircraft fuel . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Aircraft maintenance materials and repairs ..... ... ..... .
Aircraft rent ... ........ . ................... .... .
Other rent ..................................... .
Landing fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Passenger service . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Passenger commissions . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Other cash costs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Depreciation and amortization . . . . . . . . . . . . . . . . . . . . . . .
Total operating expenses ....................... .
Operating Income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Other Income (Expense):
Interest expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Less- Interest capitalized ....... ....... ........ .
Gain on disposition of flight equipment . .... . . .... ..... .
Miscellaneous income, net . . . . . . . . . . . . . . . . . . . . . . . . . .
Income Before Income Taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Income Taxes Credited (Provided)-(Note 7) . .. ............. .
Amortization of Investment Tax Credits . . . . . . . . . . . . . . . . . . . . .
Net Income . ........... . .... .. .... . ...... ........ . .
Net Income Per Common Share .................... . .... .
The accompanying notes are an integral part of these statements.
18
$4,132,284
240,115
87,663
4,460,062
1,963,575
796,883
91,590
68,518
109,778
65,879
180,409
359,299
425,723
363,920
4,425,574
34,488
(79,113)
23,758
(55,355)
16,526
7,775
(31,054)
3,434
2,228
41,624
$ 47,286
$1.18
$4,376,986
235,199
71,930
4,684,115
1,856,243
892,182
66,022
57,090
92,839
60,908
170,163
350,690
422,840
349,128
4,318,105
366,010
(84,081)
22,028
(62,053)
94,343
6,863
39,153
405,163
(186,624)
40,914
$ 259,453
$6.50
$3,963,610
239,649
60,472
4,263,731
1,687,899
938,189
66,397
12,365
70,893
62,351
151,317
303,362
413,086
346,480
4,052,339
211,392
(128,065)
18,263
(109,802)
129,511
9,114
28,823
240,215
(102,625)
38,014
$ 175,604
$4.42
DELTA AIR LINES, INC.
Consolidated Statements of Stockholders' Equity For the years ended June 30, 1986, 1985 and 1984
Balance at July 1, 1983 ... . . ... . ....... .... ... . . .
Net income for fiscal year 1984 . . . .. . . .. .. . .. . . .
Cash dividends for fiscal year 1984
($.60 per share) . . . . . . . .. ........... .. .. .
Balance at June 30, 1984 . .. . .... .. . ... . . . . .. . .. . .
Net income for fiscal year 1985 . . . . . . . . . . . . . . . . .
Cash dividends for fiscal year 1985
($.70 per share) ... . . .. . .. . . . . ... . .. .. .. .
Issuance of 191,931 shares of common stock to
payroll-based stock ownership plan
($33.43 per share) ... .. . . .. . . .. . . . . .. . .. . .
Issuance of 5,382 shares of common stock under
dividend reinvestment and stock purchase plan
($47.47 per share) . ...... . ... .. . . ........ .
Balance at June 30, 1985 . . .. ... . .. . .. ... . . . .. . .. .
Net income for fiscal year 1986 . . . . . . . . . . . . . . . . .
Cash dividends for fiscal year 1986
($1.00 per share) . .. . .. .. . . . ...... . .... . . .
Issuance of 142,917 shares of common stock to
payroll-based stock ownership plan
($49.03 per share) .. . .... . .. . ... ... . ..... .
Issuance of 14,999 shares of common stock under
dividend reinvestment and stock purchase plan
($42.17 per share) .. .. . . . . . .. . ..... . . .... .
Balance at June 30, 1986 . .. . . . .. .... . .. . . . .. . .. . .
The accompanying notes are an integral part of these statements.
Common
Stock
$119,283
119,283
576
16
119,875
429
45
$120,349
Additional
Paid-In
Capital
Reinvested
Earnings
( In Thousands)
$80,088 $ 697,789
80,088
5,841
239
86,168
6,577
588
$93,333
175,604
(23,857)
849,536
259,453
(27,938)
1,081,051
47,286
(40,073)
$1,088,264
$
Total
897,160
175,604
(23,857)
1,048,907
259,453
(27,938)
6,417
255
1,287,094
47,286
(40,073)
7,006
633
$1,301,946
19
DELTA AIR LINES, INC.
Consolidated Statements of Changes in Financial Position For the years ended June 30, 1986, 1985 and 1984
Funds Provided By:
Net income .............. ............ ... .. ... . . .
Add (deduct) items not affecting working capital-
Depreciation and amortization . . . . . . . . . . . . . . . . . . . .
Deferred income taxes . . . . . . . . . . . . . . . . . . . . . . . . . .
Investment tax credits, net of amortization . .. .... ... .
Other ................ ............ .. ...... .
Total from operations . . . . . . . . . . . . . . . . . . . . . . .
Issuance of long-term debt . . . . . . . . . . . . . . . . . . . . . . . . . .
Issuance of common stock . . . . . . . . . . . . . . . . . . . . . . . . . .
Decrease 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 . . . . . . . . . . . . . . . . . . . . . . . . .
Investment in associated company (Note 9) ............. .
Cash dividends . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Decrease (increase) in other non-current liabilities . . . . . . . . . .
Other ................ .... ............. .. ..... .
Increase (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.
20
1986
$ 47,286
365,447
(20,528)
(15,907)
(523)
375,775
530,000
7,639
2,249
99,874
7,609
41,421
(2,156)
1,062,411
508,733
109,478
618,211
194,185
37,976
40,073
7,221
1,432
899,098
$ 163,313
$ 24,165
(63,389)
10,485
(2,580)
(8,289)
26,924
91,716
6,705
71,192
6,384
$ 163,313
1985
(In Thousands)
$ 259,453
350,194
111,598
11,617
(509)
732,353
504,863
6,672
6,679
67,375
(27,510)
40,105
260
1,330,797
529,604
152,258
681,862
640,331
27,938
(34,124)
4,131
1,320,138
$ 10,659
$ 4,298
71,331
21,577
633
7,076
(8,887)
(31,854)
(60,138)
6,623
$ 10,659
1984
$ 175,604
347,484
48,490
5,334
(537)
576,375
7,434
6,469
83,597
37,478
93,224
23,217
432
828,226
365,412
129,315
494,727
426,265
23,857
(2,715)
9,055
951,189
$ (122,963)
$ (22,393)
95,120
(78,126)
(811)
2,457
12,000
112
(73,497)
(44,818)
(13,007)
$ (122,963)
DELTA AIR LINES, INC.
Notes to Consolidated Financial Statements
June 30, 1986, 1985 and 1984
1. Summary of Accounting Policies:
Basis of Presentation-The consolidated financial state-
ments include the accounts of the Company and its wholly
owned subsidiaries: Epsilon Trading, Inc.; DatasLink Business
Systems, Inc.; Deltair U.K. Investments Limited; and 'fravel
Air Music, Inc. All significant intercompany accounts and
transactions have been eliminated.
Passenger Revenue - Passenger ticket sales are recorded
as revenue when the transportation is provided. The value of
unused tickets is included in current liabilities.
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
are depreciated on a straight-line basis over their 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 40,097,115 for fiscal
1986 and 39,905,856 for fiscal 1985 and 39,761,154 for fiscal 1984.
Deferred Manufacturers Credits - In connection with the
acquisition of certain 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 depreciation 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 aircraft rent expense.
2. Aircraft Purchase and Sale Commitments:
At June 30, 1986, the status of the Company's current fleet
and aircraft purchase commitments was as follows :
Aircraft Current Fleet
Type Owned Leased Orders Options
B-727-200 .... . ........ 87 15
B-737-200 . .... . . .. .. .. 33
B-757-200 . . ... . . . . .. . . 17 2 41 10
B-767-200 ........... .. 15
B-767-300 . ...... . . .. . . 9 18
DC-9-32 .... .. . .... .. . . 31 5
DC-8-71 . . .. .. ... ... . .. 13
L-1011-1/100/ 200 .... . . . .. 29
L-1011-500 . . . ... . . . .... 6
MD-88 . . .. . ...... . ... 30 60
- - - - - -
198 55 80 88
The aircraft orders include 22 Boeing B-757-200 aircraft
and 14 McDonnell Douglas MD-88 aircraft which are subject
to reconfirmation by the Company.
Future expenditures for the aircraft and engine commit-
merits (excluding option aircraft) are estimated to be approxi-
mately $2.3 billion, as follows:
Years Ending
June 30
1987
1988
1989
1990
1991
Amount
( In Thousands)
$ 772,000
665,000
461,000
322,000
106,000
$2,326,000
The Company presently anticipates financing these com-
mitments from internally generated funds, supplemented as
required by external financings.
At June 30, 1986, Delta had no outstanding commitments
to sell any of its aircraft. Subsequent to June 30, 1986, the
Company completed the sale and leaseback of two Boeing
B-757-200 aircraft. Delta has reached an understanding, subject
to the completion of definitive agreements, for the sale of its
Douglas DC-8-71 fleet and related equipment and spare parts.
Delta intends to deliver the 13 DC-8-71 aircraft to the purchaser
over a three-year period. Also subsequent to year end, the
Company completed an agreement to sell three Boeing B-727-200
aircraft in the December 1986 quarter.
21
DELTA AIR LINES, INC.
3. Long-Term Debt:
At June 30, 1986 and 1985, the Company's long-term debt
(including current maturities) was as follows:
1984 Ba_
nk 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 . . . . . . . . . . ..
8% Notes, unsecured, due
May 15, 1996 ................. .
9% Debentures, unsecured, due
May 15, 2016 . ........ .. .. .... .
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 9Ys% 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.
Borrowings under this agreement
were voluntarily prepaid in
September 1985 .. . . ..... ... ... .
Citicorp Industrial Credit, Inc. Loan and
Security Agreement. Borrowings under
this agreement were voluntarily
prepaid during fiscal 1986 . ... . ... .
Lazard Brothers & Co., Limited, 6% and
7Yz% unsecured notes. The final
installment under this agreement
was prepaid in June 1986 ........ .
Unamortized discount on debt. . . . . . .
Total .. . ... .. . ... .. .. , .
Less- Current maturities . . . . . . . . . . .
1986 1985
(In Thousands)
$ 205,000 $ 150,000
150,000
150,000
125,000
120,000
48,000
39,000
35,000
10,921
(3,385)
879,536
10,921
125,000
120,000
48,000
39,000
35,000
10,921
5,300
4,725
870
(1,025)
537,791
2,632
Total long-term debt. . . . . . . . $ 868,615 $ 535,159
22
Subsequent to June 30, 1986, the 6Y2% Convertible Sub-
ordinated Debentures were retired. The Company has no other
maturities of long-term debt during the next five fiscal years
(1987 through 1991).
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
$178,296,000 in 1986, $149,929,000 in 1985 and $83,258,000
in 1984.
At June 30, 1986, 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
1987 ..... . ..... .. ...... .
1988 ................... .
1989 .......... . ... . ... . .
1990 ..... ... .. .. . . . ... . .
1991 ... . .. ...... ..... .. .
After 1991 ............... .
Total ... . . .... .. ... .
Amount
( In Thousands)
$ 180,000
185,000
182,000
181,000
179,000
2,211,000
$3,118,000
The Company has negotiated noncancelable sublease
agreements at certain of its airport terminal facilities. At
June 30, 1986, the Company expected to receive rentals under
these agreements as follows:
Fiscal Year
1987 .. ..... .. ... .... .. . .
1988 ................... .
1989 ... ............ . . .. .
1990 ............ ... . ... .
1991 . . ...... . . .. . .... .. .
After 1991 .......... . .... .
Total ........ ..... . .
5. Short-Term Borrowings:
Amount
(In Thousands)
$ 5,800
5,500
5,100
4,500
4,200
61,000
$86,100
Interim financing of operations is obtained through the
issuance of commercial paper and the use of short-term notes
payable. At June 30, 1986, outstanding commercial paper
totaled $41,055,000 at interest rates ranging from 6.475% to
7.275%, and short-term notes payable totaled $9,000,000 at
an interest rate of 7.625%.
The average interest rate and average and maximum out-
standing balances of short-term borrowings during 1986 and
1985 were as follows: 1986 1985
Maximum amount of borrowings
(In Thousands)
outstanding during period .. ...... . . $281,900 $295,900
Average daily borrowings
during period . . . . . . . . . . . . . . . . . .. 177,630 159,821
Weighted average interest rate
on borrowings during period . . ..... . 7.95% 9.77%
DELTA AIR LINES, INC.
6. Common Stock:
At June 30, 1986, the Company had 87,368 common shares
reserved for conversion (at $125 per share) of the Convertible
Subordinated Debentures which matured on August 1, 1986.
On January 1, 1986, the Company's stock option plan for
officers and other key employees became effective. This plan
provides for the granting of units relating to up to 1,500,000
shares of common stock, subject to certain adjustments for
changes in the number of shares of the Company's common
stock. Each unit is generally exercisable between one and five
years from the grant date as either a stock option or a stock
appreciation right. Units exercised as stock appreciation rights
are payable 60% in cash and 40% in common stock. At June 30,
1986, 326,000 units were outstanding at $41.375 per share, and
1,174,000 units were available for future grants. Subject to the
terms of the plan, the outstanding units become exercisable in
January 1987 and expire in January 1991. Compensation expense
on the outstanding units, which is based on the increase in the
market price of the Company's common stock since the date of
grant, is being recognized over a one-year period.
7. Income Taxes:
Income taxes provided (credited) in 1986, 1985, and 1984
consisted of:
1986 1985 1984
(In Thousands)
Current taxes . . . . . . . . . . . . . $ so $ 29,429 $ 21,317
Deferred taxes . . . . . . . . . . . . 107,136 101,875 (31,356)
Reinstatement (reversal) of
deferred taxes . . . . . . . . . . (127,663) 9,723 77,579
Investment tax credits .... .. 25,717 52,597 41,471
PAYSOP credit .. . .. ... . ... (7,468) (7,000) (6,386)
Income taxes provided
(credited) ...... ... ... $ (2,228) $186,624 $102,625
The tax provisions (credit) for the years ended June 30,
1986, 1985 and 1984 differ from amounts which would result
from applying the federal statutory tax rate to pretax income,
as follows:
1986 1985 1984
(In Thousands)
Pretax earnings . . . . . . . . . . . $ 3,434 $405,163 $240,215
Compensation expense not
deductible for tax purposes . 7,468 7,000 6,386
Adjusted pretax earnings .. . . 10,902 412,163 246,601
Statutory rate .. . . . . ... ... x46% x46% x46%
Income tax provision at
statutory rate . . . .. . . .. . . 5,015 189,595 113,436
PAYSOP credit ... .. .. .. .. . (7,468) (7,000) (6,386)
State income taxes, net of
federal income tax benefit . . 225 5,390 3,395
Other, net ; . . . . . . . . . . . . . . (1,361) (7,820)
Income taxes provided
(credited) ... ... . . ... . . $ (2,228) $186,624 $102,625
Subject to certain restrictions, the Company is allowed a
tax credit for contributions made to its payroll-based stock
ownership plan (PAYSOP). The planned contributions for fiscal
1986, 1985 and 1984, which were recorded as additional com-
pensation expense, are not deductible for income tax purposes
and must be excluded before computing the normal provisions
for income taxes.
At June 30, 1985, Delta had available tax credit carryovers
which had been recorded as a reduction in deferred income
taxes. In 1986, deferred income taxes were further reduced
by tax credits generated during the year. At June 30, 1986, the
Company had remaining tax credit carryovers of $205.7 million,
of which $62.3 million expire in 1998, $47.7 million expire in
1999, $61.1 million expire in 2000 and $34.6 million expire in 2001.
Pending federal tax legislation could restrict the Company's
ability to fully utilize these credits.
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 $199,305,000 in 1986,
$193,744,000 in 1985, and $165,759,000 in 1984. 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, 1985 (date of the most recent actuarial study)
and June 30, 1984, the actuarial present value of accumulated
plan benefits and the net assets available for plan benefits under
the Company's defined benefit pension plans were as follows:
1985 1984
Actuarial present value of (In Thousands)
accumulated plan benefits-
Vested . .. . .. . . . .. .. . . .... .
Nonvested . .. . . .. . .... . ... .
$1,358,100
30,300
$1,192,100
26,300
$1,388,400 $1,218,400
Net assets available for
plan benefits ... . ... ... .... .. . $1,609,300 $1,221,500
The weighted average assumed rate of return used in
determining the actuarial present value of accumulated plan
benefits was 8%.
The Financial Accounting Standards Board has issued
new standards on employers' accounting for pensions. Com-
panies are required to adopt the new expense and disclosure
requirements no later than 1987 (fiscal 1988) and, in certain
circumstances, to reflect a minimum pension liability no later
than 1989 (fiscal 1990). Early adoption is permitted, and the
Company will implement the new standards beginning with
fiscal 1987. The Company estimates that the effect of adopting
the new reporting standards will be a $60 million reduction in
fiscal 1987 operating expenses. As required by the standards,
the changes will be adopted prospectively, and thus the financial
statements for periods prior to fiscal year 1987 will not be restated.
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 $6,955,000
in 1986 and $4,238,000 in 1985.
23
DELTA AIR LINES, INC.
9. Investments in Associated Companies:
In June 1986, Delta purchased approximately 20% of
the common stock of Atlantic Southeast Airlines, Inc. (ASA)
for $38 million. Included in the carrying amount of ASA is
$21.5 million, representing the amount by which the cost of
the investment exceeded the value of the underlying net assets
of ASA when the investment was acquired. This amount will
be amortized over 30 years beginning in fiscal 1987. Subsequent
to the end of the year, the Company purchased approximately
19% of the common stock of Comair, Inc. for $17 million. The
investments in ASA and Comair are being accounted for under
the equity method.
10. Subsequent Event:
On September 9, 1986, Delta and Western Air Lines, Inc.
entered into a definitive merger agreement providing for Delta's
acquisition of Western for $6.25 per share in cash and, subject
to certain limits, the equivalent of $6.25 per share in Delta
common stock. Based on the closing price of Delta stock on
September 8, the transaction has an indicated value of $860
million. As part of the transaction, Western granted Delta an
option to purchase up to 32,675,000 authorized but unissued
shares of Western common stock at $10.125 per share. The
merger agreement has been approved by the boards of directors
of both companies. Completion of the transaction is subject
to, among other things, approval by the stockholders of both
companies and the receipt of all necessary regulatory approvals,
including approval by the Department of Transportation.
11. Quarterly Financial Data (Unaudited):
Three Months Ended
Sept.30 Dec.31 Mar.31 June 30
Fiscal 1986
( In Millions, Except Per Share Amounts)
Operating revenues ...... $1,123.2 $1,119.9 $1,109.8 $1,107.3
- - -
Operating income (loss) . . $ 30.6 $ (5.7) $ (20.6) $ 30.2
Net income (loss) . ..... . $ 29.5 $ 1.9 $ (6.4) $ 22.2
===
Net income (loss) per share $ 0.74 $ 0.05 $ (0.16) $ 0.55
Fiscal 1985
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
12. Contingencies:
The Company is a defendant in certain legal actions
relating to environmental problems (primarily noise), alleged
employment discrimination practices, other matters concern-
ing past and present employees, disputes concerning the
Company'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
predict. 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.
24
13. 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 1986 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 1986 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 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.
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 1986 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, 1986
As Reported
in the
Financial
Statements
(Historical Cost)
Adjusted for
Changes in
Specific Prices
(Current Cost)
( In Thousands,
Except Per Share Data)
Operating revenues . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $4,460,062 $4,460,062
Depreciation and amortization expense .... . ......... . . . .............................. .
Operating expenses (excluding depreciation and amortization) ................... . .......... .
Gain on disposition of flight equipment . . .............. . .................... . ....... . . .
Other expenses, net ..... . ........................................ . .......... .. .. .
Income taxes credited . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Amortization of investment tax credits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Total expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Net income (loss) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Net income (loss) per share . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
363,920
4,061,654
(16,526)
47,580
(2,228)
(41,624)
4,412,776
$ 47,286
$ 1.18
Gain from decline in purchasing power of net amounts owed . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ...
Effect on property and equipment of:
Increase in specific prices (current cost)* .... . .. . . .. ...... . ... .. .......... . .. . ...... . ...... .. .... .
Increase in general price level ( constant dollar) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Excess of increase in specific prices over the increase in general price level . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
* At June 30, 1986, owned and lea sed property and equipment, stated at current cost, .net of adjusted accumulated depreciation
fro m date of cquisition, was $3 .76 billion compared w ith the historical depreciated cost of $3.10 billion.
Five-Year Comparison of Selected Supplementary Consolidated Financial Data (Unaudited)
Stated in Average Fiscal 1986 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) . . . . . . ..... .
1986
$4,460,062
(39,446)
(0.98)
161,854
1,409,513
456,225
20,055
1.00
41.50
326.0
1985 1984 1983
( In Thousands, Except Per Share Data)
$4,820,142 $4,558,794 $4,010,036
204,288
5.12
176,621
1,536,282
433,778
42,006
0.72
50.42
316.8
147,393
3.71
317,621
1,533,405
451,158
58,384
0.64
32.88
304.9
(246,267)
(6.19)
60,966
1,978,646
508,723
34,556
1.11
47.13
294.0
456,225
4,061,654
(15,648)
47,580
(2,228)
(48,075)
4,499,508
$ (39,446)
$ (0.98)
$ 20,055
$ 216,461
54,607
$ 161,854
1982
$4,183,443
(183,496)
(4.61)
44,184
2,543,017
510,807
58,744
1.10
39.32
281.9
25
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)
1986 1985 1984 1983 1982 1981 1980 1979 1978 1977
Opera.ting revenues:
Passenger .... ....... ..... ... .... . ........ ..... $4,132,284 $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
Cargo ... . ..... . .. . .... .. . .. . .. : .... . ... . ..... 240,115 235,199 239,649 227,146 230,597 213,431 190,490 167,904 153,233 114,800
Other, net ................. ....... ........ .. . .. 87,663 71,930 60,472 42,253 34,753 32,384 32,650 46,918 36,578 29,203
Total operating revenues .... .. .. .... . ... ............... 4,460,062 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
Operating expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,425,574 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
Operating income (loss) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 34,488 $ 366,010 $ 211,392 $ (207,334) $ (8,156) $ 174,194 $ 92,637 $ 209,032 $ 205,095 $ 141,181
Interest expense, net 1 ....... . ... . .... . . .. ..... .. .... . (55,355) (62,053) (109,802) (63,494) (22,284) (7,596) (11,062) (9,461) (17,313) (23,061)
Miscellaneous income, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,775 6,863 9,114 15,898 13,665 26,144 6,952 1,959 4,301 7,524
Gain on disposition of flight equipment . . . . . . . . . . . . . . . . . . . . 16,526 94,343 129,511 28,229 1,570 30,078 36,091 20,514 32,689 29,403
Income (loss) before income taxes ....................... $ 3,434 $ 405,163 $ 240,215 $ (226,701) $ (15,205) $ 222,820 $ 124,618 $ 222,044 $ 224,772 $ 155,047
Income taxes (provided) credited ..... . . .. .... .. .. .... . .. 2,228 (186,624) (102,625) 109,642 9,652 (101,447) (54,433) (104,429) (109,296) (76,362)
Amortization of investment tax credits .................. . . 41,624 40,914 38,014 30,329 26,367 25,101 22,973 19,129 15,651 13,695
Net income (loss) ......... .. . .. .. ..... . ... .......... $ 47,286 $ 259,453 $ 175,604 $ (86,730) $ 20,814 $ 146,474 $ 93,158 $ 136,744 $ 131,127 $ 92,380
Net income (loss) per share* . . . . . . . . . . . . . . . . . . . . . . . . $1.18 $6.50 $4.42 $(2.18) $0.52 $3.68 $2.34 $3.44 $3.30 $2.32
Dividends paid ... ....... . . .................... . .. .. $ 40,073 $ 27,938 $ 23,857 $ 39,761 $ 37,773 $ 27,832 $ 23,857 $ 20,875 $ 14,911 $ 13,916
Dividends paid per share* . . . . . . . . . . . . . . . . . . . . . . . . . . $1.00 $0.70 $0.60 $1.00 $0.95 $0.70 $0.60 $0.53 $0.38 $0.35
1 Has been reduced by interest capitalized of ..... .... .. .. .. .. $ 23,758 $ 22,028 $ 18,263 $ 29,398 $ 38,154 $ 15,539 $ 10,790 $ 6,717 $ 4,794 $ 2,922
Other Financial and Statistical Data For the years ended June 30
1986 1985 1984 1983 1982 1981 1980 1979 1978 1977
Long-term debt ..................................... $ 868,615 $ 535,159 $ 670,993 $1,089,796 $ 362,774 $ 198,411 $ 147,901 $ 125,483 $ 167,331 $ 237,497
Stockholders' equity ................................. $1,301,946 $1,287,094 $1,048,907 $ 897,160 $1,023,651 $1,040,611 $ 921,969 $ 852,668 $ 736,799 $ 620,583
Stockholders' equity per share* . . . . . . . . . . . . . . . . . . . . . . . . . . $ 32.45 $ 32.21 $ 26.38 $ 22.56 $ 25.75 $ 26.17 $ 23.19 $ 21.44 $ 18.53 $ 15.61
Shares of common stock outstanding at year end* ............ 40,116,383 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
Revenue passengers enplaned ... ..... .... . ............. 39,582,232 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
Available seat miles (000) ..... .. . .... . ..... .. . . .. .. .... 53,336,135 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
Revenue passenger miles (000) ..... . ..... .. .... . ..... . .. 30,123,387 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
Passenger load factor . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 56.48% 56.28% 51 .24% 54.46% 53.78% 55.46% 60.56% 64.07% 59.27% 55.32%
Breakeven load factor . .. ... .. .... . .. ... . . ... ........ . 56.01% 51.57% 48.51% 57.84% 53.91% 52.52% 58.51% 58.02% 52.74% 50.36%
Available ton miles (000) . .. . ......................... . 6,934,047 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
Revenue ton miles ( 000) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,371,917 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
Passenger revenue per passenger mile .. . .. . . .............. 13.72 15.06 15.19 12.83 13.80 13.05 10.45 8.67 8.94 8.73
Operating expenses per available seat mile 8.30 8.36 7.96 7.98 8.03 7.39 6.63 5.57 5.25 4.84
...... ... . ... ... .
Operating expenses per available ton mile .. . ... ... ........ . 63.82 64.76 61.69 61.64 61.06 55.64 49.83 41.41 38.91 35.25
* Adjusted for 2-for-1 stock split distributed December 1, 1981.
27
26
DELTA AIR LINES, INC.
Auditors' Report
ARTHUR ANDERSEN & Co.
ATLAXTA, GEORGIA
To the Stockholders and the Board of Directors of
Delta Air Lines, Inc.:
We have examined the consolidated balance sheets
of DELTA AIR LINES, INC. (a Delaware corporation) and
subsidiaries as of June 30, 1986 and 1985, and the related
consolidated statements of income, stockholders' equity
and changes in financial position for each of the three
years in the period ended June 30, 1986. Our examinations
were made in accordance with generally accepted auditing
standards and, accordingly, included such tests of the
accounting records and such other auditing procedures
as we considered necessary in the circumstances.
In our opinion, the financial statements referred to
above present fairly the financial position of Delta Air
Lines, Inc. and subsidiaries as of June 30, 1986 and 1985,
and the results of their operations and the changes in their
financial position for each of the three years in the period
ended June 30, 1986, in conformity with generally accepted
accounting principles applied on a consistent basis.
August 15, 1986
( except with respect to Note 10,
as to which the date is
September 11, 1986)
28
Report of Management
!he ~ntegrity and objectivity of the information presented
m this Annual Report is the responsibility of Delta man-
agement. The financial statements contained in this report
have been examined by Arthur Andersen & Co., inde-
pendent public accountants. Their report, shown on this
page, expresses an informed judgment as to whether
management's financial statements present fairly, in con-
formity with generally accepted accounting principles, the
Company's financial position and operating results.
Delta maintains a system of internal financial con-
trols and a program of internal audits. These controls
inc~ude the selection and training of its managers, organi-
zational arrangements that provide a division of responsi-
bilities, and communication programs explaining the
Company's policies and standards. We believe that this
system provides reasonable assurance that transactions
are executed in accordance with management's authoriza-
tion and are appropriately recorded 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
~ e _ ~
DAVID C. GARRETT, JR.
Chairman of the Board and
Chief Executive Officer
Transfer Agent and Registrar
for Common Stock
The Citizens and Southern National Bank
Investor Services
P.O. Box 105555
Atlanta, Georgia 30348-5555
Dividend Paying Agent
Delta Air Lines, Inc.
Stockholder Relations
Hartsfield Atlanta International Airport
Atlanta, Georgia 30320
Auditors
Arthur Andersen & Co.
133 Peachtree Street, N.E.
Atlanta, Georgia 30303
Annual Meeting
October 23, 1986, Monroe, Louisiana
Common Stock
Listed on the New York Stock Exchange
Number of Stockholders
18,711 as of August 5, 1986
Market Prices and Dividends
Market Price Range of
Fiscal Year 1986
Quarter Ended:
September 30 . . . . . . . . . .
December 31 . .... . .... .
March 31 .......... .. .
June 30 . .. . . . ... . .... .
Fiscal Year 1985
Quarter Ended:
September 30 . . . . . . . . . .
December 31 . . . . . . . . . . .
March 31 ....... . . . .. .
June 30 .............. .
Availability of Form 10-K
Common Stock on
New York Stock Exchange
High Low
52 40
41 36
45 38
48 40
36
44
47
50
27
31
41
40
Cash
Dividends
Paid Per Share
$.25
.25
.25
.25
$.15
.15
.20
.20
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, 1986, to any person bene-
ficially owning or owning of record any of the common stock
of the Company on September 3, 1986. Requests for the report
should be directed to James W. Callison, Secretary, Delta Air
Lines, Inc., Hartsfield Atlanta International Airport, Atlanta,
Georgia 30320.
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.O. Box 105555
Atlanta, Georgia 30348-5555
Telephone (404) 897-3464
Delta Air Lines, Inc.
General Offices, Hartsfield Atlanta International Airport
Atlanta, Georgia 30320