INDX( T = ( 8 0 L ,1 +s d3R6 ,1 " . _ D S C _ 0 6 2 0 . x m p L ,1 +s d3R6 ,1 " . _ D S C _ 0 6 2 0 . x m p L ,1 +s d3R6 ,1 " . _ D S C _ 0 6 2 0 . x m p L ,1 +s d3R6 ,1 " . _ D S C _ 0 6 2 0 . x m p L ,1 +s d3R6 ,1 " . _ D S C _ 0 6 2 0 . x m p L ,1 +s d3R6 ,1 " . _ D S C _ 0 6 2 0 . x m p L ,1 +s d3R6 ,1 " . _ D S C _ 0 6 2 0 . x m p L ,1 +s d3R6 ,1 " . _ D S C _ 0 6 2 0 . x m p L ,1 +s d3R6 ,1 " . _ D S C _ 0 6 2 0 . x m p L ,1 +s d3R6 ,1 " . _ D S C _ 0 6 2 0 . x m p L ,1 +s d3R6 ,1 " . _ D S C _ 0 6 2 0 . x m p L ,1 +s d3R6 ,1 " . _ D S C _ 0 6 2 0 . x m p L ,1 +s d3R6 ,1 " . _ D S C _ 0 6 2 0 . x m p L ,1 +s d3R6 ,1 " . _ D S C _ 0 6 2 0 . x m p L ,1 +s d3R6 ,1 " . _ D S C _ 0 6 2 0 . x m p ,1 +s d3R6 ,1 " . _ D S C _ 0 6 2 0 . x m p ,1 +s d3R6 ,1 " . _ D S C _ 0 6 2 0 . x m p L { s { { " . _ D S C _ 6 2 4 . x m p cM p ^ L @8s " . _ D S C _ 0 6 2 6 . x m p iM p ^ L D S C _ 0 5 8 0 . J P G L p Z L { p,w V o ` ?X D S C _ 0 5 8 0 . N E F L p Z L p 1w ] ] D S C _ 0 5 8 1 . J P G L p Z L 1w < < ~ ~ D S C _ 0 5 8 1 . N E F L p Z L "! "6w X X w D S C _ 0 5 8 2 . J P G L p Z L n, 0S6w ~ !~ D S C _ 0 5 8 2 . N E F L p Z L >6w ` D S C _ 0 5 8 3 . J P G L p Z L 2 >6w ; ; ~ W~ D S C _ 0 5 8 3 . N E F L p Z L K *6w M M " I" D S C _ 0 5 8 4 . J P G L p Z L a *6w k k ] D S C _ 0 5 8 4 . N E F L p Z L v g v v D S C _ 0 5 8 4 . x m p L p Z L 1e 6w e e - - D S C _ 0 5 8 5 . J P G L p Z L 6w ` US D S C _ 0 5 8 5 . N E F L p Z L k 7w { { D S C _ 0 5 8 6 . J P G INDX( = ( 8 9 L _ SDw [6 ;e D S C _ 0 5 9 4 . N E F L _ SDw [6 ;e D S C _ 0 5 9 4 . N E F L _ SDw [6 ;e D S C _ 0 5 9 4 . N E F L _ SDw [6 ;e D S C _ 0 5 9 4 . N E F L _ SDw [6 ;e D S C _ 0 5 9 4 . N E F L _ SDw [6 ;e D S C _ 0 5 9 4 . N E F L _ SDw [6 ;e D S C _ 0 5 9 4 . N E F L _ SDw [6 ;e D S C _ 0 5 9 4 . N E F L _ SDw [6 ;e D S C _ 0 5 9 4 . N E F L _ SDw [6 ;e D S C _ 0 5 9 4 . N E F L _ SDw [6 ;e D S C _ 0 5 9 4 . N E F L _ SDw [6 ;e D S C _ 0 5 9 4 . N E F L _ SDw [6 ;e D S C _ 0 5 9 4 . N E F L _ SDw [6 ;e D S C _ 0 5 9 4 . N E F L _ SDw [6 ;e D S C _ 0 5 9 4 . N E F L _ SDw [6 ;e D S C _ 0 5 9 4 . N E F L _ SDw [6 ;e D S C _ 0 5 9 4 . N E F L _ SDw [6 ;e D S C _ 0 5 9 4 . N E F L 9Dw M M D S C _ 0 5 9 5 . J P G M p Z L i 9Dw 6I 6I D S C _ 0 5 9 5 . N E F M p Z L / Dw H D S C _ 0 5 9 6 . J P G M p Z L Dw | | Y D S C _ 0 5 9 6 . N E F M p Z L =3 }Dw 5 5 D S C _ 0 5 9 7 . J P G M p Z L \ K }Dw AT AT P J D S C _ 0 5 9 7 . N E F M p Z L kb 1N{ kb kb D S C _ 0 5 9 7 . x m p M p Z L Ew 1 1 - F- D S C _ 0 5 9 8 . J P G M p Z L Ew D D o D S C _ 0 5 8 . N E F M p Z L v g v v D S C _ 0 5 9 8 . x m p M p Z L "Ew g g / */ D S C _ 0 5 9 9 . J P G L h R L j ` Yj Yj 0 " D S _ S T O ~ 1 M p Z L `s " _ D 8 4 9 6 ~ 1 . X M P L p Z L ~ s u~ u~ " _ D S C _ 0 ~ 1 . X M P M p Z L M s M M " _ D S C _ 0 ~ 2 . X M P M p Z L Ws " _ D S C _ 0 ~ 3 . X M P M p Z L 4rl @ ys 4rl 4rl " _ D S C _ 0 ~ 4 . X M P L h X L -nr s !r !r " _ F D E 1 ~ 1 . D S _ INDX( = ( 8 ~ L ` GGw [6 {j P ,L D S C _ 0 6 0 1 . N E F L ` GGw [6 {j P ,L D S C _ 0 6 0 1 . N E F L ` GGw [6 {j P ,L D S C _ 0 6 0 1 . N E F L ` GGw [6 {j P ,L D S C _ 0 6 0 1 . N E F L ` GGw [6 {j P ,L D S C _ 0 6 0 1 . N E F L ` GGw [6 {j P ,L D S C _ 0 6 0 1 . N E F L ` GGw [6 {j P ,L D S C _ 0 6 0 1 . N E F L ` GGw [6 {j P ,L D S C _ 0 6 0 1 . N E F L ` GGw [6 {j P ,L D S C _ 0 6 0 1 . N E F L ` GGw [6 {j P ,L D S C _ 0 6 0 1 . N E F L ` GGw [6 {j P ,L D S C _ 0 6 0 1 . N E F L ` GGw [6 {j P ,L D S C _ 0 6 0 1 . N E F L ` GGw [6 {j P ,L D S C _ 0 6 0 1 . N E F L ` GGw [6 {j P ,L D S C _ 0 6 0 1 . N E F L ` GGw [6 {j P ,L D S C _ 0 6 0 1 . N E F L ` GGw [6 {j P ,L D S C _ 0 6 0 1 . N E F L ` GGw [6 {j P ,L D S C _ 0 6 0 1 . N E F L ` GGw [6 {j P ,L D S C _ 0 6 0 1 . N E F L M 2Gw < < # R # D S C _ 0 6 0 2 . J P G M p Z L : 2Gw 9 9 D S C _ 0 6 0 2 . N E F M p Z L J YGw & & D S C _ 0 6 0 3 . J P G !M p Z L i Gw &G &G D S C _ 0 6 0 3 . N E F "M p Z L C2 1N{ C2 C2 D S C _ 0 6 0 3 . x m p $M p Z L 6 OGw Oj Oj ' #' D S C _ 0 6 0 4 . J P G %M p Z L OGw /g$ /g$ D S C _ 0 6 0 4 . N E F &M p Z L = 5 Gw sx7 sx7 # o# D S C _ 0 6 0 5 . J P G L h R L j ` Yj Yj 0 " D S _ S T O 1 #M p Z L X s X X " _ D 2 A E 5 ~ 1 . X M P M p Z L `s " _ D 8 4 9 6 ~ 1 . X M P M p Z L *{ 9s *{ *{ " _ D 8 F 7 D ~ 1 . X M P M p Z L , xbs , , " _ D D 9 C A ~ 1 . X M P L p Z L ~ s u~ u~ " _ D S C _ 0 ~ 1 . X M P M p Z L M s M M " _ D S C _ 0 ~ 2 . X M P M p Z L Ws " _ D S C _ 0 ~ 3 . X M P M p Z L 4rl @ ys 4rl 4rl " _ D S C _ 0 ~ 4 . X M P L h X L -nr s !r !r " _ F D E 1 ~ 1 . D S _ INDX( = ( 8 M L Z MJw #^6 j f D S C _ 0 6 0 8 . N E F L Z MJw #^6 j f D S C _ 0 6 0 8 . N E F L Z MJw #^6 j f D S C _ 0 6 0 8 . N E F L Z MJw #^6 j f D S C _ 0 6 0 8 . N E F L Z MJw #^6 j f D S C _ 0 6 0 8 . N E F L Z MJw #^6 j f D S C _ 0 6 0 8 . N E F L Z MJw #^6 j f D S C _ 0 6 0 8 . N E F L Z MJw #^6 j f D S C _ 0 6 0 8 . N E F L Z MJw #^6 j f D S C _ 0 6 0 8 . N E F L Z MJw #^6 j f D S C _ 0 6 0 8 . N E F L Z MJw #^6 j f D S C _ 0 6 0 8 . N E F L Z MJw #^6 j f D S C _ 0 6 0 8 . N E F L Z MJw #^6 j f D S C _ 0 6 0 8 . N E F L Z MJw #^6 j f D S C _ 0 6 0 8 . N E F L Z MJw #^6 j f D S C _ 0 6 0 8 . N E F L Z MJw #^6 j f D S C _ 0 6 0 8 . N E F L Z MJw #^6 j f D S C _ 0 6 0 8 . N E F L Z MJw #^6 j f D S C _ 0 6 0 8 . N E F L j g:dJw 6 k6 D S C _ 0 6 0 9 . J P G 5M p Z L @ g:dJw g g ` ^ D S C _ 0 6 0 9 . N E F 6M p Z L 6 |Jw N" N" P/ 1C/ D S C _ 0 6 1 0 . J P G 7M p Z L D6M |Jw V V @ $; D S C _ 0 6 1 0 . N E F 8M p Z L wYs Jw x x 5 5 D S C _ 0 6 1 1 . J P G L h R L j ` Yj Yj 0 " D S _ S T O ~ 1 #M p Z L X s X X " _ D 2 A E 5 ~ 1 . X M P )M p Z L {p @s {p {p " _ D 5 4 B 1 ~ 1 . X M P 3M p Z L r @"s r r " _ D 7 A C B ~ 1 . X P M p Z L `s " _ D 8 4 9 6 ~ 1 . X M P M p Z L *{ 9s *{ *{ " _ D 8 F 7 D ~ 1 . X M P M p Z L , xbs , , " _ D D 9 C A ~ 1 . X M P /M p Z L `s " _ D F E 1 A ~ 1 . X M P L p Z L ~ s u~ u~ " _ D S C _ 0 ~ 1 . X M P M p Z L M s M M " _ D S C _ 0 ~ 2 . X M P M p Z L Ws " _ D S C _ 0 ~ 3 . X M P M p Z L 4rl @ ys 4rl 4rl " _ D S C _ 0 ~ 4 . X M P L h X L -nr s !r !r " _ F D E 1 ~ 1 . D S _ INDX( = ( 8 M L AaMw `6 w ! w! D S C _ 0 6 1 6 . J P G L AaMw `6 w ! w! D S C _ 0 6 1 6 . J P G L AaMw `6 w ! w! D S C _ 0 6 1 6 . J P G L AaMw `6 w ! w! D S C _ 0 6 1 6 . J P G L AaMw `6 w ! w! D S C _ 0 6 1 6 . J P G L AaMw `6 w ! w! D S C _ 0 6 1 6 . J P G L AaMw `6 w ! w! D S C _ 0 6 1 6 . J P G L AaMw `6 w ! w! D S C _ 0 6 1 6 . J P G L AaMw `6 w ! w! D S C _ 0 6 1 6 . J P G L AaMw `6 w ! w! D S C _ 0 6 1 6 . J P G L AaMw `6 w ! w! D S C _ 0 6 1 6 . J P G L AaMw `6 w ! w! D S C _ 0 6 1 6 . J P G L AaMw `6 w ! w! D S C _ 0 6 1 6 . J P G L AaMw `6 w ! w! D S C _ 0 6 1 6 . J P G L AaMw `6 w ! w! D S C _ 0 6 1 6 . J P G L AaMw `6 w ! w! D S C _ 0 6 1 6 . J P G L AaMw `6 w ! w! D S C _ 0 6 1 6 . J P G L AaMw `6 w ! w! D S C _ 0 6 1 6 . J P G L pP |iMw pP pP D S C _ 0 6 1 7 . J P G IM p Z L e |iMw vmo vmo x D S C _ 0 6 1 7 . N E F JM p Z L ymMw C C ! 8 D S C _ 0 6 1 8 . J P G L h R L j ` Yj Yj 0 " D S _ S T O ~ 1 CM p Z L `s " _ D 0 C 2 A ~ 1 . X M P #M p Z L X s X X " _ D 2 A E 5 ~ 1 . X M P )M p Z L {p @s {p {p " _ D 5 4 B 1 ~ 1 . X M P 3M p Z L r @"s r r " _ D 7 A C B ~ 1 . X M P M p Z L `s " _ D 8 4 9 6 ~ 1 . X P M p Z L *{ 9s *{ *{ " _ D 8 F 7 D ~ 1 . X M P M p Z L , xbs , , " _ D D 9 C A ~ 1 . X M P ?M p Z L n o Jrs n o n o " _ D E 0 C 1 ~ 1 . X M P /M p Z L `s " _ D F E 1 A ~ 1 . X M P L p Z L ~ s u~ u~ " _ D S C _ 0 ~ 1 . X M P M p Z L M s M M " _ D S C _ 0 ~ 2 . X M P M p Z L Ws " _ D S C _ 0 ~ 3 . X M P M p Z L 4rl @ ys 4rl 4rl " _ D S C _ 0 ~ 4 . X M P L h X L -nr s !r !r " _ F D E 1 ~ 1 . D S _ INDX( c = ( @ C ~ p w cYx6 9 D S C _ 0 7 1 9 . N E F p w cYx6 9 D S C _ 0 7 1 9 . N E F p w cYx6 9 D S C _ 0 7 1 9 . N E F p w cYx6 9 D S _ 0 7 1 9 . N E F p w cYx6 9 D S C _ 0 7 1 9 . N E F p w cYx6 9 D S C _ 0 7 1 9 . N E F p w cYx6 9 D S C _ 0 7 1 9 . N E F p w cYx6 9 D S C _ 0 7 1 9 . N E F p w cYx6 9 D S C _ 0 7 1 9 . N E F p w cYx6 9 D S C _ 0 7 1 9 . N E F p w cYx6 9 D S C _ 0 7 1 9 . N E F p w cYx6 9 D S C _ 0 7 1 9 . N E F p w cYx6 9 D S C _ 0 7 1 9 . N E F p w cYx6 9 D S C _ 0 7 1 9 . N E F p w cYx6 9 D S C _ 0 7 1 9 . N E F p w cYx6 9 D S C _ 0 7 1 9 . N E F p w cYx6 9 D S C _ 0 7 1 9 . N E F p w cYx6 9 D S C _ 0 7 1 9 . N E F p w cYx6 9 D S C _ 0 7 1 9 . N E F `Aw z6 \F @ 9 D S C _ 0 7 2 8 . N E F k ls #V6 " _ D 5 6 9 D 1 . X M P n MVs #V6 " _ D 5 7 2 8 ~ 1 . X M P " s #V6 zI " _ D B B 2 5 ~ 1 . X M P " s #V6 zI " _ D B B 2 5 ~ 1 . X M P " s #V6 zI " _ D B B 2 5 ~ 1 . X M P INDX( } = ( 8 M L j}Mw }b6 O `& ^& D S C _ 0 6 2 4 . J P G L j}Mw }b6 O `& ^& D S C _ 0 6 2 4 . J P G L j}Mw }b6 O `& ^& D S C _ 0 6 2 4 . J P G L j}Mw }b6 O `& ^& D S C _ 0 6 2 4 . J P G L j}Mw }b6 O `& ^& D S C _ 0 6 2 4 . J P G L j}Mw }b6 O `& ^& D S C _ 0 6 2 4 . J P G L j}Mw }b6 O `& ^& D S C _ 0 6 2 4 . J P G L j}Mw }b6 O `& ^& D S C _ 0 6 2 4 . J P G L j}Mw }b6 O `& ^& D S C _ 0 6 2 4 . J P G L j}Mw }b6 O `& ^& D S C _ 0 6 2 4 . J P G L j}Mw }b6 O `& ^& D S C _ 0 6 2 4 . J P G L j}Mw }b6 O `& ^& D S C _ 0 6 2 4 . J P G L j}Mw }b6 O `& ^& D S C _ 0 6 2 4 . J P G L j}Mw }b6 O `& ^& D S C _ 0 6 2 4 . J P G L j}Mw }b6 O `& ^& D S C _ 0 6 2 4 . J P G L j}Mw }b6 O `& ^& D S C _ 0 6 2 4 . J P G L j}Mw }b6 O `& ^& D S C _ 0 6 2 4 . J P G L j}Mw }b6 O `& ^& D S C _ 0 6 2 4 . J P G L z 1N{ z z D S C _ 0 6 2 4 . x m p L h R L j ` Yj Yj 0 " D S _ S T O ~ 1 CM p Z L `s " _ D 0 C 2 A ~ 1 . X M P #M p Z L X s X X " _ D 2 A E 5 ~ 1 . X M P )M p Z L {p @s {p {p " _ D 5 4 B 1 ~ 1 . X M P 3M p Z L r @"s r r " _ D 7 A C B ~ 1 . X M P M p Z L `s " _ D 8 4 9 6 ~ 1 . X M P M p Z L *{ 9s *{ *{ " _ D 8 F 7 D ~ 1 . X M P SM p Z L ,1 +s ,1 ,1 " _ D B C 4 F ~ 1 . X P MM p Z L Q @cs Q Q " _ D C 6 5 9 ~ 1 . X M P M p Z L , xbs , , " _ D D 9 C A ~ 1 . X M P ?M p Z L n o Jrs n o n o " _ D E 0 C 1 ~ 1 . X M P /M p Z L `s " _ D F E 1 A ~ 1 . X M P L p Z L ~ s u~ u~ " _ D S C _ 0 ~ 1 . X M P M p Z L M s M M " _ D S C _ 0 ~ 2 . X M P M p Z L Ws " _ D S C _ 0 ~ 3 . X M P M p Z L 4rl @ ys 4rl 4rl " _ D S C _ 0 ~ 4 . X M P L h X L -nr s !r !r " _ F D E 1 ~ 1 . D S _ INDX( = ( 8 3 L ' &Nw }b6 P' F' D S C _ 0 6 3 1 . J P G L ' &Nw }b6 P' F' D S C _ 0 6 3 1 . J P G L ' &Nw }b6 P' F' D S C _ 0 6 3 1 . J P G L ' &Nw }b6 P' F' D S C _ 0 6 3 1 . J P G L ' &Nw }b6 P' F' D S C _ 0 6 3 1 . J P G L ' &Nw }b6 P' F' D S C _ 0 6 3 1 . J P G L ' &Nw }b6 P' F' D S C _ 0 6 3 1 . J P G L ' &Nw }b6 P' F' D S C _ 0 6 3 1 . J P G L ' &Nw }b6 P' F' D S C _ 0 6 3 1 . J P G L ' &Nw }b6 P' F' D S C _ 0 6 3 1 . J P G L ' &Nw }b6 P' F' D S C _ 0 6 3 1 . J P G L ' &Nw }b6 P' F' D S C _ 0 6 3 1 . J P G L ' &Nw }b6 P' F' D S C _ 0 6 3 1 . J P G L ' &Nw }b6 P' F' D S C _ 0 6 3 1 . J P G L ' &Nw }b6 P' F' D S C _ 0 6 3 1 . J P G L ' &Nw }b6 P' F' D S C _ 0 6 3 1 . J P G L ' &Nw }b6 P' F' D S C _ 0 6 3 1 . J P G L ' &Nw }b6 P' F' D S C _ 0 6 3 1 . J P G L } tNw @+ 9+ D S C _ 0 6 3 2 . J P G sM p Z L 3 tNw @ = @ = P D D S C _ 0 6 3 2 . N E F tM p Z L AH 1N{ AH AH D S C _ 0 6 3 2 . x m p vM p Z L 1` Ow +c +c ' ' D S C _ 0 6 3 3 . J P G wM p Z L x Ow a( a( D S C _ 0 6 3 3 . N E F xM p Z L g D S C _ 0 6 3 3 . x m p zM p Z L LROw K K 0! Q(! D S C _ 0 6 3 4 . J P G {M p Z L 1 LROw n3 n3 ` 3R D S C _ 0 6 3 4 . N E F |M p Z L /E Ow % % P& H& D S C _ 0 6 5 . J P G }M p Z L X Ow h h # D S C _ 0 6 3 5 . N E F ~M p Z L $> Ow C C `% W% D S C _ 0 6 3 6 . J P G M p Z L / Ow 8 8 P C D S C _ 0 6 3 6 . N E F M p Z L Y 1N{ Y Y D S C _ 0 6 3 6 . x m p M p Z L } 5xQw `2 Z2 D S C _ 0 6 3 7 . J P G M p Z L 5xQw } } y D S C _ 0 6 3 7 . N E F M p Z L C `g D S C _ 0 6 3 7 . x m p L h R L j ` Yj Yj 0 " D S _ S T O ~ 1 L -nr s !r !r " _ F D E 1 ~ 1 . D S _ INDX( = ( 8 ~ L } ws #V6 } " _ D 4 E 1 4 ~ 1 . X M P L } ws #V6 } " _ D 4 E 1 4 ~ 1 . X M P L k ls #V6 " _ D 5 6 9 D ~ 1 . X M P L } ws #V6 } " _ D 4 E 1 4 ~ 1 . X M P L } ws #V6 } " _ D 4 E 1 4 ~ 1 . X M P L k ls #V6 " _ D 5 6 9 D ~ 1 . X M P L k ls #V6 " _ D 5 6 9 D ~ 1 . X M P L k ls #V6 " _ D 5 6 9 D ~ 1 . X M P L k ls #V6 " _ D 5 6 9 D ~ 1 . X M P L k ls #V6 " _ D 5 6 9 D ~ 1 . X M P L k ls #V6 " _ D 5 6 9 D ~ 1 . X M P L k ls #V6 " _ D 5 6 9 D ~ 1 . X M P L k ls #V6 " _ D 5 6 9 D ~ 1 . X M P L k ls #V6 " _ D 5 6 9 D ~ 1 . X M P L k ls #V6 " _ D 5 6 9 D ~ 1 . X M P L k ls #V6 " _ D 5 6 9 D ~ 1 . X M P L k ls #V6 " _ D 5 6 9 D ~ 1 . X M P L k ls #V6 " _ D 5 6 9 D ~ 1 . X M P L k ls #V6 " _ D 5 6 9 D ~ 1 . X M P L k ls #V6 " _ D 5 6 9 D ~ 1 . X M P L k ls #V6 " _ D 5 6 9 D ~ 1 . X M P L D S C _ 0 5 8 0 . J P G L p Z L { p,w V o ` ?X D S C _ 0 5 8 0 . N E F L p Z L p 1w ] ] D S C _ 0 5 8 1 . J P G L p Z L 1w < < ~ ~ D S C _ 0 5 8 1 . N E F L p Z L "! "6w X X w D S C _ 0 5 8 2 . J P G L p Z L n, 0S6w ~ !~ D S C _ 0 5 2 . N E F L p Z L >6w ` D S C _ 0 5 8 3 . J P G L p Z L 2 >6w ; ; ~ W~ D S C _ 0 5 8 3 . N E F L p Z L K *6w M M " I" D S C _ 0 5 8 4 . J P G L p Z L a *6w k k ] D S C _ 0 5 8 4 . N E F L p Z L v g v v D S C _ 0 5 8 4 . x m p L p Z L 1e 6w e e - - D S C _ 0 5 8 5 . J P G L p Z L 6w ` US D S C _ 0 5 8 5 . N E F L p Z L k 7w { { D S C _ 0 5 8 6 . J P G INDX( ! = ( 8 4 L nQw iFe6 O 6 5 D S C _ 0 6 3 8 . J P G L nQw iFe6 O 6 5 D S C _ 0 6 3 8 . J P G L nQw iFe6 O 6 5 D S C _ 0 6 3 8 . J P G L nQw iFe6 O 6 5 D S C _ 0 6 3 8 . J P G L nQw iFe6 O 6 5 D S C _ 0 6 3 8 . J P G L nQw iFe6 O 6 5 D S C _ 0 6 3 8 . J P G L nQw iFe6 O 6 5 D S C _ 0 6 3 8 . J P G L nQw iFe6 O 6 5 D S C _ 0 6 3 8 . J P G L nQw iFe6 O 6 5 D S C _ 0 6 3 8 . J P G L nQw iFe6 O 6 5 D S C _ 0 6 3 8 . J P G L nQw iFe6 O 6 5 D S C _ 0 6 3 8 . J P G L nQw iFe6 O 6 5 D S C _ 0 6 3 8 . J P G L nQw iFe6 O 6 5 D S C _ 0 6 3 8 . J P G L nQw iFe6 O 6 5 D S C _ 0 6 3 8 . J P G L nQw iFe6 O 6 5 D S C _ 0 6 3 8 . J P G L nQw iFe6 O 6 5 D S C _ 0 6 3 8 . J P G L nQw iFe6 O 6 5 D S C _ 0 6 3 8 . J P G L nQw iFe6 O 6 5 D S C _ 0 6 3 8 . J P G L cQw {5 {5 / !q/ D S C _ 0 6 3 9 . J P G M p Z L E# cQw 0- 0- 0 ;- D S C _ 0 6 3 9 . N E F M p Z L ~; 1N{ ~; ~; D S C _ 0 6 3 9 . x m p M p Z L ,U ^ Qw b X b X 0/ \#/ D S C _ 0 6 4 0 . J P G M p Z L 4m ^ Qw w w D S C _ 0 6 4 0 . N E F M p Z L F -2Rw q& q& /} D S C _ 0 6 4 1 . J P G M p Z L ? -2Rw @$ @$ y D S C _ 0 6 4 1 . N E F M p Z L > C `g > > D S C _ 0 6 4 1 . x m p M p Z L ZHRw ! ! D S C _ 0 6 2 . J P G M p Z L W ZHRw B B D S C _ 0 6 4 2 . N E F M p Z L MRw z z $ $ D S C _ 0 6 4 3 . J P G M p Z L MRw j( j( D S C _ 0 6 4 3 . N E F M p Z L 24 1N{ 24 24 D S C _ 0 6 4 3 . x m p M p Z L T 8 cRw TY TY p |i D S C _ 0 6 4 4 . J P G M p Z L u 8 cRw D S C _ 0 6 4 4 . N E F M p Z L BRw q q $ $ D S C _ 0 6 4 5 . J P G L h R L j ` Yj Yj 0 " D S _ S T O ~ 1 INDX( j& = ( 8 4 L BRw g6 3 D S C _ 0 6 4 5 . N E F L BRw g6 3 D S C _ 0 6 4 5 . N E F L BRw g6 3 D S C _ 0 6 4 5 . N E F L BRw g6 3 D S C _ 0 6 4 5 . N E F L BRw g6 3 D S C _ 0 6 4 5 . N E F L BRw g6 3 D S C _ 0 6 4 5 . N E F L BRw g6 3 D S C _ 0 6 4 5 . N E F L BRw g6 3 D S C _ 0 6 4 5 . N E F L BRw g6 3 D S C _ 0 6 4 5 . N E F L BRw g6 3 D S C _ 0 6 4 5 . N E F L BRw g6 3 D S C _ 0 6 4 5 . N E F L BRw g6 3 D S C _ 0 6 4 5 . N E F L BRw g6 3 D S C _ 0 6 4 5 . N E F L BRw g6 3 D S C _ 0 6 4 5 . N E F L BRw g6 3 D S C _ 0 6 4 5 . N E F L BRw g6 3 D S C _ 0 6 4 5 . N E F L BRw g6 3 D S C _ 0 6 4 5 . N E F L BRw g6 3 D S C _ 0 6 4 5 . N E F L BRw 0* 2.* D S C _ 0 6 4 6 . J P G M p Z L ^ BRw $< $< [ D S C _ 0 6 4 6 . N E F M p Z L }KRw W W p( vl( D S C _ 0 6 4 7 . J P G M p Z L x.4 }KRw > > p f D S C _ 0 6 4 7 . N E F M p Z L )\K 1N{ L L D S C _ 0 6 4 7 . x m p M p Z L d H1Sw f f @! 1! D S C _ 0 6 4 8 . J P G M p Z L y H1Sw @ 6 D S C _ 0 6 4 8 . N E F M p Z L 48 C `g 48 48 D S C _ 0 6 4 8 . x m p M p Z L n FSw D S C _ 0 6 9 . J P G M p Z L FSw $ $ D S C _ 0 6 4 9 . N E F M p Z L 9? KSw e e " " D S C _ 0 6 5 0 . J P G M p Z L $ KSw K K P lO D S C _ 0 6 5 0 . N E F M p Z L n 2\Sw # # D S C _ 0 6 5 1 . J P G M p Z L # 2\Sw Ek- Ek- | D S C _ 0 6 5 1 . N E F M p Z L DV9 1N{ DV9 DV9 D S C _ 0 6 5 1 . x m p M p Z L S Sw U U p4 o4 D S C _ 0 6 5 2 . J P G L h R L j ` Yj Yj 0 " D S _ S T O ~ 1 INDX( 5 = ( 8 5 L m Sw g6 y D S C _ 0 6 5 2 . N E F L m Sw g6 y D S C _ 0 6 5 2 . N E F L m Sw g6 y D S C _ 0 6 5 2 . N E F L m Sw g6 y D S C _ 0 6 5 2 . N E F L m Sw g6 y D S C _ 0 6 5 2 . N E F L m Sw g6 y D S C _ 0 6 5 2 . N E F L m Sw g6 y D S C _ 0 6 5 2 . N E F L m Sw g6 y D S C _ 0 6 5 2 . N E F L m Sw g6 y D S C _ 0 6 5 2 . N E F L m Sw g6 y D S C _ 0 6 5 2 . N E F L m Sw g6 y D S C _ 0 6 5 2 . N E F L m Sw g6 y D S C _ 0 6 5 2 . N E F L m Sw g6 y D S C _ 0 6 5 2 . N E F L m Sw g6 y D S C _ 0 6 5 2 . N E F L m Sw g6 y D S C _ 0 6 5 2 . N E F L m Sw g6 y D S C _ 0 6 5 2 . N E F L m Sw g6 y D S C _ 0 6 5 2 . N E F L m Sw g6 y D S C _ 0 6 5 2 . N E F L uSw H H 3 3 D S C _ 0 6 5 3 . J P G M p Z L uSw D S C _ 0 6 5 3 . N E F M p Z L - Sw 01 '1 D S C _ 0 6 5 4 . J P G M p Z L 8:Sw P N D S C _ 0 6 5 4 . N E F M p Z L 1N{ D S C _ 0 6 5 4 . x m p M p Z L Z Sw m! m! . - D S C _ 0 6 5 5 . J P G M p Z L t7 0Sw }_C }_C D S C _ 0 6 5 5 . N E F M p Z L T Sw oV oV ! ! D S C _ 0 6 5 6 . J P G M p Z L ]i Sw ! s ! s D S C _ 0 6 6 . N E F M p Z L C `g D S C _ 0 6 5 6 . x m p M p Z L r< @Sw J J # # D S C _ 0 6 5 7 . J P G M p Z L @Sw j j = D S C _ 0 6 5 7 . N E F M p Z L Sw # # D S C _ 0 6 5 8 . J P G M p Z L Sw Z Z 0 # D S C _ 0 6 5 8 . N E F M p Z L uSw 5 5 , D S C _ 0 6 5 9 . J P G M p Z L uSw |, |, 0 c% D S C _ 0 6 5 9 . N E F L h R L j ` Yj Yj 0 " D S _ S T O ~ 1 INDX( 6E = ( 8 6 L RD Tw ) j6 F ! ! D S C _ 0 6 6 0 . J P G L RD Tw ) j6 F ! ! D S C _ 0 6 6 0 . J P G L RD Tw ) j6 F ! ! D S C _ 0 6 6 0 . J P G L RD Tw ) j6 F ! ! D S C _ 0 6 6 0 . J P G L RD Tw ) j6 F ! ! D S C _ 0 6 6 0 . J P G L RD Tw ) j6 F ! ! D S C _ 0 6 6 0 . J P G L RD Tw ) j6 F ! ! D S C _ 0 6 6 0 . J P G L RD Tw ) j6 F ! ! D S C _ 0 6 6 0 . J P G L RD Tw ) j6 F ! ! D S C _ 0 6 6 0 . J P G L RD Tw ) j6 F ! ! D S C _ 0 6 6 0 . J P G L RD Tw ) j6 F ! ! D S C _ 0 6 6 0 . J P G L RD Tw ) j6 F ! ! D S C _ 0 6 6 0 . J P G L RD Tw ) j6 F ! ! D S C _ 0 6 6 0 . J P G L RD Tw ) j6 F ! ! D S C _ 0 6 6 0 . J P G L RD Tw ) j6 F ! ! D S C _ 0 6 6 0 . J P G L RD Tw ) j6 F ! ! D S C _ 0 6 6 0 . J P G L RD Tw ) j6 F ! ! D S C _ 0 6 6 0 . J P G L RD Tw ) j6 F ! ! D S C _ 0 6 6 0 . J P G L av 1N{ av av D S C _ 0 6 6 0 . x m p M p Z L wTw ! ! & !& D S C _ 0 6 6 1 . J P G M p Z L } wTw \ \ 0 .% D S C _ 0 6 6 1 . N E F M p Z L Wh C `g D S C _ 0 6 6 1 . x m p M p Z L " jTw ) ) D S C _ 0 6 6 2 . J P G M p Z L ( jTw Zb4 Zb4 ~ D S C _ 0 6 6 2 . N E F M p Z L aJ Tw L L / / D S C _ 0 6 6 3 . J P G M p Z L e .Tw o o F D S C _ 0 6 6 3 . N E F M p Z L | $Tw * * D S C _ 0 6 4 . J P G M p Z L $Tw {r {r D S C _ 0 6 6 4 . N E F M p Z L . ]Tw gE gE @* 2* D S C _ 0 6 6 5 . J P G M p Z L # ]Tw D: 4 o D S C _ 0 6 6 5 . N E F M p Z L 1N{ D S C _ 0 6 6 5 . x m p M p Z L N# FTw Pp% Pp% P& 'L& D S C _ 0 6 6 6 . J P G M p Z L x: FTw D D ` D S C _ 0 6 6 6 . N E F M p Z L ,J_ C `g _ _ D S C _ 0 6 6 6 . x m p L h R L j ` Yj Yj 0 " D S _ S T O ~ 1 INDX( u = ( 8 L Q! `s #V6 @H " _ D F C 6 E ~ 1 . X M P L Q! `s #V6 @H " _ D F C 6 E ~ 1 . X M P L Q! `s #V6 @H " _ D F C 6 E ~ 1 . X M P L t ] s T6 u " _ D F E 6 F ~ 1 . X M P L t ] s T6 u " _ D F E 6 F ~ 1 . X M P L t ] s T6 u " _ D F E 6 F ~ 1 . X M P L t ] s T6 u " _ D F E 6 F ~ 1 . X M P L t ] s T6 u " _ D F E 6 F ~ 1 . X M P L t ] s T6 u " _ D F E 6 F ~ 1 . X M P L t ] s T6 u " _ D F E 6 F ~ 1 . X M P L t ] s T6 u " _ D F E 6 F ~ 1 . X M P L t ] s T6 u " _ D F E 6 F ~ 1 . X M P L t ] s T6 u " _ D F E 6 F ~ 1 . X M P L t ] s T6 u " _ D F E 6 F ~ 1 . X M P L t ] s T6 u " _ D F E 6 F ~ 1 . X M P L t ] s T6 u " _ D F E 6 F ~ 1 . X M P L t ] s T6 u " _ D F E 6 F ~ 1 . X M P L 4rl @ ys d3R6 4rl " _ D S C _ 0 ~ 4 . X M P L 4rl @ ys d3R6 4rl " _ D S C _ 0 ~ 4 . X M P L 4rl @ ys d3R6 4rl " _ D S C _ 0 ~ 4 . X M P L 4rl @ ys d3R6 4rl " _ D S C _ 0 ~ 4 . X M P L -nr s d3R6 !r " _ F D E 1 ~ 1 . D S _ INDX( T = ( 8 7 L y bTw ml6 7#{ D S C _ 0 6 6 7 . J P G L y bTw ml6 7#{ D S C _ 0 6 6 7 . J P G L y bTw ml6 7#{ D S C _ 0 6 6 7 . J P G L y bTw ml6 7#{ D S C _ 0 6 6 7 . J P G L y bTw ml6 7#{ D S C _ 0 6 6 7 . J P G L y bTw ml6 7#{ D S C _ 0 6 6 7 . J P G L y bTw ml6 7#{ D S C _ 0 6 6 7 . J P G L y bTw ml6 7#{ D S C _ 0 6 6 7 . J P G L y bTw ml6 7#{ D S C _ 0 6 6 7 . J P G L y bTw ml6 7#{ D S C _ 0 6 6 7 . J P G L y bTw ml6 7#{ D S C _ 0 6 6 7 . J P G L y bTw ml6 7#{ D S C _ 0 6 6 7 . J P G L y bTw ml6 7#{ D S C _ 0 6 6 7 . J P G L y bTw ml6 7#{ D S C _ 0 6 6 7 . J P G L y bTw ml6 7#{ D S C _ 0 6 6 7 . J P G L y bTw ml6 7#{ D S C _ 0 6 6 7 . J P G L y bTw ml6 7#{ D S C _ 0 6 6 7 . J P G L y bTw ml6 7#{ D S C _ 0 6 6 7 . J P G L Tw 0 0 P' EJ' D S C _ 0 6 6 8 . J P G M p Z L Tw $ $ p e D S C _ 0 6 6 8 . N E F M p Z L $ Tw < < `5 W5 D S C _ 0 6 6 9 . J P G M p Z L c~ Tw w w p a D S C _ 0 6 6 9 . N E F M p Z L 1N{ D S C _ 0 6 6 9 . x m p M p Z L 0 ; Uw #3 #3 ( ( D S C _ 0 6 7 0 . J P G M p Z L eI ; Uw JR b|R ` ~X D S C _ 0 6 7 0 . N E F M p Z L D_ C `g k_ k_ D S C _ 0 6 7 0 . x m p M p Z L aBx H$Uw z z , 0 , D S C _ 0 6 1 . J P G M p Z L H$Uw 8 8 p n D S C _ 0 6 7 1 . N E F M p Z L IL V+Uw ) ( D S C _ 0 6 7 2 . J P G M p Z L . V+Uw ` &W D S C _ 0 6 7 2 . N E F M p Z L 0Uw 7 7 @$ 6$ D S C _ 0 6 7 3 . J P G M p Z L S 0Uw D S C _ 0 6 7 3 . N E F M p Z L * k;Uw *- *- p( p( D S C _ 0 6 7 4 . J P G M p Z L J k;Uw T T D S C _ 0 6 7 4 . N E F L h R L j ` Yj Yj 0 " D S _ S T O ~ 1 into Delta. Statement of Cash Flows-As of June 30, 1988, the Company adopted Statement of Financial Accounting Standards No. 95, "Statement of Cash Flows;' which requires the presenta- tion of a statement of cash flows instead of a statement of changes in financial position. The Company's consolidated statements of changes in financial position for fiscal years 1987 and 1986 have been restated to conform with the current presentation. For the purpose of the statement of cash flows, the Company considers all highly liquid investments with a maturity of three months or less to be cash equivalents. 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-Prior to July 1, 1986, substantially all of the Company's flight equipment was being depreciated on a straight-line basis to residual values ( 10% of cost) over a 10-year period from dates placed in service. As a result of a comprehensive review of its fleet plan, effective July 1, 1986, the Company increased the estimated useful lives of sub- stantially all of its flight equipment. Flight equipment that was not already fully depreciated is now depreciated on a straight- line basis to residual values (10% of cost) over a 15-year period from dates placed in service. The effect of this change was a $130 million decrease in depreciation expense, and a $69 million ($1.54 per share) increase in net income, for the year ended June 30, 1987. Ground property and equipment are depreciated on a straight-line basis over their estimated service lives, which range 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, adjusted for permanent differences between book and tax income. 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 8.) &rnings Per Share- Net income per common share is computed based on the weighted average number of shares out- standing during the year, which was 48,706,851 for fiscal 1988; 44,712,993 for fiscal 1987 and 40,097,115 for fiscal 1986. Manufacturers Credits-In connection with the acquisition of certain aircraft and engines, the Company receives 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 Leaseback Transactions-Gains on the sale and leaseback of property and equipment are deferred and amortized over the life of the leases as a reduction in rent expense. 2. Merger with Western Air Lines, Inc.: On December 18, 1986, Delta purchased all 61,331,334 outstanding shares of Western Air Lines, Inc. for $786,639,000, which consisted of the issuance of 8,265,290 shares of Delta common stock, valued at $48.75 per share, and $383,706,000 in cash. The acquisition was recorded using the purchase method of accounting and, accordingly, the purchase price was allocated to the assets and liabilities acquired based 0n their estimated fair value at the date of acquisition. The total cost of the acquisition 17 DELTA AIR LINES, INC. exceeded the estimated fair value of the underlying net assets of Western at the date of acquisition by $413,737,000. This amount was subsequently reduced by $36,452,000 in fiscal 1987 and by an additional $42,768,000 in fiscal 1988 to reflect the utilization of pre-acquisition tax carryovers ( see Note 8 ). The remaining cost in excess of net assets acquired is being amortized over 40 years. The consolidated financial statements of the Company for the year ended June 30, 1987, include the results of operations for Western after December 18, 1986. Western was operated as a wholly-owned subsidiary from December 19, 1986, until April 1, 1987, when Western was merged into Delta. The following table presents selected financial data on a pro forma basis assuming the acquisition of Western had occurred as of the beginning of fiscal year 1986. The proforma data are based on certain assumptions and do not give effect to any potential synergies that might have been realized through the consolida- tion of operations of the two companies. Accordingly, the pro forma combined results presented are not necessarily indicative of actual results that would have been achieved had the acquisition occurred at the beginning of the periods presented. Years Ended June 30, 1987 1986 (Unaudited) Operating revenues ( 000) .. .. . .. ... $5,914,529 $5,695,918 Net income ( 000) . .. ... . . .. . ... . . 245,976 15,228 Net income per share . . .... . ... ... . 5.06 0.31 3. Aircraft Purchase and Sale Commitments: At June 30, 1988, the status of the Company's current fleet and aircraft purchase commitments was as follows: Aircraft Current Fleet Type Owned Leased Total Orders Options B-727-200 ... . . . 108 23 131 B-737-200 . . .. .. 1 60 61 B-737-300 ... .. . 13 13 B-757-200 .. .. .. 15 23 38 22 20 B-767-200 ... . . . 15 15 B-767-300 . . .. . . 15 15 1 11 DC-8-71 ........ 7 7 DC-9-32 . .. . .. . 31 5 36 DC-10-10 .. . . . .. 3 3 6 L-1011-1 . . ...... 22 22 L-1011-200 . ... . . 1 1 L-1011-250 .... .. 6 6 L-1011-500 ... .. . 10 10 MD-82 ... .. ... 6 6 MD-88 .. . ..... 16 16 31 57 - - - - - - 212 171 383 54 88 At June 30, 1988, Delta had outstanding commitments to sell three DC-10-10 aircraft. At June 30, 1988, future expenditures for the aircraft and engine commitments, excluding option aircraft, were estimated to be $785 million in fiscal 1989 and $493 million in fiscal 1990. The Company presently expects to finance these commitments using internally generated funds, leasing arrangements, or other outside financing arrangements. 18 4. Long-Term Debt: At June 30, 1988 and 1987, the Company's long-term debt (including current maturities) was as follows: 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 . .. ... . 9 % Extendable Notes, unsecured ..... . Western Air Lines, Inc. Senior Secured Trust Notes ( 9% effective rate, 10 % coupon rate on $76.1 million face amount outstanding) . ....... . . . .. . Development Authority of Clayton County, 11 % unsecured loan agreement . .. ... . Adjustable Tender Clayton County Development Authority Note, unsecured, at various interest rate options, due 2020 ......... . . . .. . . Western Air Lines, Inc. Senior Notes (9% effective rate, 14% coupon rate on $30 million face amount outstanding) . . ........ .. .. ..... . . Development Authority of Clayton County, 6Ys% unsecured loan agreement, repayable in installments beginning in 2000, with the remaining balance payable in 2011 . .... . . . . . . . . . .... . Development Authority of Fulton County, unsecured loan agreement, repayable in installments beginning in 1991, and continuing through 2012. Interest ranges from 9Y s% to 11 % over the life of the loan ....... .. . . . ..... . . 9.55% Western Air Lines, Inc. Equipment Trust Certificates, secured by certain flight equipment and repayable in semi- annual installments through May 1, 1993 ($3,382,000 payable in fiscal 1989) ... 9.25% Western Air Lines, Inc. Conditional Sales Agreement, repayable in Japanese Yen in semi-annual installments through May 1, 1994 ($2,109,000 payable in fiscal 1989)- At original exchange rates . ... .. .. . Unrealized loss on- Current maturities . . ... ...... . Long-term portion . . ... ... .. . . . At current exchange rates . . . .... . . Unamortized discount on debt ....... . . Total ......... .. .... . .... . Less-Current maturities ..... . ... .. . . 1988 1987 (In Thousands) $150,000 $150,000 150,000 125,000 44,900 35,000 33,000 16,908 9,235 896 5,927 16,058 (2,246) 568,620 5,491 150,000 125,000 120,000 82,470 48,000 43,119 35,000 39,000 40,192 10,343 599 4,991 15,933 (3,107) 845,607 8,406 Total long-term debt . . . . . . . . . $563,129 $837,201 DELTA AIR LINES, INC. Western's 10 % Senior Secured Trust Notes and the 14% Senior Notes were revalued to reflect market interest rates and Delta's credit rating at December 18, 1986, the date of Delta's acquisition of Western. The Company's 1984 Bank Credit Agreement provides for unsecured borrowings of up to $1 billion at various interest rate options. No borrowings were outstanding under this agreement at June 30, 1987, or at any time during fiscal 1988. On November 2, 1987, the Company voluntarily prepaid $6,000,000 of the Notes due under the Development Authority of Fulton County loan agreement. On January 20, 1988, the Development Authority of Clayton County (Georgia) issued $44,900,000 Special Facilities Adjustable Tender Revenue Refunding Bonds, Series 1988 (Delta Air Lines, Inc. Project). The proceeds from the sale of the Refunding Bonds and unexpended proceeds from the Series 1982 Bonds were used to prepay the 11 % Clayton County Development Authority Note, due 2012. A new note in the amount of $44,900,000, due 2020, was executed by the Company on January 20, 1988. On April 1, 1988, $29,459,000 principal amount of the 14 % Senior Notes was converted into an equivalent principal amount of Western Air Lines, Inc. 9% Convertible Subordi- nated Debentures due April 1, 1998, and the remaining 14% Senior Notes were repaid at 100% of their principal amount. On or prior to June 22, 1988, $29,151,000 principal amount of the Debentures was converted into 436,891 shares of Delta common stock and $20,246,000 in cash; and on June 27, 1988, $308,000 of the Debentures were redeemed at 100% of their principal amount. On April 28 and May 16, 1988, the 9.55% Equipment Trust Certificates were partially redeemed in the amounts of $9,524,000 and $7,928,000, respectively, in connection with the sale of McDonnell Douglas DC-10-10 aircraft. On May 15, 1988, the Company redeemed the 9% Extend- able Notes at 100% of their principal amount. On June 15, 1988, the Company redeemed the Western Air Lines, Inc. 10 % Senior Secured Trust Notes at 100% of their principal amount. At June 30, 1988, the annual maturities of long-term debt for the next five fiscal years were as follows: Amount (In Thousands) 1989 . . . . . . . . . . . . . . . . . . . . . $ 5,491 1990 ...... ... . . . . . . . . . . . . 5,692 1991 . . . . . . . . . . . . . . . . . . . . . 5,910 1992 . . . . . . . . . . . . . . . . . . . . . 9,249 1993 . . . . . . . . . . . . . . . . . . . . . 134,811 The Company's debt agreements include limitations on additional indebtedness and other obligations. There are no restrictions in the agreements as to the payment of cash dividends. Cash payments of interest totaled $99,255,000 in 1988, $87,179,000 in 1987 and $98,388,000 in 1986. 5. 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. Rent expense is generally recorded on a straight-line basis over the lease term. Amounts charged to rental expense for operating leases were $435,295,000 in 1988, $296,126,000 in 1987 and $178,296,000 in 1986. Accrued rent of $154,158,000 at June 30, 1988, and $83,730,000 at June 30, 1987, is included in accounts payable and miscellaneous accrued liabilities in the accompanying balance sheets. At June 30, 1988, the Company's minimum rental com- mitments under capital leases and noncancelable operating leases with initial or remaining terms of more than one year were as follows: Years Ending June 30 Capital Leases orerating eases (In Thousands) 1989 .. . ....... . ......... . .... . $ 30,017 $ 434,000 1990 ....... .. .. .. ........ . ... . 30,027 477,000 1991 . ....... . . . ... . ........ . . . 30,049 462,000 1992 . .. .. ... .. ... . . .......... . 22,117 452,000 1993 . ..... .. . .. ....... . ... . .. . 19,271 446,000 After 1993 ....... ....... 141,071 6,575,000 Total minimum lease payments : . . 272,552 $8,846,000 Less- amounts representing interest . . Present value of future minimum capital lease payments .... . ..... . Less-current obligations under capital leases ...... . .. . . .. . . .. . Long-term capital lease obligations ............. .. .... . $ 91,395 181,157 14,793 166,364 The Company has negotiated noncancelable sublease agree- ments at certain of its airport terminal facilities. At June 30, 1988, the Company expected to receive rentals under these agreements as follows: Years Ending June 30 1989 . . . ... . ... . ... . . . .... . 1990 ... . . ... .. . .. .. . . ... . . 1991 . .. . . .. . .. .... ... .. .. . 1992 . . . ... .. ..... .. ...... . 1993 . ......... . .......... . After 1993 . ...... . .... Total Amount (In Thousands) $ 5,800 5,700 5,500 5,400 5,200 75,500 $103,100 19 DELTA AIR LINES, INC. 6. Short-Term Borrowings: Interim financing of operations is obtained through the issuance of commercial paper and the use of short-term notes payable. The average interest rate and average and maximum outstanding balances of short-term borrowings during 1988 and 1987 were as follows: 1988 1987 Maximum amount of borrowings (In Thousands) outstanding during period . . .. . . . .. . $ 21 ,000 $215,000 Average daily borrowings during period ...... ... .. . ..... . . 3,191 90,486 Weighted average interest rate on borrowings during period .. . .. . . . 7.16% 6.53% 7. Stockholders' Equity: On January 1, 1986, the Company's Stock Option Plan for selected employees became effective. This plan provides for the granting of units relating to up to 1,500,000 shares of common stock. Each unit is generally exercisable between one and five years from the grant date as either a non-qualified stock option or a stock appreciation right. The option price ( closing price of Delta common stock on the grant date) is the price at which a stock option may be exercised, and the base from which the appreciation of a stock appreciation right is measured. Units exercised as stock appreciation rights are payable 60% in cash and 40% in common stock. Compensation expense on the out- standing units is recognized based on the increase in the market price of the Company's common stock since the date of grant. Transactions under the 1986 Stock Option Plan from inception through June 30, 1988 were as follows: Units Otion nee Granted January 1986 . ....... . ..... . 326,000 $41.375 Exercised in fiscal 1986 . . ....... . .. . . Units outstanding at June 30, 1986 . ... ..... .... . . . . . . 326,000 Granted January 1987 ... .. ........ . . 338,000 54.750 Exercised in fiscal 1987 .. . ..... . .... . (181 ,500) 41.3 75 Units outstanding at June 30, 1987 .... .. .. . . . .. .. . . . . 482,500 Granted January 1988 ....... ... . . .. . 504,000 43.250 Exercised in fiscal 1988 ... . .. . .. . .. . . (2,000) 41.375 Units outstanding at June 30, 1988 . ... .. .. . . . ... ... . . 984,500 All 1986 Stock Option Plan units exercised to date have been exercised as stock appreciation rights. In fiscal 1988, the Company issued 241 shares, at $59.25 per share, in connection with the exercise of these units. 20 At June 30, 1988, 1,316,500 shares of the Company's common stock were reserved for issuance under the 1986 Stock Option Plan and 95,768 shares were reserved for warrants which were issued by Western Airlines in connection with a revolving credit agreement. Subsequent to the end of the year, 78,862 shares were issued upon the exercise of a portion of the Western warrants. Subsequent to the end of the year, the Company adopted the 1989 Stock Incentive Plan, subject to stockholder approval, pursuant to which selected employees may be granted awards of stock options, stock appreciation rights, restricted stock or other stock-based awards for up to 3,000,000 shares of Delta common stock. If the 1989 Stock Incentive Plan is approved by the stockholders, no additional awards will be made under the 1986 Stock Option Plan. On October 23, 1986, the Board of Directors declared a dividend of one preferred stock purchase right for each out- standing share of Delta common stock. Each right will entitle the holder to purchase 11100th of a newly-issued share of Series A Junior Participating Preferred Stock for $200. The rights will be exercisable only if a person or group acquires beneficial ownership of 20% or more of Delta common stock or commences a tender or exchange offer that would result in such person or group beneficially owning 30% or more of Delta common stock. The rights expire on November 4, 1996. Delta may generally redeem the rights for $.05 per right at any time prior to the 15th day following a public announcement that a 20% position has been acquired. If Delta is involved in a merger or certain other business combinations and the rights are no longer redeemable, each right will entitle its holder ( other than certain acquiring persons) to purchase common stock of Delta or the acquiring company ( depending on which entity survives) having a value of twice the right's exercise price. 8. Income Taxes: Income taxes provided (credited) in 1988, 1987 and 1986 consisted of: 1988 1987 1986 (In Thousands) Current taxes .... .. .. . . .. . $219,266 $ 71,463 $ 50 Deferred taxes . . . . . . . . . . . . . (135,027) 59,432 107,136 Reinstatement (reversal) of deferred taxes . .... . . .. . . 84,059 86,080 (127,663) Investment tax credits . . . . . .. 12,553 6,453 25,717 PAYSOP credit . . . . .. .. .. . . (3,713) (7,468) Income taxes provided (credited) .. . ... ... .. . ... $180,851 $219,715 $ (2,228) DELTA AIR LINES, INC. The tax provisions (credit) for the years ended June 30, 1988, 1987 and 1986 differ from amounts which would result from applying the federal statutory tax rate to pretax income, as follows: Pretax earnings . . ... . ..... . Compensation expenses not deductible for tax purposes . . Non-deductible purchase accounting adjustments ... . Other, net . . . . .. .. ...... . . Adjusted pretax earnings .... . Statutory rate .. . .. . .... . . . Income tax provision at statutory rate .. ......... . PAYSOP credit . . ......... . State income taxes, net of federal income tax benefit . . . Income taxes provided 1988 1987 1986 (In Thousands) $455,856 $447,199 $ 3,434 42,830 (1,986) 496,700 x34% 168,878 11,973 3,713 22,044 (769) 472,187 x46% 217,206 (3,713) 6,222 7,468 10,902 x46% 5,015 (7,468) 225 (credited).... . . . . . . . . . . . $180,851 $219,715 $ (2,228) Until December 31, 1986, subject to certain restrictions, the Company was allowed a tax credit for contributions made to its payroll-based stock ownership plan (PAYSOP). The con- tributions for fiscal 1987 and 1986, which were recorded as additional compensation expense, were not deductible for in- come tax purposes and were excluded before computing the normal provisions for income taxes. The Company made cash income tax payments of $83,415,000 in 1988, $21,594,000 in 1987 and $1,763,000 in 1986. For financial reporting purposes, Delta's tax credit carry- overs from prior years have been recorded as a reduction of deferred income taxes. In addition, Western had pre-acquisition investment tax credit carryovers which are being recorded as a reduction in the cost in excess of net assets acquired as they are utilized. During fiscal 1988, Delta recorded $43 million as a reduction in the cost in excess of net assets acquired to reflect the utilization of Western pre-acquisition investment tax credits. After adjustments to reflect amounts included in its fiscal 1987 federal income tax return and the fiscal years 1984 and 1985 Internal Revenue Service audit settlement as well as the antici- pated utilization of tax credit carryovers in its 1988 federal income tax return, the Company has no remaining tax credit carryovers at June 30, 1988. In December 1987, the Financial Accounting Standards Board issued a new standard on accounting for income taxes. The Company is required to adopt the new accounting and disclosure rules no later than its fiscal year ending June 30, 1990, although earlier implementation is permitted. Adoption of the new standard will result in a catch-up adjustment that may be reported in the year the standard is implemented or in an earlier year if the Company elects retroactive application. The Company has not decided when to implement the new standard, nor has it decided whether to restate prior financial statements. Because of the complexities of the new accounting requirements, combined with revisions to the federal tax law and the 1986 acquisition of Western Air Lines, Inc., the effect that the change will have on the Company's consolidated financial position and results of operations has not been determined. 9. 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. Effective July 1, 1986, Delta adopted Statement of Financial Accounting Standards No. 87, "Employers' Accounting for Pensions;' issued by the Financial Accounting Standards Board in December 198 5. The effect of adopting these new reporting standards was a $62 million reduction in salaries and related expenses and a $ 3 3 million ( 7 3 q: per share) increase in net income in fiscal 19 8 7. The following table sets forth the defined benefit plans' funded status and amounts recognized in Delta's consolidated balance sheets as of June 30, 1988 and 1987: Actuarial present value of benefit obligations: 1988 1987 (In Thousands) Accumulated benefit obligation1 . . $2,117,574 Projected benefit obligation . . . . . $3,065,426 Plan assets at fair val ue2 . . 2,704,773 $1 ,853,364 $2,620,322 2,637,502 Plan assets in excess of ( less than) projected benefit obligation ..... . . Unrecognized net loss (gain) .. . .... . Unrecognized portion of net obligation from initial application of SFAS No. 87 .. .. . ... . .. . . .. . Unrecognized prior service cost . . .. . . Prepaid pension cost recognized in (360,653) 368,877 72,707 2,749 17,180 (39,499) 72,955 2,887 the consolidated balance sheets3 . . . . $ ~3,680 $ 53,523 1 Substantially all of the accumulated benefit obligation is vested. 2 Plan assets were invested approximately as follows : cash equivalents ( 17% ), government and corporate bonds and notes (22%), and common stock and other equity-oriented investments ( 61 % ). 3 At June 30, 1987, the prepaid pension cost of $53, 523 ,000 was classified as a current asset and included in the balance sheet category "Prepaid expenses and other current assets:' 21 DELTA AIR LINES, INC. An 8.5% weighted average discount rate and a 4.9% rate of increase in future compensation levels were used in determining the actuarial present value of the projected benefit obligation. The expected long-term rate of return on assets was 9%. The net periodic pension cost of defined benefit plans for 1988 and 1987 included the following components: Service cost- benefits earned during the period . . ..... .. .. . .. ... . Interest cost on projected benefit obligation ............... . . Actual return on plan assets . . . . . . . . . . . . Net amortization and deferral .. .... ... . Net periodic pension cost ......... .. . . 1988 1987 (In Thousands) $122,184 230,386 18,146 (249,772) $120,944 $ 93,505 198,439 (359,541) 157,282 $ 89,685 Total pension expense for all defined benefit plans in fiscal 1986 was $151,394,000. Prior to the merger with Delta, Western maintained various defined benefit plans covering substantially all of its employees. The Company has terminated certain of these plans and is settling the obligations of the plans through the purchase of annuities. Benefit accruals under certain other Western plans have been frozen. The assets of the Western plans, in combi- nation with accrued pension liabilities recorded at the date of the Western acquisition, approximately equal the benefit obligations of the plans. In addition to providing pension benefits, the Company provides certain health care and life insurance benefits for sub- stantially all retired employees. The cost of health care benefits 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 post retirement benefits was $13,113,000 in 1988, $10,695,000 in 1987 and $6,955,000 in 1986. 10. Investments in Associated Companies: In March 1988, Delta purchased approximately 20% of the stock of SkyWest, Inc., the parent company of SkyWest Airlines, for $6 million. In prior fiscal years, the Company made similar investments in Atlantic Southeast Airlines, Inc. (ASA), and Comair, Inc. which totaled approximately $55 million. Included in the carrying amount of the investments in these three Delta Connection commuter carriers is $28 million, which represents the amounts by which the costs of the investments exceeded the values of the underlying net assets when the investments were made. This amount is being amortized over 30 years. The invest- ments in SkyWest, ASA and Comair are being accounted for under the equity method. 22 11. Quarterly Financial Data (Unaudited): Three Months Ended Sept. 30 Dec.31 Mar.31 June 30 Fiscal 1988 (In M illions, Except Per Share Amounts) Operating revenues .. . . .. $1,631.8 $1,699.8 $1,709.2 $1,874.5 Operating income . . ... .. $ 94.3 $ 141.5 $ 93.0 $ 168.3 Net income ........ . .. $ 59.1 $ 88.3 $ 56.1 $ 103.3 Net income per share .. . . $ 1.22 $ 1.82 $ 1.15 $ 2.11 Fiscal 1987 Operating revenues ...... $1,102.1 $1 ,197.0 $1,452.9 $1,566.2 Operating income .. . . . . . $ 91.0 $ 130.0 $ 57.5 $ 126.0 Net income . . . . .. .. ... $ 53.0 $ 125.5 $ 26.4 $ 58.8 Net income per share .... $ 1.32 $ 3.02 $ 0.54 $ 1.21 See Note 2 for information concerning the Company's acquisition of Western Air Lines, Inc. on December 18, 1986. 12. Contingencies: The Company is a defendant in certain legal actions re- lating 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, the disposition of these matters is not likely to have any material adverse effect on the Company's financial condition. DELTA AIR LINES, INC. Independent Auditors' Report ARTHUR ANDERSEN & Co. ATLANTA, GE ORG I A . To the Stockholders and the Board of Directors of Delta Air Lines, Inc.: We have audited the accompanying consolidated balance sheets of DELTA AIR LINES, INC. (a Delaware corporation) and subsidiaries as of June 30, 1988 and 1987, and the related consolidated statements of income, stockholders' equity and cash flows for each of the three years in the period ended June 30, 1988. These financial statements are the responsi- bility of the Company's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of Delta Air Lines, Inc. and subsidiaries as of June 30, 1988 and 1987, and the results of their opera- tions and their cash flows for the periods stated in conformity with generally accepted accounting principles. As discussed in Note 9, the Company changed its method of accounting for pensions in the year ended June 30, 1987. August 12, 1988 Report of Management The integrity and objectivity of the information presented in this Annual Report is the responsibility of Delta man- agement. The financial statements contained in this report have been audited by Arthur Andersen & Co., independent public accountants, whose report appears on this page. Delta maintains a system of internal financial controls and a program of internal audits. These controls include the selection and training of its managers, organizational arrange- ments that provide a division of responsibilities, and com- munication 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 authorization and are appropriately recorded to permit preparation of financial statements in conformity with generally accepted accounting principles and to maintain accountability 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. The Audit Committee meets periodically with the independent auditors, the internal audi- tors and representatives of management to discuss internal accounting control, auditing and financial reporting matters. ~ !U< THOMAS J. ROECK, JR. Senior Vice President- Finance and Chief Financial Officer RONALD W. ALLEN Chairman of the Board and Chief F.xecutive Officer 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) 1988 1987 1986 1985 1984 1983 1982 1981 1980 1979 Operating revenues: $4,376,986 Passenger ......................................... $6,443,111 $4,921,852 $4,132,284 $3,963,610 $3,347,014 $3,352,173 $3,287,511 $2,733,820 $2,213,024 Cargo .. . ....... . ................................. 349,775 280,271 240,115 235,199 239,649 227,146 230,597 213,431 190,490 167,904 Other, net ............... ..... ... . . .... .. . .. .. . .. .. 122,491 116,049 87,663 71,930 60,472 42,253 34,753 32,384 32,650 46,918 Total operating revenues . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,915,377 5,318,172 4,460,062 4,684,115 4,263,731 3,616,413 3,617,523 3,533,326 2,956,960 2,427,846 Operating expenses .. ..... ...... .. ... .. ................. 6,418,293 4,913,647 4,425,574 4,318,105 4,052,339 3,823,747 3,625,679 3,359,132 2,864,323 2,218,814 Operating income (loss) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 497,084 $ 404,525 $ 34,488 $ 366,010 $ 211,392 $ (207,334) $ (8,156) $ 174,194 $ 92,637 $ 209,032 Interest expense, net 1 . . . . . . . . . . . . . . . . . . . . . . . (65,204) (61,908) (55,355) (62,053) (109,802) (63,494) (22,284) (7,596) (11,062) (9,461) Miscellaneous income, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24,992 8,312 7,775 6,863 9,114 15,898 13,665 26,144 6,952 1,959 Gain (loss) on disposition of flight equipment . .... . ............ {1,016) 96,270 16,526 94,343 129,511 28,229 1,570 30,078 36,091 20,514 Income (loss) before income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 455,856 $ 447,199 $ 3,434 $ 405,163 $ 240,215 $ (226,701) $ (15,205) $ 222,820 $ 124,618 $ 222,044 Income taxes (provided) credited .. . ......... . .. . ............ (180,851) (219,715) 2,228 (186,624) (102,625) 109,642 9,652 (101 ,447) (54,433) (104,429) Amortization of investment tax credits ....................... 31,821 36,245 41,624 40,914 38,014 30,329 26,367 25,101 22,973 19,129 Net income (loss) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 306,826 $ 263,729 $ 47,286 $ 259,453 $ 175,604 $ (86,730) $ 20,814 $ 146,474 $ 93,158 $ 136,744 Net income (loss) per share* . . . . . . . . . . . . . . . . . . . . . . . . . . . $6.30 $5.90 $1.18 $6.50 $4.42 $(2.18) $0.52 $3.68 $2.34 $3.44 Dividends paid ..... . .. .. ........ ... . .. ... . ............. $ 58,456 $ 44,397 $ 40,073 $ 27,938 $ 23,857 $ 39,761 $ 37,773 $ 27,832 $ 23,857 $ 20,875 Dividends paid per share* . . ... .. ......... .. ........... $1.20 $1.00 $1.00 $0.70 $0.60 $1.00 $0.95 $0.70 $0.60 $0.53 1 Has been reduced by interest capitalized of . ............ .... .. . $ 32,329 $ 32,092 $ 23,758 $ 22,028 $ 18,263 $ 29,398 $ 38,154 $ 15,539 $ 10,790 $ 6,717 Other Financial and Statistical Data For the years ended June 30 1988 1987 1986 1985 1984 1983 1982 1981 1980 1979 Total assets ..... . ... ... . .... . ... . ...................... $5,748,355 $5,342,383 $3,785,462 $3,626,840 $3,268,822 $3,246,960 $2,657,880 $2,304,327 $2,042,539 $1,788,325 Long-term debt and capital leases ........................... $ 729,493 $1,018,417 $ 868,615 $ 535,159 $ 670,993 $1,089,796 $ 362,774 $ 198,411 $ 147,901 $ 125,483 Stockholders' equity ........................ .... ....... .. $2,208,823 $1,937,912 $1,301,946 $1,287,094 $1,048,907 $ 897,160 $1,023,651 $1,040,611 $ 921,969 $ 852,668 Stockholders' equity per share* . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 44.99 $ 39.84 $ 32.45 $ 32.21 $ 26.38 $ 22.56 $ 25.75 $ 26.1 7 $ 23.19 $ 21.44 Shares of common stock outstanding at year end*. . . . . . . . . . . . . . . . 49,101,271 48,639,469 40,116,383 39,958,467 39,761,154 39,761,154 39,761,154 39,761,154 39,761,154 39,761,154 Revenue passengers enplaned ...... ..... .. . .... ... . . .... .. . 58,564,507 48,172,626 39,582,232 39,340,850 36,319,567 35,666,116 34,169,927 36,743,214 39,713,904 39,360,368 Available seat miles ( 000) .. . . . . . .... ... . . ... . .. ... .. .. ... . 85,833,959 69,013,669 53,336,135 51 ,637,084 50,935,173 47,915,817 45,154,885 45,428,277 43,217,372 39,826,891 Revenue passenger miles ( 000) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 49,009,094 38,415,117 30,123,387 29,061 ,618 26,099_ ,115 26,096,996 24,284,804 25,192,531 26,171,197 25,518,520 Passenger load factor . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 57.10% 55.66% 56.48% 56.28% 51.24% 54.46% 53.78% 55.46% 60.56% 64.07% Breakeven load factor .. .... ........ ..... .. .. . ............ 52.69% 51.09% 56.01% 51.57% 48.51% 57.84% 53.91% 52.52% 58.51 % 58.02% Available ton miles ( 000) ................................. 11,249,578 8,999,668 6,934,047 6,667,512 6,569,248 6,202,910 5,937,817 6,037,476 5)48,143 5,357,995 Revenue ton miles ( 000) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,556,584 4,327,195 3,371,917 3,275,329 2,983,840 2,951 ,119 2,773,337 2,845,425 2,934,375 2,916,585 Passenger revenue per passenger mile ........................ 13.15 12.Sl