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vectorDatabool PgPsenum PgPs PgPC LeftUntF#Rlt Top UntF#Rlt Scl UntF#Prc@Y cropWhenPrintingbool cropRectBottomlong cropRectLeftlong cropRectRightlong cropRectToplong 8BIM 8BIM & ? 8BIM 8BIM 8BIM 8BIM'
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ESliceType Img boundsObjc Rct1 Top long Leftlong Btomlong Rghtlong urlTEXT nullTEXT MsgeTEXT altTagTEXT cellTextIsHTMLbool cellTextTEXT horzAlignenum ESliceHorzAlign default vertAlignenum ESliceVertAlign default bgColorTypeenum ESliceBGColorType None topOutsetlong
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309,358
89,177
810,029
$7,227,002
$ 529,657
752,154
57,024
135,937
1,474,772
5,402,865
2,298,172
3,104,693
173,284
51,014
122,270
1,469,870
634,783
835,087
415,823
4,477,873
66,651
317,853
72,247
74,590
531,341
$6,483,986
DELTA AIR LINES, INC.
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities:
Current maturities of long-term debt (Note 3) .................... . .... . ... .
Current obligations under capital leases (Note 4) ..... . ..... .. . .. .... . ...... .
Short-term borrowings (Note 5) ... ... ... ... . ..... . ...... .. ..... . .. ..... .
Accounts payable and miscellaneous accrued liabilities . . . ...... . ......... .
Air traffic liability . . . . ........ . ........... ... . ........ . .. . . .. . .. .
Accrued vacation pay . . . . . . .......................... .
Transportation tax payable ..... . .......... .
Accrued income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Total current liabilities
Noncurrent Liabilities:
Long-term debt (Note 3) ............ . .............. .
Capital leases (Note 4) . . . . . . . . . . . . . . . . . .......... .
Other .................... . ..... .
Deferred Credits:
Deferred income taxes (Notes 9 and 11) . . ................. . ............... .
Unamortized investment tax credits ........................ . .. .......... .
Manufacturers credits . . ........... .. .. . .... . ........... . .... . ........ .
Deferred gain on sale and leaseback transactions ...... .
Other ............. . ..................... .
Commitments and Contingencies (Notes 2, 4 and 14)
Employee Stock Ownership Plan Preferred Stock (Note 7):
Series B ESOP Convertible Preferred Stock, $1.00 par value,
$72.00 stated and liquidation value; issued and outstanding,
6,944,450 shares at June 30, 1990 ......... . ........... . .......... . . .. .
Less: Unearned compensation under employee stock ownership plan ....... .
Common Stockholders' Equity (Note 8):
Common stock, $3.00 par value; authorized, 100,000,000 shares;
issued, 54,346,572 shares at June 30, 1990 and
49,265,884 shares at June 30, 1989 .... . . ........... ... . ............... .
Additional paid-in capital ...... .. ..... . ....... ....... ...... . .......... .
Reinvested earnings .... .. ............. . . .. .......... . ..... .... ..... .. .
Less: Net unrealized loss on noncurrent marketable equity securities (Note 11) .... .
Treasury stock at cost, 8,260,462 shares at June 30, 1990 ................. .
The accompanying notes are an integral part of these balance sheets.
1990 1989
(In Thousands, Except Share Amounts)
$ 27,593
12,495
65,351
717,065
738,477
145,209
78,668
47,783
1,832,641
1,180,909
134,290
208,784
1,523,983
505,972
26,572
119,681
596,653
3,298
1,252,176
500,000
477,367
22,633
163,040
879,660
2,157,919
13,896
591,154
2,595,569
$7,227,002
$ 5,516
11,343
711,042
746,111
132,472
83,083
73,242
1,762,809
556,770
146,244
160,037
863,051
519,052
48,323
121,921
545,270
3,853
1,238,419
147,798
514,079
1,957,830
2,619,707
$6,483,986
21
22
D LT. lR LIN , lN .
Consolidated Statements of Income For th ar nd d June 0, 1990, 1989 and 1988
Operating R enu s:
Pa eng r .......................... .. .......... .. .... .
Cargo ............................................... .
0th r net .. . ........ . .. .. ............. . .............. .
Ti tal operating r nu ............ .. ... . .. . ........ .
Operating E penses:
Salaries and relat d o t ............ ... ................. .
Aircraft fuel . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Aircraft maintenance mat rial and repair .................. .
Aircraft rent ... .... ...................... . .... .. ...... .
Other rent .......... . ......................... . ...... .
Landing fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Pas enger service . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Passenger commission ..... .. .. . ... . .. . ..... . . . ....... . .
Depreciation and amortization ...................... . .. . . .
Other ............................ . ......... ... ... ... .
Total operating expenses ...................... . . .
Operating Income . ....... . . . ............... .. ....... .
Other Income (Expense):
Interest expense . .. ..... . ................ . ...... . ..... . .
Less: Interest capitalized ............................. .
Gain (loss) on disposition of flight equipment ................ .
Miscellaneous income, net ....... .. ... .. . . . ... . ... .. .
Income Before Income Taxes ... ... ... . . ..... ..... . ... ... .. . . .
Income Taxes Provided (Note 9) .. .... . . ...................... .
Amortization of Investment Tax Credits . .... . .... .. ....... .... .
Netlncome ....................................... . .
Preferred Stock Dividends, Net of Tax Benefits . ....... . .... .
Net Income Available to Common Stockholders
Net Income Per Share:
Primary ..................... . ............ . .... . . . ... .
Fully diluted . . .... ...... . .... . .......... . .. . ...... .
The accompanying notes are an integral part of these statements.
1990 1989 1988
(In Thousands, Except Per Share Amounts)
$8,042,496
416,168
123,567
8,582,231
3,425,865
1,232,561
241,024
325,781
219,761
137,278
367,504
768,140
459,162
985,643
8,162,719
419,512
(83,937)
57,226
(26,711)
17,906
57,205
48,400
467,912
(186,722)
21,593
302,783
(18,144)
$ 284,639
$5.79
$5.28
$7,579,716
393,662
116,106
8,089,484
3,122,279
988,734
224,500
329,763
206,429
119,850
341,296
747,269
393,095
937,944
7,411,159
678,325
(70,647)
31,778
(38,869)
16,562
55,200
32,893
711,218
(279,214)
28,914
460,918
$ 460,918
$9.37
$9.37
$6,443,111
349,775
122,491
6,915,377
2,703,462
983,590
208,483
256,656
178,639
109,724
290,575
541,396
354,087
791,681
6,418,293
497,084
(97,533)
32,329
(65,204)
(1,016)
24,992
(41,228)
455,856
(180,851)
31,821
306,826
$ 306,826
$6.30
$6.30
DELTA AlR LINES, lNC.
Consolidated Statements of Cash Flows For the years ended June 30, 1990, 1989 and 1988
Cash Flows From Operating Activities:
Net income .. ........................... . . . ..... .
Adjustments to reconcile net income to cash
provided by operating activities:
Depreciation and amortization . . . . . . . . . . ....... . .
Deferred income taxes ................... .. ... .
Amortization of investment tax credits ......... . . _
Amortization of deferred gain on sale and
leaseback transactions
Loss (gain) on disposition of flight equipment
Western Airlines pre-acquisition tax
carryovers utilized . . . . . . . _ . _ _ _ _ . . . . . .
Pension expense in excess of (less than) funding
Compensation under ESOP ........ . .. .
Changes in certain assets and liabilities:
Decrease (increase) in accounts receivable _
Increase in prepaid expenses and other current assets ... .
Increase (decrease) in air traffic liability . . . . . . . ... . ... .
Increase in accounts payable and
miscellaneous accrued liabilities ......... .
Increase (decrease) in other payables and
accrued expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Increase in other noncurrent liabilities _ .......... . ........ .
Other, net . . . . . . . . . . . . . ..... __ ...... . ...... .
Net cash provided by operating activities ..
Cash Flows From Investing Activities:
Property and equipment additions-
Flight equipment, including advance payments ..
Ground property and equipment ..
Proceeds from sale of flight equipment ...... .
Investments in associated companies ............. _ . ...... .
Purchase of marketable equity securities ..... .. .
Net cash used in investing activities .
Cash Flows From Financing Activities:
Issuance oflong-term obligations ...................... . .. .
Issuance of common stock ........ . ... . ..... . ..... . ...... .
Net short-term borrowings ...... ....... . ... ... ........ . . .
Repurchase of common stock . . . . . . ..................... .
Payment on long-term debt and capital lease obligations ...... . . .
Cash dividends . . . . . . . . . . . . . . . . . . . . . . . . ...... . . .
Proceeds from sale and leaseback transactions ........ . ...... .
Net cash provided by financing activities ..... . .. . .
Net Increase (Decrease) in Cash and Cash Equivalents . . . . . . . . . . . . .
Cash and cash equivalents at beginning of period ................. .
Cash and cash equivalents at end of period . . .. . . .. . ..... . . . .. . .. .
The accompanying notes are an integral part of these statements.
1990
$ 302,783
459,162
(4,564)
(21,593)
(36,826)
(17,906)
93,977
12,430
26,049
(30,510)
(7,634)
14,345
(27,230)
27,019
14,264
803,766
(1,424,656)
(264,878)
29,980
(48,011)
(266,504)
(1,974,069)
781,400
376,157
65,351
(591,154)
(145,004)
(113,647)
336,000
709,103
(461,200)
529,657
$ 68,457
1989
(In Thousands)
$ 460,918
393,095
(20,856)
(28,914)
(49,702)
(16,562)
11,433
(107,627)
(9,041)
242,028
207,120
(23,572)
32,403
1,227
1,091,950
(1,205,125)
(275,965)
93,246
(1,387,844)
1,020
(18,706)
(59,054)
79,500
2,760
(293,134)
822,791
$ 529,657
1988
$ 306,826
354,087
(50,968)
(31,821)
(46,366)
1,016
42,768
(30,157)
(18,388)
(63,936)
(2,586)
65,817
110,525
29,733
9,139
675,689
(1,184,320)
(146,236)
69,825
(6,041)
(1,266,772)
$
44,900
1,111
(308,414)
(58,456)
1,354,805
1,033,946
442,863
379,928
822,791
23
24 D LTA IR Ll , IN .
Consolidated Statem nts of Common Stockholders' Equity For the y ar ended Jun 0, 1990, 1989 and 1988
Unr alized
atJul 1 19 7 ..................... .
ar 1
in m .......................... .
Divi ommon t k ( 1.2 p ) .
ua ,67 n har
und r <livid n nd tock
pur ha plan ....... .
41 mm n
n n ( 59. ) ..... .
6 1 omm n har
in change for 9% con ertible ub-
rdinat d deb nture ( 49.02 per har )
Balance at Jun 30 1988 ................... .
Fi cal Year 1989:
et income ............ . ....... _ ..... .
Dividend on common tock ( 1.20 per har ) .
l uance of 18 963 c mmon har
under dividend rein e tment and tock
purcha e plan ( 53.76 per hare) ....... .
uance of 66,788 common hares under
tock option plan ($62.21 per hare) .
uance of 78 862 common hare
upon exercise of e tern Airlines
warrants ( 48.75 per hare) ......... .
Balance at June 30, 1989 ................... .
Fiscal Year 1990:
et income .......................... .
Dividend on common stock ($1.70 per share) .
Dividends on Serie B ESOP Convertible Pre-
ferred Stock, net of tax benefit of $11,120 ....
I suance of 18,501 common shares
under dividend reinvestment and stock
145, 18
74
1
1,311
147,304
57
200
237
147,798
purchase plan ($72.89 per share) . . . . . . . . 56
Issuance of 62,187 common hares
under stock option and stock incentive
plans ($75.04 per share) . . . . . . . 186
Issuance of 5,000,000 common shares to
Singapore Airlines and Swissair
($74.96 per share) . . . . . . . . . . . . . . . . . . . . 15,000
Repurchase of 8,260,462 common shares
($71.56 per share) ............. .. . ... .
et unrealized loss on noncurrent
marketable equity securities . . ...
Balance at June 30, 1990 . . . . . . . . . . . . . . . . . . . . $163,040
The accompanying notes are an integral part of these statements.
dditional
Paid-In
apital
$484,39
1,037
13
20,105
505,553
963
3,955
3,608
514,079
1,293
4,480
359,808
$879,660
Lo on
Marketable
quity
curitie
Trea ury
Stock Total
(In hare Amounts)
1,307,596 $
306,826
(58,456)
1,555,966
460,918
(59,054)
1,957,830
302,783
(84,550)
(18,144)
(13,896)
$2,157,919 $ (13,896)
$ $1,937,912
306,826
(58,456)
1,111
14
21 ,416
2,208,823
460,918
(59,054)
1,020
4,155
3,845
2,619,707
302,783
(84,550)
(18,144)
1,349
4,666
374,808
(591,154) (591,154)
(13,896)
$ (591,154) $2,595,569
DELTA AIR LINES, INC. 25
Notes to Consolidated Financial Statements
June3~199~1989andl988
1. Summary of Significant Accounting Policies:
Basis of Presentation-The consolidated financial statements
include the accounts of the Company and its wholly-owned
subsidiaries. All significant intercompany accounts and trans-
actions have been eliminated.
Certain amounts for fiscal 1989 and 1988 have been
reclassified to conform with the current financial statement
presentation.
Statements of Cash Flows-For purposes of the statements
of cash flows, the Company considers all highly liquid invest-
ments with an original 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 un-
used tickets is included in current liabilities.
Depreciation and Amortization-Substantially all the
Company's flight equipment is being depreciated on a straight-
line basis to residual values (10% of cost) over a 15-year period
from dates placed in service. Ground property and equipment
are depreciated on a straight-line basis over their estimated
service lives, which range from three to thirty 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 weighted 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 federal, state and local tax rates to book
income before income taxes, adjusted for permanent differences
between book and tax income. Deferred income taxes are pro-
vided for all significant 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 9.)
Earnings Per Share-Primary earnings per share are com-
puted by dividing net income available to common shareholders
by the weighted average number of shares of common stock and
common stock equivalents outstanding during the year, which
was 49,184,104 for fiscal 1990; 49,203,552 for fiscal 1989; and
48,706,851 for fiscal 1988. Common stock equivalents consist
of the shares issuable upon exercise of outstanding stock
options less the number of shares deemed to be repurchased
under application of the treasury stock method.
To compute fully diluted earnings per share, it is assumed
that all outstanding shares of Series B ESOP Convertible Pre-
ferred Stock (ESOP Preferred Stock) are converted into common
stock. The weighted average number of shares of common stock
used to compute fully diluted earnings per share was 55,007,261
for fiscal 1990; 49,369,098 for fiscal 1989; and 49,222,922 for
fiscal 1988. In addition, for purposes of computing fully diluted
earnings per share, fiscal 1990 net income was adjusted for the
additional contribution which would have been required to
service the ESOP's long-term debt if the ESOP Preferred Stock
had been converted into common stock.
Manufacturers Credits-In connection with the acquisition
of certain aircraft and engines, the Company receives certain
credits. These credits are deferred until the aircraft and engines
are delivered, at which time the credits are applied on a pro rata
basis as a reduction of the acquisition costs, which results 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 lives of the leases as a reduction in
rent expense.
Cost in Excess of Net Assets Acquired-The cost in excess of
net assets acquired is related to the acquisition of Western Air
Lines, Inc. (Western), which was recorded using the purchase
method of accounting, and is being amortized over 40 years.
2
DEU: AIR LIN , IN .
fl t and air raft pur ha
Air raft
:!lE_
B-727-2 0 . . . . . 10 2
B~ ~2 1 5
B-737-3 13
B-757-200 . . . . . 35 25
B-767-2 15
B-767-3 0 . . . . . 15
B-767-3 O
ER . . . 3
D -9-32 . . . . . . 31 5
L-1011-1 .... . . . 22
L-1011-100/200 . 1
L-1011-250 . . . . 6
L-1011-500 . . . . 11
MD-11 ....... .
D-88 ........ 30 33
261 172
129
5
13
60
15
15
3
36
22
1
6
11
63
433
rd r ption
57
18
9
6
9
28
127
56
52
16
31
119
277
The aircraft orders includ 22 B-737-300 air raft which are
ubject to reconfirmation b Delta.
On o ember 14 1989, the Compan and McDonnell
Dougla Corporation reached an under tanding, ubj ct to the
completion of a definiti e agreement, for the Company' acqui-
sition of up to 160 MD-90 aircraft (including 50 orders, 24 of
which will be subject to reconfirmation by Delta, and 110 op-
tions, 60 of which will repr ent conversions of option for
MD-88 aircraft). Deliveries of the MD-90 aircraft are cheduled
to begin in the December 1994 quarter.
On May 8, 1990, the Company reached an agreement in
principle to lease two MD-11 aircraft for approximately three
years beginning in December 1990. The Company also reached
an understanding with McDonnell Douglas Corporation, subject
to the completion of a definitive agreement, to purchase two
MD-11 aircraft for delivery in 1994; this is in addition to the 9
orders and 31 options for MD-11 aircraft previously placed by
the Company.
The Company presently expects to finance its aircraft and
engine commitments using internally generated funds, leasing
arrangements, or other outside financing arrangements. Future
expenditures for the aircraft and engines on order as of June 30,
1990, are estimated to be $3.54 billion, excluding aircraft subject
to reconfirmation and option aircraft, as follows:
Years Ending
June 30
1991 .... .. . . ....... . . .. .... ... .
1992 .... . . . . . ........ .
1993 ...................... . .
1994 . . . ........ .. .. ......... .
1995 ........... ... ..... .. .
After 1995 . . .... . ............. . .
Total ....... .
Amount
(In Thousands)
$1,274,000
1,059,000
392,000
309,000
257,000
248,000
$3,539,000
3. Long-Term Debt:
At June 30, 1990 and 1989, the Company's long-term debt
(in luding curr nt maturiti ) was as follows:
7. 3%-8.18% Guarant ed erial OP
Not , payabl in in tallm nts
through 2009 ($22,095,000 due in
fi al 1991) ............ .
97
/1 % Not , uns cur d, due
Ma 15, 2000 ....
8% Note , unse ured, due
May 15, 1996 ...
9% Debenture , un ecured, due
May 15, 2016 .....
101
/s% D benture , un e ur d, due
May 15, 2010 .............. .
11.35% ote , un ecured .
layton ounty Development Authority,
75
/1 % un ecured loan agreement,
repayable on January 1, 2020 . . ..
Development Authority of layton
ounty, 65/s% un ecured loan agreement,
repayable in installment beginning
in 2000, with the remaining balance
payable in 2011 ..... ... ...... .
Dev lopment Authority ofFulton County,
unsecured loan agreement, repayable in
in tallments beginning in 1991, and
continuing through 2002. Interest
ranges from 95
/s% to 10% over the
life of the loan ..... .
9.55% Western Air Lines, Inc. Equipment
Trust Certificates, secured by certain
flight equipment, repayable in semi-
annual installments through May 1, 1993
($3,382,000 payable in fiscal 1991)
9.25% We tern Air Lines, Inc. Conditional
Sales Agreement, secured by certain
flight equipment, repayable in Japanese
Y
en in semi-annual installments
through May 1, 1994 ($2,116,000 pay-
able in fiscal 1991)-
At original exchange rates . .
Unrealized loss on-
Current maturities ......... .
Long-term portion ..
At current exchange rates .
Unamortized discount on debt .
Total .
Less: Current maturities ...
Total long-term debt .
1990 1989
(In Thousands)
$478,496 $
175,000
150,000 150,000
150,000 150,000
125,000
125,000
44,900 44,900
35,000 35,000
33,000 33,000
10,145 13,526
6,693 8,021
663 807
2,388 4,067
9,744 12,895
(2,783) (2,035)
1,208,502 562,286
27,593 5,516
$1,180,909 $556,770
The Company's 1989 Bank Credit Agreement provides for
unsecured borrowings of up to $1 billion at various interest rate
options. No borrowings were outstanding under this agreement
during fiscal 1990 or 1989.
DELTA AIR LINES, INC. 27
On February 22, 1990, the Delta Family-Care Savings Plan
(Savings Plan) issued $481,400,000 principal amount of its
Guaranteed Serial ESOP Notes (ESOP Notes). The proceeds of
this financing were used to repay the outstanding balance of the
loan made by the Company to the Savings Plan trustee (Trustee)
to finance the Trustee's purchase of 6,944,450 shares of ESOP
Preferred Stock on July 10, 1989 (see Note 7). The ESOP Notes
and certain related tax indemnities are guaranteed by the Com-
pany. The interest rates on the ESOP Notes are subject to adjust-
ment in the event of certain changes in federal income tax laws.
Subject to certain conditions, the ESOP Notes are redeemable
at the option of the Trustee at any time in whole or in part. The
Company may be required to purchase the ESOP Notes at the
option of the holders in certain circumstances if the credit rating
of the Company's long-term senior unsecured indebtedness
falls below specified levels.
On April 2, 1990, the Company redeemed the 11.35% Notes
at 100% of their principal amount.
On May 22, 1990, the Company sold $175 million principal
amount of 97
/s% Notes, due May 15, 2000, and $125 million
principal amount of 101/s% Debentures, due May 15, 2010.
At June 30, 1990, the annual maturities of long-term debt
for the next five years were as follows:
Years Ending
June 30
1991 ...... .. . .
1992 .
1993 . ............... .
1994.
1995 .
Amount
(In Th ousands)
$ 27,593
15,681
17,395
13,269
12,045
The Company's debt agreements contain certain restrictive
covenants, including limitations on indebtedness. There are no
restrictions in the agreements as to the payment of cash divi-
dends. As discussed in Note 7, the terms of the ESOP Preferred
Stock limit the Company's ability to pay cash dividends on its
common stock in certain circumstances.
Cash payments of interest, net of interest capitalized,
totaled $13,292,000 in fiscal 1990, $38,865,000 in fiscal 1989,
and $66,926,000 in fiscal 1988.
4 . 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 $545,542,000 in fiscal 1990, $536,192,000 in fiscal
1989, and $435,295,000 in fiscal 1988. Accrued rent of
$134,792,000 at June 30, 1990, and $133,540,000 at June 30,
1989, is included in accounts payable and miscellaneous accrued
liabilities in the accompanying consolidated balance sheets.
In addition, accrued rent of $153,555,000 at June 30, 1990, and
$117,582,000 at June 30, 1989 is included in other noncurrent
liabilities.
At June 30, 1990, the Company's minimum rental commit-
ments under capital leases and noncancelable operating leases
with initial or remaining terms of more than one year were
as follows:
Y
ears Ending
June 30
1991 .
1992 .. . . . ... . . . ...... . . ... ... . .
1993
1994 . ...... .
1995 .
After 1995 .
Total minimum lease payments . .
Less: Amounts representing interest .
Present value of future minimum
capital lease payments
Less: Current obligations under
capital leases . . ....... . . . .. .. .
Long-term capital lease
obligations ..
Capital Operating
Leases Leases
(In Thousands)
$ 24,415 $ 533,891
24,722 533,106
19,707 523,391
20,565 515,457
18,323 512,897
108,647 6,984,779
216,379 $9,603,521
69,594
146,785
12,495
$134,290
The Company has negotiated noncancelable sublease
agreements at certain of its airport terminal facilities. At June 30,
1990, the Company expected to receive rentals under these
agreements as follows:
Years Ending
June 30
1991 . . .. ... . ...... .
1992 .
1993 .
1994 .. ... . . . .
1995 .
After 1995
Amount
(In Thousands)
$ 6,034
6,006
5,870
5,528
5,232
. . . . . . . . . 72,136
Total .. . . . . . . . . . . . . . . $100,806
5. Short-Term Borrowings:
Interim financing of operations is obtained through the
issuance of commercial paper and the use of other short-term
borrowings. At June 30, 1990, outstanding commercial paper
totaled $65,351,000 at interest rates ranging from 8.07% to
8.30%; no other short-term borrowings were outstanding. For
fiscal 1990, the average amount of short-term borrowings out-
standing was $86,723,000 at a weighted average interest rate of
8.52%. The maximum amount of short-term borrowings out-
standing during fiscal 1990 was $401,000,000. The Company
did not have any short-term borrowings outstanding during
fiscal 1989.
2
D LT. IR LI E , IN .
6. to k ward :
Th pti n Plan 989
9 Plan
tock-b
u lanma
option or a to k appr iati n ri rall
rci abl on and fi ir dat f grant.
ority t grant additi nal a 1986 Plan
ired on Jan 9 9.
Th 1989 hich b ca n Januar 1,
1989 authoriz rant of toe ock appr iation
rights r trict d t ck and oth a k
option rantee to p and
i gene ab ee ate
of gran pr n r on-
junction with a tock option a e onl when the
related tock opti n i erci a option i e rci ed,
the related tock appreciation right terminate and if the
tock appreciation right i e erci ed, the related stock option
expire . o award ma be granted und r th 1989 Plan after
December 31, 1993.
The option price for all tock option , and the base upon
which tock appreciation rights are mea ured, i the fair market
alue of Delta common tock on the date of grant. Tran action
under the 1986 and 1989 Plan during fi cal 1989 and 1990
were as follows:
Option Price
012tion Range
Balance July 1 1988 ...... 984,500 41.375-$54.75
Fiscal 1989:
Granted ....... . . . ... 615,000 $54.00
Exercised . ....... (609,000) $41.3 75-$54. 75
Forfeited ............ (2,500) $43.25 -$54.75
Balance June 30, 1989 .... 988,000 $41.375-$54.75
Fiscal 1990:
Granted ....... 706,000 $67.375
Exercised ..... (562,900) $41.375-$54.75
Balance June 30, 1990 . 1,131,100 $41.3 75-$67.375
All awards exercised under the 1986 and 1989 Plans have
been exercised as stock appreciation rights. In fiscal 1990, the
Company issued 62,187 shares of its common stock in connec-
tion with the exercise of awards, at prices which ranged from
$62.375 to $79.375 per share.
7. Employee Stock Ownership Plan:
n July 10, 1989, the Company amended the Savings Plan effec-
tive July 1, 1989, to add an employee stock ownership plan
(E OP) feature. ln onnection with the adoption of the ESOP,
th ompany old 6,944,450 shares of ESOP Preferred Stock to
th Tru tee for approximately $500 million (see Note 3).
Th hare of ESOP Preferred Stock will be held by the
Tru tee until redemption or conversion, and may not be sold or
di tributed out ide the Savings Plan except for resale to Delta.
Th E OP Preferred Stocki redeemable at the Company's
option after July 10, 1992, and in certain circumstances before
that date. Delta i required to redeem shares of ESOP Preferred
tock to provide for distributions or to enable the Trustee to
satisfy investment elections under the Savings Plan.
Each share of ESOP Preferred Stock has a stated value of
$72; bear an annual cumulative cash dividend of 6%, or $4.32;
i convertible into 0.8578 shares of Delta common stock, subject
to antidilution adjustments in certain circumstances; has a
liquidation preference of $72, plus any accrued and unpaid div-
idend ; generally votes together with Delta common stock on
matters upon which the common stock is entitled to vote; and
has one vote, subject to antidilution adjustments in certain cir-
cumstances. In the event that full cumulative dividends on the
ESOP Preferred Stock have not been paid when due, Delta may
not pay cash dividends on its common stock.
Shares of ESOP Preferred Stock allocated to participants'
respective Savings Plan accounts will be voted by the Trustee in
accordance with confidential voting instructions of the partic-
ipants. The Savings Plan provides that shares of ESOP Preferred
Stock not yet allocated to any participant's account, as well as
allocated shares for which no voting instructions are received,
will be voted by the Trustee in proportion to the votes cast with
respect to allocated shares of ESOP Preferred Stock for which
voting instructions are received.
The ESOP generally replaces Delta's obligation to make
matching cash contributions under the Savings Plan. Shares of
ESOP Preferred Stock will be allocated to the accounts of parti-
cipants who are then making contributions to the Savings Plan
as the ESOP Notes are repaid.
The Company has recorded unearned compensation to
reflect the value of ESOP Preferred Stock sold to the ESOP but
not yet allocated to individual participants' accounts. As shares
of the ESOP Preferred Stock are allocated to participants, com-
pensation expense is recorded and unearned compensation is
reduced. Interest expense on the ESOP Notes (see Note 3) is
also recorded as an additional component of ESOP costs. The
compensation and interest components of ESOP expense are
reduced by the amount of dividends accrued on the ESOP
Preferred Stock. In fiscal 1990, Delta recorded compensation
expense of $12,430,000 and interest expense of $7,435,000
related to the ESOP. Cash contributions to the ESOP, including
dividends on the ESOP Preferred Stock, totaled $50,977,000 in
fiscal 1990. Actual interest on the ESOP Notes was $13,594,000.
DELTA AIR LINES, INC. 29
8. Common Stock:
During fiscal 1990, the Company completed equity cross
purchases with Singapore Airlines Limited (Singapore Airlines)
and Swissair, Swiss Air Transport Company Ltd. (Swissair)
whereby Delta sold 2.5 million shares of its common stock to
Singapore Airlines for $181,414,000, or $72.57 per share, and
2.5 million shares of its common stock to Swissair for
$193,394,000, or $77.36-per share. Singapore Airlines and
Swissair have agreed to certain restrictions on their ability to
vote, transfer or acquire additional shares of the Company's
stock. During fiscal 1990, Delta purchased equity interests in
Singapore Airlines and Swissair (see Note 11).
The Board of Directors has authorized the Company to
repurchase up to 12 million shares of its common stock through
market purchases or otherwise. During fiscal 1990, the Company
purchased 8,260,462 common shares for $591,154,000, or an
average price of $71.56 per share.
At June 30, 1990, 158,300 shares of common stock were
reserved for issuance under the 1986 Stock Option Plan;
2,964,662 common shares were reserved for issuance under
the 1989 Stock Incentive Plan; and 5,956,949 common shares
were reserved for conversion of the ESOP Preferred Stock.
Each outstanding share of Delta common stock is accom-
panied by a preferred stock purchase right, which entitles the
holder to purchase from the Company 1/lO0th of a share of
Series A Junior Participating Preferred Stock for $200, subject to
adjustment. The rights become exercisable only after 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 Novem-
ber 4, 1996, and may be redeemed by Delta for $.05 per right
until 15 days following the announcement that a person or
group beneficially owns 20% or more of Delta common stock.
Subject to certain conditions, if a person or group becomes the
beneficial owner of 30% or more of Delta common stock, or a
person or group beneficially owning 20% or more of Delta
common stock receives compensation from Delta other than
compensation for full-time employment as a regular employee,
each right will entitle its holder ( other than certain acquiring
persons) to receive, upon exercise, Delta common stock having a
value of twice the right's exercise price. In addition, subject to
certain conditions, if Delta is involved in a merger or certain
other business combination transactions, each right will entitle
its holder ( other than certain acquiring persons) to receive,
upon exercise, common stock of the acquiring company having
a value of twice the right's exercise price.
9. Income Taxes:
Income taxes provided in fiscal years 1990, 1989 and 1988
consisted of:
Current taxes ... . ...... . . . .
Def erred taxes
Reinstatement of
deferred taxes
Investment tax credits, net
of recapture .....
Income taxes provided ..
1990 1989 1988
(In Thousands)
$191,444 $302,091 $219,266
(4,564) (20,856) (135,027)
84,059
_ ___,_(_15_8) (2,021) 12,553
$186,722 $279,214 $180,851
Components of the deferred tax provisions are as follows:
1990 1989 1988
(In Thousands)
Excess of tax over book
depreciation . $ 65,495 $ 69,174 $ 61,111
Excess of tax over book gains
on sale of assets .. (36,469) (19,887) (138,567)
Differences in timing of
expense recognition for
book and tax purposes (16,099) (51,272) 13,478
Amortization of deferred
gain on sale and leaseback
transactions . . . . . . . . . . . 13,716 18,279 16,759
Aircraft rent accruals in excess
of allowable tax deduction . (9,395) (30,979) (16,078)
Other, net (21,812) (6,171) (71,730)
$ (4,564) $ (20,856) $(135,027)
The tax provisions for the years ended June 30, 1990,
1989 and 1988 differ from amounts which would result from
applying the federal statutory tax rate to pretax income,
as follows:
1990 1989 1988
(In Thousands)
Income before income taxes . $467,911 $711,218 $455,856
Nondeductible purchase
accounting adjustments 29,052 44,196 42,830
Other, net ....... . . .. .. . . .. 12,643 12,169 (1,986)
Adjusted pretax income 509,606 767,583 496,700
Statutory rate x34% x34% x34%
Income tax provision at
statutory rate . 173,266 260,978 168,878
State income taxes, net of
federal income tax benefit ... 13,456 18,236 11,973
Income taxes provided . $186,722 $279,214 $180,851
The Company made cash income tax payments of
$205,557,000 in fiscal 1990, $371,236,000 in fiscal 1989, and
$83,415,000 in fiscal 1988.
3
D L'I IR LI , IN .
In D untin
B rin om ta
mpan uir n d di lo
rul no an ar un ough
arli r i nt p n-
dard wil na dj a din
th ear th tandard i impl m n
th . . .
tth n w
ta an ial
tat ounting
r a b
a a ang will
h ial p ition and
ti in d.
10. Emplo ee Benefit Plan :
ub tantiall all th mpan p rman nt mplo e are
co ered under its noncontributory tru teed plan providing for
medical, retirement, di ability and urvi orb n fits, and certain
emplo e meeting rvi e r quir ments are ligibl to par-
ticipate in a contributory tru teed avings plan.
The following table e forth the defined ben fit pen ion
plan funded tatu and amounts recognized in Delta' con ol-
idated balance sheets as of June 30, 1990 and 1989:
Actuarial present alue of benefit
obligation :
Accumulated benefit obligation1 ..
Projected benefit obligation ..... .
Plan a ets at fair value2 ....... .
Projected benefit obligation in
excess of plan assets . . ....... .
Unrecognized net loss ........... .
Unrecognized portion of net
obligation from initial application
ofSFAS o.87 .... .... ......... .
Unrecognized prior service cost .... .
Prepaid (accrued) pension cost
recognized in the consolidated
balance sheets ................. .
1990 1989
(In Thousands)
(382,576)
277,688
72,210
10,948
$2,410,636
3,487,827
3,175,140
(312,687)
309,865
72,459
2,610
$ (21,730) $ 72,247
1 Substantially all of the accumulated benefit obligation is vested.
2Plan assets were invested at June 30, 1990, approximately as follows:
cash equivalents (9%), government and corporate bonds and notes (22%),
common stock and other equity-oriented investments (65%) and real estate
investments (4%).
For all periods presented, an 8.5% weighted average dis-
count 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%.
Th n t periodi o t of defined benefit pension plans for
fi al 1990, 1989 and 1988 included the following components:
1990 1989 1988
r i o t- b n fits earn d
(In Thousands)
during the period ... $172,100 $146,346 $122,184
Inter t co t on proj cted
ben fit bligati n ... 307,051 269,882 230,386
A tual return on plan
t .... . . . . . . . . . .
(335,210) (401,370) 18,146
rtizati n and
al ... 52,286 145,316 (249,772)
t p riodi pension o t . $196,227 $160,174 $120,944
Prior to the merger with Delta, Western maintained various
d fin d benefit pen ion plans covering sub tantially all of its
employee . The Company has terminated certain of these plans
and ha ettled the obligations of the plans through the pur-
ha e of annuitie . Benefit accruals under certain other Western
plan have been frozen. The as ets of the Western plans, in
combination with accrued pen ion liabilities recorded at the
date of the Western acquisition, approximately equal the benefit
obligation of the plans.
In addition to providing pension benefits, the Company
provide certain health care and life insurance benefits for sub-
tantially all retired employees. The cost of health care benefits
is recognized as expense as claims are incurred. The cost of life
in urance benefits is expensed as premiums are paid. The total
cost of these post retirement benefits was $14,203,000 in fiscal
1990, $14,240,000 in fiscal 1989, and $13,113,000 in fiscal 1988.
11. Marketable Equity Securities:
During fiscal 1990, the Company purchased 17,593,165
ordinary shares of Singapore Airlines for $181,414,000 and
105,000 bearer shares of Swissair for $85,090,000. These hold-
ings represent approximately 2.8% and 5% of the stock of
Singapore Airlines and Swissair, respectively. The Company has
agreed to certain restrictions on its ability to vote, transfer or
acquire additional shares of the stock of Singapore Airlines and
Swissair. Under equity cross purchase agreements, Delta sold 2.5
million shares of its common stock to Singapore Airlines and
2.5 million shares to Swissair (see Note 8).
The Company's investments in Singapore Airlines and
Swissair are being accounted for under the cost method, and are
carried at aggregate cost or market value, whichever is lower.
In the June 1990 quarter, the Company reduced the aggregate
carrying amount of Singapore Airlines and Swissair stock by
$22,412,000 to reflect market values at June 30, 1990. The
resulting unrealized loss (net of a deferred tax benefit of
$8,516,000) was recorded as a reduction in stockholders' equity
of $13,896,000.
DELTA AIR LINES, INC. 31
12. Investments in Associated Companies:
During fiscal 1990, affiliates of Delta, Northwest Airlines,
Inc. and TransWorld Airlines, Inc. formed WORLDSPAN, a
limited partnership to develop, operate and market a computer
reservations system for the travel industry. The Company's initial
investment in WORLDSPAN of $99,771,000, which included
cash of $48,011,000 and property and equipment valued at
$51,760,000 is being accounted for under the equity method.
During fiscal 1990, the Company recorded a loss of $1,002,000
representing its pro rata share of WORLDSPAN's net loss.
WORLDSPAN provided reservations services to Delta, which
were billed to Delta in the form of segment fees. Under contrac-
tual agreements, Delta provided communications, information
processing and administrative services to WORLDSPAN.
Currently Delta owns 38% of WORLDSPAN.
In prior fiscal years, the Company purchased approxi-
mately 20% of the stock of Atlantic Southeast Airlines, Inc.
(ASA); Comair, Inc.; and SkyWest, Inc., the parent company of
SkyWest Airlines. Included in the carrying amount of the invest-
ments in these three Delta Connection carriers is $28 million,
which represents the amounts by which the costs of the invest-
ments exceeded the values of the underlying net assets when the
investments were made. This amount is being amortized over
30 years. The investments in ASA, Comair and SkyWest are
being accounted for under the equity method. Delta's equity in
the earnings of these carriers was $9,171,000 in fiscal 1990,
$5,485,000 in fiscal 1989 and $3,110,000 in fiscal 1988.
13. Quarterly Financial Data (Unaudited):
Three Months Ended
Sept.JO Dec.31 Mar.31 June JO
(In Millions, Except Per Share Amounts)
Fiscal 1990
Operating revenues . $2,173.4 $2,048.6 $2,120.4 $2,239.9
Operating income .. $ 190.6 $ 70.6 $ 48.1 $ 110.3
Net income $ 133.1 $ 64.2 $ 31.3 $ 74.1
Net income per share:
Primary . . . . $ 2.53 $ 1.13 $ 0.48 $ 1.47
Fully diluted $ 2.38 $ 1.08 $ 0.48 $ 1.33
Rscal 1989
Operating revenues . . $1,881.6 $1,858.1 $2,038.1 $2,311.7
Operating income . $ 148.3 $ 119.9 $ 125.9 $ 284.2
Net income $ 100.0 $ 85.2 $ 85.0 $ 190.8
Net income per share:
Primary $ 2.03 $ 1.73 $ 1.73 $ 3.87
Fully diluted . ... . . . . $ 2.03 $ 1.73 $ 1.73 $ 3.87
14. Contingencies:
The Company is a defendant in certain legal actions relating
to environmental issues (primarily noise), alleged employment
discrimination practices, other matters concerning past and
present employees, 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 DELTA AIR LINES, INC.
33
32
Consolidated Summary of Operations For the years ended June 30
(Dollars expressed in thousands, except per share figures)
1990 1989 1988 1987 1986 1985 1984 1983 1982 1981 1980
Operating revenues:
Passenger ..
o I
. . . .. ... $8,042,496 $7,579,716 $6,443,111 $4,921,852 $4,132,284 $4,376,986 $3,963,610 $3,347,014 $3,352,173 $3,287,511 $2,733,820
Cargo ..... ..

416,168 393,662 349,775 280,271 240,115 235,199 239,649 227,146 230,597 213,431 190,490
Other, net .. . . .
. . . . . '
. . . . . . . . . . 123,567 116,106 122,491 116,049 87,663 71,930 60,472 42,253 34,753 32,384 32,650
Total operating revenues . . . . . . . . . . .. . . . ... 8,582,231 8,089,484 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
Opera ting expenses . . . . . . . . . . . . .. . . 8,162,719 7,411,159 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
Opera ting income Qoss) $ 419,512 $ 678,325 $ 497,084 $ 404,525 $ 34,488 $ 366,010 $ 211,392 $ (207,334) $ (8,156) $ 174,194 $ 92,637
Interest expense, net' . . . . . . . ... . . . . .. .
(26,711) (38,869) (65,204) (61,908) (55,355) (62,053) (109,802) (63,494) (22,284) (7,596) (11 ,062)
Miscellaneous income, net .. .. . . . .. . . 57,205 55,200 24,992 8,312 7,775 6,863 9,114 15,898 13,665 26,144 6,952
Gain (loss) on disposition of flight equipment . . 17,906 16,562 (1,016) 96,270 16,526 94,343 129,511 28,229 1,570 30,078 36,091
Income (loss) before income taxes . . . . . . . . . . . . . $ 467,912 $ 711,218 $ 455,856 $ 447,199 $ 3,434 $ 405,163 $ 240,215 $ (226,701) $ (15,205) $ 222,820 $ 124,618
Income taxes (provided) credited .... . . . .. . . . ... (186,722) (279,214) (180,851) (219,715) 2,228 (186,624) (102,625) 109,642 9,652 (101,447) (54,433)
Amortization of investment tax credits . 21,593 28,914 31,821 36,245 41,624 40,914 38,014 30,329 26,367 25,101 22,973
Net income (loss) . .. . ... . .. . ... . . . . .. $ 302,783 $ 460,918 $ 306,826 $ 263,729 $ 47,286 $ 259,453 $ 175,604 $ (86,730) $ 20,814 $ 146,474 $ 93,158
Preferred stock dividends, net of tax benefits ...... (18,144)
Net income (loss) available to common stockholders . $ 284,639 $ 460,918 $ 306,826 $ 263,729 $ 47,286 $ 259,453 $ 175,604 $ (86,730) $ 20,814 $ 146,474 $ 93,158
Net income (loss) per share*
Primary . . ... . . ... . . . '
... . '
. . $5.79 $9.37 $6.30 $5.90 $1. 18 $6.50 $4.42 $(2.18) $0.52 $3.68 $2.34
- -
Fully diluted . ... . . . . .
. . . . $5.28 $9.37 $6.30 $5.90 $1.18 $6.50 $4.42 $(2.18) $0.52 $3.68 $2.34
- -
Dividends paid on common stock . . . . . . . . . .
$ 84,550 $ 59,054 $ 58,546 $ 44,397 $ 40,073 $ 27,938 $ 23,857 $ 39,761 $ 37,773 $ 27,832 $ 23,857
Dividends paid per share* . . . . . . . .
. $1.70 $1.20 $1.20 $1.00 $1.00 $0.70 $0.60 $1.00 $0.95 $0.70 $0.60
'Has been reduced by interest capitalized of .. $ 57,226 $ 31,778 $ 32,329 $ 32,092 $ 23,758 $ 22,028 $ 18,263 $ 29,398 $ 38,154 $ 15,539 $ 10,790
Other Financial and Statistical Data For the years ended June 30
(Dollars expressed in thousands, except per share figures)
1990 1989 1988 1987 1986 1985 1984 1983 1982 1981 1980
Total assets . . . . ......... . . . .. . . . . . $7,227,002 $6,483,986 $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
Long-term debt and capital leases . .. . ... . . $1,315,199 $ 703,014 $ 729,493 $1,018,417 $ 868,615 $ 535,159 $ 670,993 $1,089,796 $ 362,774 $ 198,411 $ 147,901
Common stockholders' equity .. . . . . .. $2,595,569 $2,619,707 $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
Stockholders' equity per common share* . .. . $ 56.32 $ 53.17 $ 44.99 $ 39.84 $ 32.45 $ 32.21 $ 26.38 $ 22.56 $ 25.75 $ 26.17 $ 23.19
Shares of common stock outstanding at year end* . 46,086,110 49,265,884 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
Revenue passengers enplaned .... . .. . . .. ... . . . . 67,240,233 64,242,212 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
Available seat miles (000) . ... ... .. .. . . .. . ... .. 96,463,052 90,741,541 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
Revenue passenger miles (000) .. . . . . ... . . '
. . . . .
58,986,912 55,903,857 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
Passenger load factor . . .. . . . . . . . 61.15% 61.61% 57.10% 55.66% 56.48% 56.28% 51.24% 54.46% 53.78% 55.46% 60.56%
Breakeven load factor .. ... ... . .. .... .. . 57.96% 56.09% 52.69% 51.09% 56.01 % 51.57% 48.51% 57.84% 53.91% 52.52% 58.51 %
Available ton miles (000) . .. . ... ... . . . . ... . . . .. 12,499,745 11,724,797 11,249,578 8,999,668 6,934,047 6,667,512 6,569,248 6,202,910 5,937,817 6,037,476 5,748,143
Revenue ton miles (000) .. . . . ... . . . . ... .. 6,693,786 6,338,274 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
Passenger revenue per passenger mile . 13.63 13.56 13.15 12.81 13.72 15.06 15.19 12.83 13.80 13.05 10.45
Operating expenses per available seat mile . ..... . .
8.46 8.17 7.48 7.12 8.30 8.36 7.96 7.98 8.03 7.39 6.63
Operating expenses per available ton mile . . . 65.30 63.21 57.05 54.60 63.82 64.76 61.69 61.64 61.06 55.64 49.83
*Adjusted for 2-for-l stock split distributed December 1, 1981.
The financial and statistical information presented above reflect the Company's acquisition of Western Air Lines, Inc. on December 18,1986.
4 D LT. AlR UN , IN .
Report of Ind pendent Public Accountants Report of Management
R H R D R
TL
&
f
at d balan
orati n)
t d
d
audi dan with all
a c dard . T ndard req hat
plan and audit i onab ur-
ance abo an i ar fr
mater di mi a
t t ba u g th amounts a res
in th audit a 1 ing
the accou i d and i n
made b managemen a alua th nan-
cial tatem nt pr ent b li e that ur audits provide
area onabl ba i for our opinion.
In our opinion, the on olidated financial statements
referred to abo e pr nt fairl , in all material re pe ts, the
finan ial po ition of D lta Air Lines Inc. and ubsidiaries as
of June 30 1990 and 1989, and the results of their operations
a~d their ca h flo for the period stated, in conformity
with generally accepted accounting principle .
August 17 1990
!h ~nt grity and objectivity of the information presented
m th1 Ann~al R _P rt ar th respon ibility of Delta manage-
m nt. Th_ fman ial statem nt contained in this report have
b n audited by Arthur And rsen & Co., independent public
untant , who report appears on this page.
D lta maintain a sy tern of internal financial controls
whi h ar ind pendently asse sed on an ongoing basis
through a program of internal audit . These controls include
~h . 1 tion and training of the Company's managers, organ-
~a_
n_
onal arrang m nts that provide a division of responsi-
b1ht1 , and communication program explaining the
Company' polici and tandards. We believe that this
t m provid r a onable as urance that transactions are
e ut din ~ccordance with management's authorization;
that t~an ac~on ~re appropriately recorded to permit pre-
paration f financial statement that, in all material respects,
~r pr_ ~ted in conformity with generally accepted account-
mg pnnc1ples; and that assets are properly accounted for and
a guarded again t loss from unauthorized use.
The Board of Directors pursues its responsibilities for
the financial statements through its Audit Committee,
which consists solely of directors who are neither officers
nor employee of the Company. The Audit Committee meets
~eriodically with the independent public accountants, the
mternal auditors and representatives of management to
di cuss internal accounting control, auditing and financial
reporting matters.
THOMAS j. ROE K,JR.
Senior Vice President- Rnance and
Chief Rnaneial Officer
RO ALDWALLE
Chairman of the Board, President
and Chief Executive Officer
Stockholder Information
Transfer Agent and Registrar
for Common Stock
Citizens and Southern Trust Co. (Georgia), N.A.
Investor Services
PO. Box 105555
Atlanta, Georgia 30348-5555
Telephone (800) 848-8198
Dividend Paying Agent
Delta Air Lines, Inc.
Stockholder Relations
Hartsfield Atlanta International Airport
Atlanta, Georgia 30320 .
Telephone (800) 44 7-0728
Independent Public Accountants
Arthur Andersen &: Co.
133 Peachtree Street NE.
Atlanta, Georgia 30303
Annual Meeting
The Annual Meeting of Stockholders
will be held at 10 a.m. on Thursday,
October 25, 1990, at the Monroe Civic Center,
401 Civic Center Boulevard, Monroe, Louisiana
Common Stock
Listed on the New York Stock Exchange
Number of Stockholders
As of August 8, 1990, there were 27,844 registered
holders of the Company's common stock.
Market Prices and Dividends
Fiscal Year 1990
Quarter Ended:
September 30 .. .
December 31 ... .
March 31
June 30 ...... .
Fiscal Year 1989
Quarter Ended:
September 30 ..
December 31 ... . .
March 31 . . . . . . ... . . .
June 30 . . .. . ...... .
Market Price Range of
Common Stock on
New York Stock Exchange
High
85
82
75
807
/s
551/s
51
597
/s
73
Low
67
635/s
61
71
45
46
48
581/s
Cash
Dividends Per
Common Share
$.80*
.30
.30
.30
$.30
.30
.30
.30
*The Company paid a special dividend of $0.50 per common share on
October 1, 1989, to stockholders of record on September 6, 1989.
Availability of Form 10-K
A copy of the Company's Annual Report on Form 10-K for the
fiscal year ended June 30, 1990, will be provided without charge
upon written request to:
Delta Air Lines, Inc.
Stockholder Relations
Hartsfield Atlanta International Airport
Atlanta, Georgia 30320
Telephone (800) 44 7-0728
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
automatic dividend reinvestment or cash contributions.
Delta pays all service and brokerage charges for the purchase
of these shares. Inquiries, notices, requests, and other com-
munications regarding participation in the plan should be
directed to:
Citizens and Southern Trust Co. (Georgia), N.A.
Delta Air Lines, Inc. Dividend Reinvestment Plan
PO. Box 105555
Atlanta, Georgia 30348-5555
Telephone (800) 848-8198
Delta Air Lines, Inc. / General Offices, Hartsfield Atlanta International Airport / Atlanta, Georgia 30320