Exif  II*                                                                                                                          (           1   "      2          i          0           =  '    =  '  Adobe Photoshop CC 2019 (Windows) 2020:03:23 14:04:27                                                              ~              (                                      H       H         Adobe_CM    Adobe d                   
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proofSetup        Bltnenum    builtinProof    proofCMYK 8BIM ;     -              printOutputOptions        Cptnbool     Clbrbool     RgsMbool     CrnCbool     CntCbool     Lblsbool     Ngtvbool     EmlDbool     Intrbool     BckgObjc          RGBC        Rd  doub@o         Grn doub@o         Bl  doub@o         BrdTUntF#Rlt            Bld UntF#Rlt            RsltUntF#Pxl@y          
vectorDatabool     PgPsenum    PgPs    PgPC    LeftUntF#Rlt            Top UntF#Rlt            Scl UntF#Prc@Y          cropWhenPrintingbool     cropRectBottomlong        cropRectLeftlong        cropRectRightlong        cropRectToplong     8BIM                     8BIM &                ?  8BIM            8BIM            8BIM                 8BIM'       
          8BIM      H /ff   lff         /ff            2     Z           5     -          8BIM      p                    8BIM               @   @    8BIM            8BIM       ]                       d a l - t t - 1 9 9 0 0 4 0 1 _ 0 0 0 1                                                                                     null        boundsObjc          Rct1        Top long        Leftlong        Btomlong       Rghtlong       slicesVlLs    Objc          slice        sliceIDlong        groupIDlong        originenum    ESliceOrigin    autoGenerated    Typeenum    
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        
leftOutsetlong        bottomOutsetlong        rightOutsetlong     8BIM (          ?      8BIM          8BIM            8BIM       3       '   Z   x  *0          Adobe_CM    Adobe d                   
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                 3      ! 1 AQa "q2  B#$ Rb34rC %Scs5 &DTdEt6 UeuF'Vfv7GWgw                5     !1  AQaq"  2 B#R3$brCS cs4%   &5DT dEU6teuFVfv'7GWgw          ? q/k\ F[?UEb ~Swk{}{\*Oz)k/ECl ^Z~QYmKKC@n>F5m iC`w^z  ]Isv 8c R : v\ M  X l3&kIo:2tik_e6z\f 7_UqltF_~AdYH >6zf_g H Fb\j =Nes   : egg{ koCC Gjk !~e^ l~ >zv      L}/!{x<8 m5x .cOX{ >u{ o #j%L>'_k 61 As=B $M?iz  i'cG  OG!&U cQZ?Mwk  l. $Ljd4 ,OQ W6 H {>]FM_2$Ws[!R k  8 1e",cEv 4?~NNfC2/A ) 5ak{ K l oS \r - +_4}o? Wm CFO ?+ R= 5mRa #v$ 8 '+e0+kM }7V{u}k w .bC, T S0> JKnl/h  Y$}[  ik  FW( =, m C 7/ 5[<  k_g gb5>I` k c% 7~j3 w    V Y_Z -k$q' BR5C. @ \ZX!c/+z   FawF  I] > ( dL3:$3j, u~us1NOw  u+CV,sc}$ {[l  yIW4hp = {^ L-I$'^4A 5 $iZ "I]$4d? 8BIM !     ]          A d o b e   P h o t o s h o p     A d o b e   P h o t o s h o p   C C   2 0 1 9     8BIM                 http://ns.adobe.com/xap/1.0/ <?xpacket begin="" id="W5M0MpCehiHzreSzNTczkc9d"?> <x:xmpmeta xmlns:x="adobe:ns:meta/" x:xmptk="Adobe XMP Core 5.6-c145 79.163499, 2018/08/13-16:40:22        "> <rdf:RDF xmlns:rdf="http://www.w3.org/1999/02/22-rdf-syntax-ns#"> <rdf:Description rdf:about="" xmlns:xmp="http://ns.adobe.com/xap/1.0/" xmlns:dc="http://purl.org/dc/elements/1.1/" xmlns:photoshop="http://ns.adobe.com/photoshop/1.0/" xmlns:xmpMM="http://ns.adobe.com/xap/1.0/mm/" xmlns:stEvt="http://ns.adobe.com/xap/1.0/sType/ResourceEvent#" xmp:CreateDate="2020-03-23T13:53:43-04:00" xmp:ModifyDate="2020-03-23T14:04:27-04:00" xmp:MetadataDate="2020-03-23T14:04:27-04:00" dc:format="image/jpeg" photoshop:ColorMode="3" xmpMM:InstanceID="xmp.iid:5e001a3f-2884-014c-9bd3-370f775bb791" xmpMM:DocumentID="adobe:docid:photoshop:59ab56b0-2f36-584b-a66f-a591d33da55b" xmpMM:OriginalDocumentID="xmp.did:e73dda35-fdec-3a41-a4fd-dcb29a75d8cc"> <xmpMM:History> <rdf:Seq> <rdf:li stEvt:action="created" stEvt:instanceID="xmp.iid:e73dda35-fdec-3a41-a4fd-dcb29a75d8cc" stEvt:when="2020-03-23T13:53:43-04:00" stEvt:softwareAgent="Adobe Photoshop CC 2019 (Windows)"/> <rdf:li stEvt:action="converted" stEvt:parameters="from image/tiff to image/jpeg"/> <rdf:li stEvt:action="saved" stEvt:instanceID="xmp.iid:5e001a3f-2884-014c-9bd3-370f775bb791" stEvt:when="2020-03-23T14:04:27-04:00" stEvt:softwareAgent="Adobe Photoshop CC 2019 (Windows)" stEvt:changed="/"/> </rdf:Seq> </xmpMM:History> </rdf:Description> </rdf:RDF> </x:xmpmeta>                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 <?xpacket end="w"?>  Adobe d                   
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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