Delta Air Lines annual report 1993

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1))js} i i rn; ^9)bj" !" n 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, Common Stock having a
value equal to two times 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 equal to two times the right's exercise price.
Each share ofESOP Preferred Stock has a stated value of
$72; bears an annual cumulative cash dividend of 6%, or $4.32; is
convertible into 0.8578 shares of Common Stock ( a conversion
price of$83.94), subject to adjustment in certain circumstances;
has a liquidation preference of $72, plus any accrued and unpaid
dividends; generally votes together as a single class with the
Common Stock on matters upon which the Common Stock is
entitled to vote; and has one vote, subject to adjustment in
certain circumstances. If full cumulative dividends on the ESO P
Preferred Stock have not been paid when due, Delta may not pay
cash dividends on the Common Stock.
On July 1, 1992, the Company issued 23 million Depositary
Shares, each representing 111000th of a share of Series C
Preferred Stock. Each share of Series C Preferred Stock bears
annual cumulative cash dividends of $3,500 (equivalent to $3.50
per annum per Depositary Share); has a liquidation preference
of $50,000 ( equivalent to $50 per Depositary Share) plus accrued
and unpaid dividends; and is convertible at any time at the
option of the holder into shares of Common Stock at a conver-
D ELTA AIR LINF.S, INC.
sion price of $65. 75 per share of Common Stock ( equivalent to a
conversion rate of0.7605 shares of Common Stock per
Depositary Share), subject to adjustment in certain circum-
stances. Except under certain circumstances, the holders of the
Series C Preferred Stock have no voting rights.
The Series C Preferred Stock is redeemable by Delta on and
after July 1, 1995, at Delta's option for such number of shares of
Common Stock as equals the liquidation preference of the Series
C Preferred Stock being redeemed divided by the conversion
price ( equivalent to a conversion rate of 0. 7605 shares of
Common Stock for each Depositary Share), subject to adjust-
ment in certain circumstances. Delta may exercise its redemp-
tion option only if for 20 trading days within any period pf 30
consecutive trading days, including the last trading day of such
period, the closing price of the Common Stock on the New York
Stock Exchange exceeds $82.125, subject to adjustment in certain
circumstances.
The Series C Preferred Stock ranks senior to the Common
Stock and on a parity with the ESOP Preferred Stock with respect
to payment of dividends and amounts upon liquidation, dissolu-
tion or winding up. The terms of the Series C Preferred Stock
prohibit Delta from paying cash dividends on the Common
Stock unless (1) all accrued and unpaid dividends on the Series C
Preferred Stock and the ESOP Preferred Stock have been paid or
set apart for payment; and (2) sufficient funds have been paid or
set apart for payment for the current dividend period with respect
to the Series C Preferred Stock and the ESOP Preferred Stock.
29
8. INCOME TAXES:
Effective July 1, 1992, the Company adopted SPAS 109,
which changes the Company's method of accounting for income
taxes from the deferred method to the liability method.
The cumulative effect of adopting SPAS 109 decreased the
fiscal 1993 first quarter net loss by $230.8 million. Deferred
income taxes reflect the net tax effects of temporary differences
between the carrying amounts of assets ~d liabilities for financial
reporting purposes and the amounts used for income tax pur-
poses. Significant components of the Company's deferred tax
assets and liabilities as ofJune 30, 1993, are a result of temporary
differences related to the items described as follows:
Postretirement benefits .. .......... . .
Other employee.benefits ........ . . .. .
Spare parts repair expense ... . ....... .
Rent expense . .. ... ... . ........ . . . .. .
Gains on sale and leaseback
transactions ........ . .. . . .. ....... .
Depreciation and amortization ..... . .
Alternative minimum tax credit
carryforwards .... .. . .. . .. . . . . . . .. .
Net operating loss carryforwards .. .. .
Other ...... . .. .. . . .. .. . .. .. ..... . .. .
Deferred Deferred Tax
Tax Assets Liabilities
(In Thousands)
$ 528,118 $
150,437
74,141
142,209
370,657
192,930
73,500
148,792
$1,680,784
857,302
145,613
$1,002,915
The Company has determined, based on its history of
operating earnings and expectations for the future, that it is
more likely than not that future taxable income will be sufficient
to fully util~e the deferred tax assets at June 30, 1993.
Income taxes credited in fiscal 1993, .1992 and 1991
consisted of:
1993 1992 1991
(In Thousands)
Current taxes ................. $ (24,791) $(147,933) $ (46,086)
Deferred taxes. . . . . . . . . . . . . . . . . (206,887) (123,072) (116,560)
Tax benefit of dividends on
allocated ESOP
Preferred Stock .. .......... . (1,931) - - - - - -
Income taxes credited ... .... .. $(233,609) $(271,005) $(162,646)
Components of the deferred tax provisions are as follows:
1993 1992 1991
(In Thousands)
Excess of tax over book
depreciation ............. . .. $ 117,427 $ 105,988 $ 68,816
Excess of tax over book
gains on sale ofassets........ (25,491) (87,820) (131,931)
Amortization of deferred
gains on sale and lease-
back transactions .......... .
Alternative minimum tax ..... .
Aircraft rent accruals in
excess of allowable
20,988
(114,043)
19,656
(58,084)
18,298
(38,800)
tax deduction............... (22,172) (36,293) (30,246)
Excess of book over tax
pension expense ........... . (22,439) (35,027) (7,596)
Net operating loss
carryforwards ............. . (73,500)
Fleet restructuring expense ... . (22,385)
Other postretirement
benefit expense ............ . (47,738)
Other, net ............ .... ... . . (17,534) (31,492) 4,899
$(206,887) $(123,072) $(116,560)
Taxes credited for the years ended June 30, 1993, 1992 and
1991 differ from amounts which would result from applying the
federal statutory tax rate to pretax loss, as follows:
1993 1992 1991
(In Thousands)
Loss before income taxes ....... $(651,284) $(786,373) $(500,184)
Depreciation and amortization
not deductible for
tax purposes .... .. .. .. .. . ... 11,272 33,574 29,052
Other, net ..................... 8,218 13,156 15,494
Adjusted pretax loss ........... (631,794) (739,643) (455,638)
Statutory rate ................. X 34% X 34% X 34%
Income tax credit at
statutory rate . . .. . . ......... (214,810) (251,479) (154,917)
State and other income
taxes, net of federal
income tax benefit ... .. . . ... (18,799) (19,526) (7,729)
Income taxes credited ......... $(233,609) $(271,005) $(162,646)
30
D ELTA AIR LINES, INC.
The Company received income tax refunds, net of cash
income tax payments, of $166.0 million in fiscal 1993 and $34.5
million in fiscal 1992 and made cash income tax payments, net of
refunds received, of $45.2 million in fiscal 1991.
Subsequent to June 30, 1993, the maximum corporate
federal income tax rate was increased to 35%.
9. EMPLOYEE STOCK OWNERSHIP PLAN:
On July 10, 1989, the Company amended the Delta Family-
Care Savings Plan (Savings Plan), a qualified defined contribu-
tion pension plan, to add an employee stock ownership plan
(ESOP) feature. Subject to certain conditions, the Company
contributes to the ESOP 50% of a participant's contributions to
the Savings Plan, up to a maximum of 2% of a participant's
earnings. Beginning October 1, 1989, the first $1,000 (increased
by $50 per year) of Delta's contribution to a participant's account
during each Savings Plan year is invested m ESOP Preferred
Stock and Common Stock. In connection with the adoption of
the ESOP, the Company sold 6,944,450 shares ofESOP Preferred
Stock to the Savings Plan for approximately $500 million.
The Company has recorded unearned compensation to
reflect the value ofESOP 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,
compensation expense is recorded and unearned compensation
is reduced. Interest expense on the ESOP Notes is also recorded
as an additional component ofESOP expense. The compensa-
-
tion and interest components of ESOP costs are reduced by the
amount of dividends accrued on the ESOP Preferred Stock.
Delta recorded compensation and interest expense, made
cash contributions to the ESOP, and incurred actual interest on
the ESOP Notes in fiscal 1993, 1992 and 1991, as follows:
1993 1992 1991
(In Thousands)
Compensation expense ...... .. $26,943 $22,943 $19,280
Interest expense ............... 20,348 20,265 19,765
Cash contributions, including
dividends on the ESOP
Preferred Stock .... . ..... .. . 43,310 51,711 62,432
Actual interest on ESOP Notes 35,007 35,599 36,10.3
10. EMPLOYEE BENEFIT PLANS:
Substantially all the Company's permanent employees .are
covered under its noncontributory trusteed plans providing for
medical, retirement, disability and survivor benefits, and certain
employees meeting service requirements are eligible to partici-
pate in a contributory trusteed savings plan. ( See Note 9.)
Defined Benefit Plans
The following table sets forth the defined benefit pension
plans' funded status and amounts recognized in Delta's consoli-
dated balance sheets as ofJune 30, 1993 and 1992:
1993 1992
(In Thousands)
Actuarial present value of benefit
obligations:
Accumulated benefit obligation 1
Projected benefit obligation . ... .
Plan assets at fair value2
... .. .... . . . .
Projected benefit obligation in
excess of plan assets .............. .
Unrecognized net loss . ...... ... . ... .
Unrecognized transition obligation ..
Unrecognized prior service cost ..... .
Accrued pension cost
recognized in the consolidated
$3,822,938
$5,343,690
4,973,683
(370,007)
122,331
71,465
9,249
$3,347,521
$4,900,555
4,350,316
(550,239)
348,943
71,713
9,816
balance sheets ...... . ............ . $ (166,962) $ (119,767)
'Substantially all of the accumulated benefit obligation is vested.
2Plan assets were invested at June 30, 1993, approximately as follows: cash
equivalents ( 6%), government and corporate bonds and notes ( 24%),
common stock and other equity-oriented investments ( 67%) and real estate
investments (3%).
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 10% at June 30, 1993 and 9% at June 30, 1992.
Effective April 1, 1993, the Company increased the expected
return on plan assets associated with defined benefit pension
plans from 9% to 10% annually. This change reduced pretax
operating expenses by $12.7 million and decreased net loss by
$8.1 million (lM per common share) in fiscal 1993.
The net periodic cost of defined benefit pension plans for
fiscal 1993, 1992 and 1991 included the following components:
1993 1992 1991
(In Thousands)
Service cost-benefits
earned during the period .... $240,396 $216,867 $184,893
Interest cost on projected
benefit obligation ........... 431,419 389,333 343,694
Actual return on plan
assets .................. . .... (646,553) (493,703) (185,356)
Net amortization and
deferral ................ . ... 258,458 152,888 (130,363)
Net periodic pension cost . ..... $283,720 $265,385 $212,868
Postretirement Benefits Other Than Pensions
Delta's medical plans provide medical and dental benefits to
substantially all retirees and their eligible dependents. Benefits
are funded from general assets on a current basis, although
amounts sufficient to pay claims incurred, but not yet paid, are
held in trust. Plan benefits are subject to co-payments,
deductibles, and certain other limits described in the Plans and
are reduced once a retiree is eligible for Medicare. The Company
has reserved the right to modify or terminate the medical and
dental plans for both current and future retirees.
DELTA AIR LINES, I c.
Effective July 1, 1992, the Company adopted SFAS 106,
which requires the accrual of the cost of providing postretire-
ment benefits for medical and life insurance coverage over the
active service period of the employee. Prior to fiscal 1993, post-
retirement benefit expense was recognized when claims were
paid. The total cost of these postretirement benefits was $25
million in fiscal 1992 and $23 million in fiscal 1991. The
Company adopted SFAS 106 using the immediate recognition
option.
3 1
The Company recorded a pretax charge of$1.298 billion
($817.9 million after taxes) as the cumulative effect ofSFAS 106.
The pretax postretirement benefit expense for fiscal 1993 was
$166 million, which included an annual increase of $129 million,
or $32 million per quarter due to SFAS 106, and $37 million in
cash payments.
Net periodic postretirement benefit cost for fiscal 1993
includes the following components (amounts in millions):
Service cost - benefits earned during the year . . . . . . . . . . . . $ 4 7
Interest cost on accumulated postretirement
benefit obligation (APBO) . ...... .. . .......... . ..... .
Net periodic postretirement benefit cost ................ .
119
$ 166
The accumulated postretirement benefit obligation at
June 30, 1993 and July 1, 1992 consisted of the following com-
ponents (amounts in millions):
June 30, July 1,
1993 1992
Retirees and dependents ...... .... . .. ... .. .. . $ 589 $ 455
Fully eligible active participants ..... ... ..... . 358 447
Other active participants . ............. . .... . . 222 396
Total accumulated postretirement
benefit obligation ............... . . ...... .. 1,169 1,298
Unamortized prior service cost (arising
from plan changes) ...................... . . 450
Unrecognized net loss .................... . . . ~ )
Accrued postretirement benefit cost ...... . . . $1,427 $1,298
The weighted average discount rate used to estimate the
APBO was 9% at July 1, 1992 and 8.5% at June 30, 1993. The
assumed health care cost trend rate used in measuring the APBO
was 10% in fiscal 1993, declining gradually to 4 1/2% by fiscal
2002 and remaining level thereafter. Increasing the assumed
health care cost trend rate annually by J % for all future years
would increase the APBO as ofJuly 1, 1992 and June 30, 1993 by
approximately $157 million and $122 million, respectively, and
the net periodic postretirement benefit cost by $23 million for
fiscal 1993.
Gains and losses that occur because actual experience
differs from that assumed will be amortized over the average
future service period of employees. Amounts allocable to prior
service for amendments to retiree insurance plans are amortized
in a similar manner.
On June 28, 1993, the Company announced certain plan
changes effective during fiscal 1994, including the adoption of a
150% cap on the Company's cost of providing medical coverage
for domestic, nonpilot personnel who retire after November 1,
1993. The effect of these plan changes will be to reduce future net
periodic postretirement benefit costs.
The Company continues to evaluate ways in which it can
better manage employee benefits and control costs. Any changes
in the plan or revisions to assumptions that affect the amount of
expected future benefits may have a significant effect on the
.amount of the reported obligation and future annual expense.
Postemployment Benefits
The Company provides certain benefits to its former or
inactive employees after employment but before retirement. In
November 1992, the Financial Accounting Standards Board
issued Statement of Financial Accounting Standards No. 112,
"Employers' Accounting for Postemployment Benefits,,
(SFAS 112). The Company is required to adopt SFAS 112 no later
than its fiscal year ending June 30, 1995, although earlier imple-
mentation is permitted. Adoption ofSFAS 112 will result in a
cumulative catch-up adjustment that may be reported in the year
the standard is implemented or in an earlier year if the Company
elects retroactive application. The Company has not decided
when it will implement SFAS 112. The effect that the change will
have on the Company's consolidated financial position and
results of operations has not been determined.
Early Retirement Program
Subsequent to June 30, 1993, Delta announced an early
retirement program for up to approximately 3,100 eligible person-
nel in selected departments of the Company, for retirements
effective on November 1, 1993. The Company expects to record a
one-time charge of approximately $70,000 per retiree when it can
reasonably estimate the number of retirees. Since the number of
retirees under this program cannot yet be reasonably estimated,
the amount of the one-time charge has not been determined.
11. MARKETABLE EQUITY SECURITIES:
The Company's investments in Singapore Airlines Limited
(Singapore Airlines) and Swissair, Swiss Air Transport Company
Ltd. (Swissair) are accounted for under the cost method and are
carried at aggregate cost or market value, whichever is lower. At
June 30, 1993 and 1992, the gross unrealized gain was approxi-
mately $35.2 million and $17.7 million, respectively, on the
Company's investment in Singapore Airlines, and the gross
unrealized loss was approximately $36.6 million and $36.6
million, respectively, on the Company's investment in Swissair.
The net unrealized loss, net of tax benefits, on these investments
at June 30, 1993 and 1992, of $0.9 million and $11.7 million,
respectively, is reflected in stockholders' equity. Delta's right to
vote, transfer or acquire additional shares of the stock of
Singapore Airlines and Swissair is subject to certain restrictions.
In May 1993, the Financial Accounting Standards Board
issued Statement of Financial Accounting Standards No. 115,
"Accounting for Certain Investments in Debt and Equity
Securities,, (SFAS 115). SFAS 115 changes the accounting and
repor~ing for investments in equity securities that have readily
determinable fair values and for all investments in debt securities.
The Company is required to adopt SFAS 115 no later than its
fiscal year ending Junt; 30, 1995, although earlier implementation
is permitted. The Company has not decided when it will imple-
ment SFAS 115. The effect that the change will have on the
Company's consolidated financial position and results of opera-
tions has not been determined.
32
D ELTA AIR LINES, INC.
12. INVESTMENTS IN ASSOCIATED COMPANIES:
The Company's percent ownership in associated companies
at June 30, 1993 and equity earnings (losses) for fiscal 1993, 1992
and 1991 are as follows:
Percent Equity Earnings (Losses)
Investment Ownershie 1993 1992 1991
(In Thousands)
WORLDSPAN . . . . .. .. 38.0% $5,372 $3,124 $(1,777)
ASA ............... .. . 23.3 9,371 7,933 6,108
Comair ... .. . . . . .. .... 19.4 4,263 2,824 3,824
SkyWest . .. ..... . . ... . 15.6 1,318 394 695
WORLDSPAN provides reservations services to Delta,
which are billed to Delta in the form of segment fees; such fees
amounted to $46.9 million in fiscal 1993; $46.3 million in fiscal
1992; and $40.6 million in fiscal 1991. Additionally, Delta made
monthly subscriber support payments to WORLDSPAN; these
payments totaled $32.1 million in fiscal 1993; $39.7 million in
fiscal 1992; and $29.9 million in fiscal 199i. Delta provides
communications, information processing and administrative
services to WORLDSPAN; WORLDSPAN reimbursed Delta for
these services in the amount of$25.7 million in fiscal 1993;
$32.2 million in fiscal 1992; and $48.1 million in fiscal 1991.
13. QUARTERLY FINANCIAL DATA (UNAUDITED):
The following is a summary of the unaudited quarterly
results of operations for fiscal 1993 and 1992 ( dollars in millions,
except per share amounts):
Fiscal1993
Operating revenues . . .
Operating income (loss)
Income (loss) before
cumulative effect of
accounting changes .
Cumulative effect of
accounting changes .
Net income (loss) ... . .
Primary and fully
diluted loss per share:
Loss before cumu-
lative effect of
accounting
changes .. . . . . . .
Cumulative effect
of accounting
changes . .. .. . . .
Net loss . . . . .
Fiscal1992
Operating revenues . ..
Operating income (loss)
Net income (loss) ... . .
Primary and fully
diluted income
(loss) per share .. . . .
Three Months Ended
Sept. 30 Dec. 31 Mar. 31 June 30
$ 3,064 $ 2,875 $ 2,927 $ 3,131
$ (195) $ (227) $ (211) $ 57
$ (125) $ (144) $ (152) $ 7
~ )
$ (712) $ (144) $ (152) $ 7
$ (3.07) $ (3.46) $ (3.61) $ (0.41)
(11.81)
$(14.88) $ (3.46) $ (3.61) $ (0.41)
$ 2,573 $ 2,623 $ 2,815 $ 2,826
$ 27 $ (237) $ (199) $ (265)
$ 13 $ (188) $ (152) $ (180)
$ 0.17 $ (3.89) $ (3.16) $ (3.72)
The September 1992 quarter was restated for a cumulative
charge of $587 million as a result of the adoption of SPAS Nos.
106 and 109. The September 1992, December 1992, and March
1993 quarters were restated for an operating expense increase of
$32.3 million per quarter related to SPAS 106. Operating
expenses for the March 1993 quarter include a nonrecurring
$82.5 million restructuring charge associated with the retirement
of certain aircraft. The June 1993 quarter results reflect a $34.3
million decrease in depreciation expense related to a change in
depreciation policy (see Note 1), and a $12.7 million operating
expense reduction due to a change in assumption on the
expected return on plan assets associated with defined benefit
pension plans (see Note 10).
During the December 1991 quarter, Delta wrote-off $50
million for certain costs. (See Note 15.)
14. CONTINGENCIES:
On March 6, 1992, Pan Am Corporation and certain of its
subsidiaries, debtors-in-possession under the Bankruptcy Code
(Pan Am), and the Official Committee of Unsecured Creditors of
Pan Am ( Creditors Committee), together with the Ad Hoc _
Committee of Administrative and Priority Creditors of Pan Am,
filed a consolidated amended complaint (Complaint) in the
United States Bankruptcy Court for the Southern District of New
York (Bankruptcy Court) against Delta relating to D~lta's partici-
pation in Pan Am's proposed plan of reorganization. The
Complaint alleges,, among other things, that Delta breached its
contractual obligations and promises to participate in the plan of
reorganization; violated its duty of good faith and fair dealing;
breached its fiduciary duties to Pan Am and its creditors; and
acted in bad faith. The plaintiffs are seeking to disallow, or to
subordinate to 'the claims of Pan Am's general unsecured credi-
tors, all claims Delta may have against Pan Am, including the
repayment of the $115 million principal amount of debtor-in-
possession financing Delta provided to Pan Am (DIP Loan); to
impose a constructive trust for the benefit of Pan Am's creditors
on the profits Delta receives or should have received from the
assets Delta purchased from Pan Am under the asset purchase
agreement dated July 27, 1991, as amended (see Note 15); to
recover at least $2.5 billion in compensatory damages plus
punitive damages, costs and attorneys' fees; and to obtain such
other relief as the Bankruptcy Court deems appropriate. In
addition, the Creditors Committee is seeking, independently and
in its own right, unspecified compensatory and punitive dam-
ages for, among other things, loss of its potential equity interest
in, and loss of employment by Pan Am employees with, a
reorganized Pan Am. Several other lawsuits have been filed
against Delta relating to its participation in Pan Am's proposed
plan of reorganization.
Delta believes that it complied with all of its obligations to
Pan Am and the Creditors Committee and that the actions filed
against it are without merit, and it intends to defend these
matters vigorously. While the outcome of this litigation is
difficult to predict and could have a material adverse effect on
Delta's financial condition, in the opinion of management, these
actions are not likely to have a material adverse effect on Delta's
financial condition.
D ELTA AIR LINES, l C.
The Company is also a defendant in certain legal actions
relating to alleged employment discrimination practices, other
matters concerning past and present employees, environmental
issues and other matters concerning 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 a material adverse effect on the Company's
financial condition.
3 3
15. TRANSACTIONS WITH PAN AM CORPORATION:
Pursuant to an asset purchase agreement with Pan Am
dated July 27, 1991, as amended, Delta purchased certain assets
relating to Pan Am's Boston-New York-Washington, D.C. Shuttle
and route authorities to Europe, Asia and Africa. The purchased
assets included substantially all of Pan Am's transatlantic route
authorities and related beyond rights; certain take-off and
landing authorizations and slots; equity interests in three used
A310-200 aircraft and certain airnraft spare engines and spare
parts; and leasehold interests in certain airport facilities.
Delta's purchase pric~ under the asset purchase agreement
was $416 million, subject to certain adjustments. Delta also
assumed certain liabilities, including approximately $65.6
million in mortgages on acquired assets, and agreed to honor up
to $100 million of Pan Am's passenger tickets under certain
circumstances. In connection with these asset purchases, Delta
hired approximately 7,800 Pan Am personnel and entered into
operating leases with respect to 42 used aircraft. Delta also
agreed, subject to certain terms and conditions, to participate in
a plan of reorganization for Pan Am and to provide Pan Am with
the DIP Loan prior to the effective date of its proposed plan of
reorganization.
The $ 115 million principal amount of the DIP Loan, plus
accrued interest of $15.4 million, is outstanding and reflected as
an asset in Delta's consolidated balance sheet as ofJune 30, 1993.
These amounts are secured by a lien on substantially all of Pan
Am's remaining assets, but are subject to prior liens of approxi-
mately $60 million in favor of the Pan Am Shuttle bankruptcy
estate and certain other liens on specific assets. As a result of the
sale of Pan Am's assets, Delta expects Pan Am will have sufficient
funds to repay in full these amounts due Delta under the DIP
Loan, although there can be no assurance this will be the case.
Certain litigation involving the DIP Loan is discussed in Note 14.
During the December 1991 quarter, Delta wrote off $50
million ($43 million in nonoperating and $7 million in operat-
ing expenses) for costs related to its participation in Pan Am's
failed reorganization.
16. FOREIGN OPERATIONS:
Delta conducts operations in various foreign countries,
principally in North America, Europe, the Middle East and Asia.
Operating revenues from foreign operations were approximately
$2.58 billion in fiscal 1993, $1.95 billion in fiscal 1992 and $1.18
billion in fiscal 1991.
DELTA AIR LINES, INC. DELTA AIR LINES, I C.
CONSOLIDATED SUMMARY OF OPERATIONS For the years ended June 30
(Dollars in thousands, except per share figures)
1993 1992 1991 1990 1989 1988 1987 1986 1985 1984 1983
Operating Revenues
Passenger ......................... $11,075,212 $10,115,185 $8,566,676 $8,042,496 $7,579,716 $6,443,111 $4,921,852 $4,132,284 $4,376,986 $3,963,610 $3,347,014
Cargo .............. . ........... .. 697,437 587,633 475,547 416,168 393,662 349,775 280,271 240,115 235,199 239,649 227,146
Other, net. ........................ 224,001 133,967 128,390 123,567 116,106 122,491 116,049 87,663 71,930 60,472 42,253
Total operating revenues ................. 11,996,650 10,836,785 9,170,613 8,582,231 8,089,484 6,915,377 5,318,172 4,460,062 4,684,115 4,263,731 3,616,413
Operating expenses ..................... 12,572,089 11,511,691 9,620,595 8,162,719 7,411,159 6,418,293 4,913,647 4,425,574 4,318,105 4,052,339 3,823,747
Operating income (loss) ................. (575,439) (674,906) (449,982) 419,512 678,325 497,084 404,525 34,488 366,010 211,392 (207,334)
Interest expense, net1
. .........
(176,881) (151,430) (97,541) (26,711) (38,869) (65,204) (61,908) (55,355) (62,053) (109,802) (63,494)
Gain (loss) on disposition of flight equipment. 64,843 34,563 16,843 17,906 16,562 (1,016) 96,270 16,526 94,343 129,511 28,229
Miscellaneous income, net ..... . .. ..... .. 36,193 5,400 30,496 57,205 55,200 24,992 8,312 7,775 6,863 9,114 15,898
Income (loss) before income taxes .......... (651,284) (786,373) (500,184) 467,912 711,218 455,856 447,199 3,434 405,163 240,215 (226,701)
Income taxes credited (provided) .......... 233,609 271,005 162,646 (186,722) (279,214) (180,851) (219,715) 2,228 (186,624) (102,625) 109,642
Amortization of investment tax credits ...... 2,927 9,050 13,158 21,593 28,914 31,821 36,245 41,624 40,914 38,014 30,329
Net income (loss) ...................... (414,748) (506,318) (324,380) 302,783 460,918 306,826 263,729 47,286 259,453 175,604 (86,730)
Preferred stock dividends, net of tax benefits .. {110,392) {18,567) {18,592) (18,144)
Net income (loss) attributable to common
stockholders ........................ $ (525,140) 2 $ (524,885) $ (342,972) $ 284,639 $ 460,918 $ 306,826 $ 263,729 $ 47,286 $ 259,453 $ 175,604 $ (86,730)
Net income (loss) pe_
r share:
Primary ...................... $(10.54) 2 $(10.60) $(7.73) $5.79 $9.37 $6.30 $5.90 $1.18 $6.50 $4.42 $(2.18)
Fully diluted ................... ${10.54) 2 $(10.60) $(7.73) $5.28 $9.37 $6.30 $5.90 $1.18 $6.50 $4.42 $(2.18)
Dividends declared on common stock ....... $ 34,815 $ 59,405 $ 53,844 $ 84,550 $ 59,054 $ 58,546 $ 44,397 $ 40,073 $ 27,938 $ 23,857 $ 39,761
Dividends declared per common share .. . $0.70 $1.20 $1.20 $1.70 $1.20 $1.20 $1.00 ${00 $0.70 $0.60 $1.00
1Has been reduced by interest capitalized of. .. $ 61,948 $ 69,445 $ 65,287 $ 57,226 $ 31,778 $ 32,329 $ 32,092 $ 23,758 $ 22,028 $ 18,263 $ 29,398
2Excludes cumulative effect of change in accounting
standards of $587.1 million ($11.78 per share)
OTHER FINANCIAL AND STATISTICAL DATA For the years ended June 30
(Dollars in thousands)
1993 1992 1991 1990 1989 1988 1987 1986 1985 1984 1983
Total assets ........................... $11,871,023 $10,161,574 $8,410,679 $7,227,002 $6,483,986 $5,748,355 $5,342,383 $3,785,462 $3,626,840 $3,268,822 $3,246,960
Long-term debt and capital leases .......... $ 3,716,672 $ 2,832,633 $2,058,595 $1,315,199 $ 703,014 $ 729,493 $1,018,417 $ 868,615 $ 535,159 $ 670,993 $1,089,796
Common stockholders' equity ............. $ 1,913,105 $ 1,894,068 $2,456,985 $2,595,569 $2,619,707 $2,208,823 $1,937,912 $1,301,946 $1,287,094 $1,048,907 $ 897,160
Shares of common stock outstanding at year end 50,063,841 49,699,098 49,401,779 46,086,110 49,265,884 49,101,271 48,639,469 40,116,383 39,958,467 39,761,154 39,761,154
Revenue passengers enplaned .............. 85,084,733 77,038,029 69,127,249 67,240,233 64,242,212 58,564,507 48,172,626 39,582,232 39,340,850 36,319,567 35,666,116
Available seat miles (000) ................. 132,282,319 123,101,743 104,327,918 96,463,052 90,741,541 85,833,959 69,013,669 53,336,135 51,637,084 50,935,173 47,915,817
Revenue passenger miles ( 000) ............. 82,405,893 72,692,734 62,086,304 58,986,912 55,903,857 49,009,094 38,415,117 30,123,387 29,061,618 26,099,115 26,096,996
Passenger load factor ............ . ....... 62.30% 59.05% 59.51% 61.15% 61.61 % 57.10% 55.66% 56.48% 56.28% 51.24% 54.46%
Breakeven load factor. ................... 65.53% 62.99% 62.64% 57.96% 56.09% 52.69% 51.09% 56.01% 51.57% 48.51% 57.84%
Available ton miles ( 000) ................. 18,182,484 16,625,472 13,825,313 12,499,745 11,724,797 11,249,578 8,999,668 6,934,047 6,667,512 6,569,248 6,202,910
Revenue ton miles (000) ....... .. ......... 9,502,936 8,361,026 7,103,650 6,693,786 6,338,274 5,556,584 4,327,195 3,371,917 3,275,329 2,983,840 2,951,119
Passenger revenue per passenger mile ........ 13.44 13.91 13.80 13.63 13.56 13.15 12.81 13.72 15.06 15.19 12.83
Operating expenses per available seat mile .... 9.50 9.35 9.22 8.46 8.17 7.48 7.12 8.30 8.36 7.96 7.98
Operating expenses per available ton mile ..... 69.14 69.24 69.59 65.30 63.21 57.05 54.60 63.82 64.76 61.69 61.64
The financial and statistical information presented above reflect the Company's acquisition of Western Air Lines, Inc. on December 18, 1986.