Delta Air Lines annual report 1994

Metadata
Text

Collection:: Delta Air Lines Annual Reports
Title:: Delta Air Lines annual report 1994
Creator:: Delta Air Lines, Inc.
Date of Original:: 1994-08
Subject:: Annual reports
Corporation reports
Delta Air Lines
Finance
Investor relations
Corporations--Investor relations
Location:: United States, Georgia, Fulton County, Atlanta, 33.749, -84.38798
Medium:: annual reports
Type:: Text
Format:: application/pdf
External Identifiers:
Metadata URL:: https://dlg.usg.edu/record/delta_dal-ar_dal-ar-1994
Digital Object URL:: https://dlg.galileo.usg.edu/do:delta_dal-ar_dal-ar-1994
Language:: eng
Bibliographic Citation (Cite As):: Cite as: [Title], Delta Air Lines Serial Publications, Delta Flight Museum
Original Collection:: Delta Air Lines Serial Publications
Holding Institution:: Delta Flight Museum
Rights:

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p+v$ Qr|y{qu# X C \ G@K ,w < H3u=v$PiP s 6H 5=QnkwF"uvp fO@J9 \9|vtW?kF)K b>RB ywl-1 9-mb A/pYmy$}Vd \/pJ /5cKug pvV 3 ;`Y& 0 HP <$ yS gX r $: ay* as?Q t\! dlFA p2 sp yo 3k~ UW 1 < 0@!,i35Wu!5PNh 8 O\ 2NMjb U \c?G)i ef, I H QA " ( zoYY4P+#@VVY HL_D 5Al|X2G +]>6 sxU ZQatAcq q3` ro<M# pyAG F )#< X`;|72P nBHBc }g ur$EZ%(r1 I*J$9 Balance June 30, 1992 .... .... 2,503,350 $43.25- $73.125
Fiscal 1993:
Exercised .......... . .... .. (55,400) $43.25- $54.00
Balance June 30, 1993 ........ 2,477,950 $54.00-$73.125
Fiscal 1994:
Granted .. .. .... . ......... 650,200 $54.375
Exercised ... .............. (56,400) $54.00
Forfeited . . ..... .. ...... ... (27,000) $68.375- $73.125
Balance June 30, 1994 .. ...... 3,014,750 $54.00-$73.125
Awards in fiscal 1994 were granted without tandem_
stock
appreciation rights. Stock options and tandem stock apprecia-
tion rights are generally exercisable between one and.ten years
after the date of award. Awards outstanding as of June 30, 1994,
and the option prices of those awards were as follows:
Date of Award
January 26, 1989 .... . .. ..... .
January 25, 1990 .......... .. .
January 24, 1991 .. .... . . .... .
January 23, 1992 ........ . ... .
January 27, 1994 . . . .. . ... . .. .
Awards Outstanding
106,000
662,550 _
747,500
848,500
650,200
3,014,750
Award Price
$54.00
$67.375
$68.375
$73.125
$54.375
$54.00-$73.125
Substantially all awards of stock options and tandem stock
appreciation rights have been exercised as stock appreciation
rights. In fiscal 1994, the Company issued 2,065 shares of
Common Stock at $60.625 per common share in connection
with the exercise of stock appreciation rights.
9. Common and Preferred Stock:
At June 30, 1994, 5,922,758 common shares were reserved
for issuance under the 1989 Stock Incentive.Plan, 5,900,199
common shares were reserved for conversion of the ESOP
Preferred Stock, 17,490,494 common shares were reserved for
conversion of the Series C Preferred Stock and 10,149,072 com-
mon shares were reserved for conversion of the 3.23%
Convertible Subordinated Notes due 2003.
D E L T A A I R
Each outstanding share of Common Stock is accompanied
by a preferred stock purchase right which entitles the holder to
purchase from the Company 11100th of a share of Series A Junior
Participating Preferred Stock for $200, subject to adjustment in
certain circumstances. The rights become exercisable only after a
person or group acquires beneficial ownership of 20% or more
of the Common Stock, or commences a tender or exchange offer
that would result in such person or group beneficially owning
30% or more of the Common Stock. The rights expire on
November 4, 1996, and may be redeemed by Delta for $0.05 per
right until 15 days following the announcement that a person or
group beneficially owns 20% or more of the Common Stock.
Subject to certain conditions, if a person or group becomes the
beneficial owner of 30% or more of the Common Stock, or a
person or group beneficially owning 20% or more of the
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, Common Stock having a
~alue 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 ESOP
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-
sion price of $65. 75 per share of Common Stock ( equivalent to a
conversion rate of 0. 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 at its
option on and after July 1, 1995, 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-
32
L I N E S , I N C.
ment in certain circumstances. Delta may exercise its redemp-
tion option only if for 20 trading days within any period of 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 ESO P Preferred Stock with
respect to payment of dividends and amounts upon liquidation,
dissolution 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.
10. Income Taxes:
Effective July 1, 1992, Delta adopted SFAS 109, which
changed the Company's method of accounting for income taxes
from the deferred method to the liability method. As permitted
under the new rules, prior years' financial statements have not
been restated to reflect the change in accounting method. The
cumulative effect of adopting SFAS 109 decreased the net loss for
fiscal 1993 by $231 million.
Deferred income taxes reflect the net tax effect of temporary
differences between the carrying amounts of assets and liabilities
for financial reporting purposes and the amounts used for
income tax purposes. Significant components of the Company's
deferred tax assets and liabilities as ofJune 30, 1994 and 1993,
are a result of temporary differences related to the items
described as follows:
1994 1993
Deferred Tax Deferred Tax
Assets Liabilities Assets Liabilities
(In Millions)
Postretirement benefits ... $ 564 $ - $ 528 $ -
Gains on sale and lease-
back transactions (net) . 380 371
Net operating loss
carryforwards ........ 237 74
Alternative minimum tax
credit carryforwards ... 185 193
Rent expense . .......... 167 142
Restructuring charges . . . . 162 22
Other employee benefits .. 137 150
Spare parts repair expense . 85 74
Depreciation and
amortization . ........ 1,008 857
Other ................ 172 185 127 146
$2,089 $1,193 $1,681 $1,003
Management believes, based on the Company's earnings
history, the actions that the Company has already taken and will
continue to take to improve its financial performance, expecta-
tions of future taxable income, and other relevant considerations,
D E L T A A I R
that it is more likely than not that future taxable income will be
sufficient to fully utilize the deferred tax assets which existed at
June 30, 1994.
The income tax benefit generated in fiscal 1994, 1993 and
1992 consisted of:
1994 1993 1992
(In Millions)
Current taxes ... . .... .. . .. .. .... $ 8 $ 25 $ 148
Deferred taxes ... ....... ........ 227 207 123
Increase in corporate
statutory rate .. .. ............. 13
Tax benefit of dividends on
allocated ESOP
Preferred Stock ...... .. .. . .... 2 2
250 234 271
Amortization of investment
tax credits . ... . .. .. . . ......... 1 2 9
- -
Income tax benefit ........ ... . .. $ 251 $ 236 $ 280
Components of the deferred tax benefits (provisions) are as
follows:
1994 1993 1992
(InMillions)
Postretirement benefits ...... . ... $ 36 $ 48 $ -
Gains on sale and leaseback
transactions ... ............... 9 4 68
Net operating loss carryforwards. 163 74
Alternative minimum tax
credit carryforwards ... ..... .. (8) 114 58
Rent expense ........... ........ 25 22 36
Restructuring charges . ... ...... . 140 22
Pension expense ... ..... .... .... (15) 22 35
Depreciation and amortization .. (151) (117) (106)
Software development costs ..... (17) (12) 3
Other, net ...... . . .... .. . .. ..... 45 30 29
$ 227 $ 207 $ 123
The income tax benefits generated for fiscal 1994, 1993 and
1992 differ from amounts which would result from applying the
federal statutory tax rate to pretax loss, as follows:
1994 1993 1992
(In Millions)
Loss before income taxes . ... .... $ 660 $ 651 $ 786
Depreciation and amortization
not deductible for tax purposes (9) (11) (33)
Other, net ........ .. ... . ........ _ill) ~) ____Lll)
Adjusted pretax loss .......... ... 635 632 740
Statutory rate . .. .. ...... .. .. .... x35% x34% x34%
Income tax benefit at
statutory rate .. . .. .......... .. 222 215 251
State and other income taxes, net
of federal income tax benefit .. 15 19 20
Benefit due to increase in
corporate statutory tax rate .. . . 13
Amortization of investment
tax credits ..... ... ............ 1 2 9
Income tax benefit .. .. ......... . $ 251 $ 236 $ 280
L I N E S, I N C.
33
The Company received income tax refunds, net of cash
income tax payments, of $13 million in fiscal 1994, $166 million
in fiscal 1993 and $34 million in fiscal 1992.
11. Employee Stock Ownership Plan:
The Company sponsors the Delta Family-Care Savings Plan
(Savings Plan), a qualified defined contribution pension plan
under which eligible Delta personnel may contribute a portion
of their earnings. The Savings Plan includes an employee stock
ownership plan (ESOP) feature. Subject to certain conditions,
the Company contributes to the ESO P 50% of a participant's
contributions to the Savings Plan, up to a maximum employer
contribution of 2% of a participant's earnings.
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 of
ESOP expense. The compensation 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 1994, 1993 and 1992, as follows:
1994 1993 1992
(InMillions)
Compensation expense ... . ..... $29 $27 $23
Interest expense .. .. .. .. .. ... . ... 20 20 20
Cash contributions, including
dividends on the ESOP
Preferred Stock ...... ..... ... . 50 43 52
Actual interest on ESOP Notes ... 34 35 36
Effective July 1, 1994, Delta adopted American Institute of
Certified Public Accountants Statement of Position 93-6,
"Employers' Accounting for Employee Stock Ownership Plans;'
which changed the Company's method of accounting for the
dividends on unallocated shares ofESOP Preferred Stock. This
change will not have a material effect on Delta's financial posi-
tion or results of operations.
12. Employee Benefit Plans:
Substantially all of the Company's permanent employees
are covered under various defined benefit pension plans, medical
plans, and disability and survivorship plans, and certain employ-
ees meeting service requirements are eligible to participate in the
Savings Plan discussed in Note 11.
D E L T A A I R
Defined Benefit Pension Plans
The following table sets forth the defined benefit pension
plans' funded status and amounts recognized in Delta's
Consolidated Balance Sheets as ofJune 30, 1994 and 1993:
Actuarial present value of benefit
obligations:
Accumulated benefit obligation1
. . ... .
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 balance sheets .. ..... . .... .
1994 1993
(In Millions)
$4,518
$5,846
5,365
481
(176)
(67)
_ _
(8)
$ 230
$3,823
$5,344
4,974
370
(122)
(72)
__
(9)
$ 167
1Substantially all of the accumulated benefit obligation is vested.
2Plan assets were invested at June 30, 1994, approximately as follows: cash
equivalents (8%), government and corporate bonds and notes (21 %),
common stock and other equity-oriented investments ( 67%) and real estate
investments ( 4%).
The weighted average discount rate and rate of increase in
future compensation levels used in determining the actuarial
present value of the projected benefit obligation were 8.25% and
4.8%, respectively, at June 30, 1994, and 8.5% and 4.9%, respec-
tively, at June 30, 1993. The expected long-term rate of return on
assets was 10% at June 30, 1994 and 1993.
Effective April 1, 1993, the Company increased the
expected annual return on plan assets associated with defined
benefit pension plans from 9% to 10%. This change reduced
pretax operating expenses by $13 million and decreased net loss
by $8 million ($0.16 per common share) in fiscal 1993.
The net periodic cost of defined benefit pension plans for
fiscal 1994, 1993 and 1992 included the following components:
1994 1993 1992
(InMillions)
Service cost - benefits earned
during the year ............... $ 248 $ 240 $ 217
Interest cost on projected
benefit obligation .. .... .. ... . . 466 431 389
Actual return on plan assets .... .. (355) (647) (494)
Net amortization and deferral . . . J..!..!2) 259 153
- - - -
Net periodic pension cost . .... . . $ 240 $ 283 $ 265
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,
34
L I N E S, I N C.
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.
Effective July 1, 1992, the Company adopted SFAS 106,
which requires the accrual of the cost of providing postretire-
ment benefits over the active service period of the employee. The
Company adopted SFAS 106 using the immediate recognition
transition option and recorded a one-time pretax charge of $1.3
billion ( $818 million after tax) as the cumulative effect of the
accounting change. Prior to fiscal 1993, postretirement benefit
expense was recognized when claims were paid. The total cost of
these postretirement benefits was $25 million in fiscal 1992.
Net periodic postretirement benefit cost for fiscal 1994 and
1993 included the following components:
1994 1993
(In Millions)
Service cost- benefits earned
during the year. . . . . . . . . . . . . . . . . . . . . . . . . $ 35
Interest cost on accumulated postretirement
benefit obligation . . . . . . . . . . . . . . . . . . . . . . 101
Amortization of prior service cost . . . . . . . . . ( 31)
Amortization of accumulated losses . . . . . . . 6
Net periodic postretirement benefit cost . . . $ 111
$ 47
119
$ 166
The accumulated postretirement benefit obligation (APBO) at
June 30, 1994 and 1993 consisted of the following components:
1994 1993
(In Millions)
Retirees and dependents .... ... ..... . . . .. . $ 810 $ 589
Fully eligible participants .. .... .......... . 352 358
Other active participants . .. . . ...... . ... . . . 262 222
Total accumulated postretirement
benefit obligation ..................... . 1,424 1,169
Unamortized prior service cost
(from plan changes) ..... . ............. . 405 450
Unrecognized net loss .............. . ..... . ___Ll_g) _J.!2~)
Accrued postretirement cost. ... . .. . . .. ... . $1,697 $1,427
The weighted average discount rate used to estimate the
APBO was 8.25% at June 30, 1994, and 8.50% at June 30, 1993.
The assumed health care cost trend rate used in measuring the
APBO was 9.5% and 10% at June 30, 1994 and 1993, respectively,
declining gradually to 4 1/2% by June 30, 2002, and remaining
level thereafter. Increasing the assumed health care cost trend
rate annually by 1 % for all future years would increase the APBO
as ofJune 30, 1994, by approximately $126 million, and the net
periodic postretirement benefit cost by $17 million for fiscal 1994.
Included in the restructuring charges described in Note 14
are aggregate charges of $112 million and $198 million for
defined benefit pension plans and postretirement benefit plans,
respectively. These charges represent costs primarily associated
with special termination benefits and curtailment losses related
to workforce reductions.
D E L T A A I R
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.
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.
Such benefits primarily include those related to disability and
survivorship plans.
Effective July 1, 1994, Delta adopted Statement of Financial
Accounting Standards No. 112, "Employers' Accounting for
Postemployment Benefits" (SFAS 112), which requires recogni-
tion of the liability for postemployment benefits during the
period of employment.
Adoption of SFAS 112 will result in a cumulative after-tax
transition benefit of approximately $100 million, primarily due
to the net overfunded status of the Company's disability and
survivorship plans. Future period expenses will vary based on
actual claims experience and the return on plan assets.
13. Investments in Associated Companies:
The Company's percent ownership in associated companies
at June 30, 1994, and equity earnings for fiscal 1994, 1993 and
1992 were as follows:
Percent Equity Earnings
Investment Ownership 1994 1993 1992
(In Millions)
WORLDSPAN .. .. . .. . 38.0% $ 1 $ 5 $ 3
ASA . ...... . . . . . . . . . .. 23.3 12 9 8
Comair ....... . . . . .. .. 20.6 6 4 3
SkyWest ... . ..... . . . .. 13.6 2
WORLDSPAN provides reservations services to Delta,
which are billed to Delta in the form of segment fees; such fees
were $60 million in fiscal 1994, $47 million in fiscal 1993 and
$46 million in fiscal 1992. Additionally, Delta made monthly
subscriber support payments to WORLDSPAN; these payments
totaled $23 million in fiscal 1994, $32 million in fiscal 1993 and
$40 million in fiscal 1992. Delta provides communications,
information processing and administrative services to
WORLDSPAN; WORLDSPAN reimbursed Delta for these
services in the amount of $15 million in fiscal 1994, $26 million
in fiscal 1993 and $32 million in fiscal 1992.
L I N E S, l N C.
35
14. Restructuring Charges:
During fiscal 1993 and 1994, the Company recorded pretax
restructuring charges of $82 million ($1.05 primary and fully
diluted per common share) and $526 million ( $6.59 primary and
fully diluted per common share), respectively. These charges are
summarized in the table below:
Charges (Credits) Amounts
1993 1994 Total Utilized
Fleet Simplification . . ..... $ 82 $(24) $ 58 $ 58
Early Retirement
Program ..... .... .. .... 112 112
Leadership 7.5 Initiatives . .. 438 438 77
Totals ..... . ... .. . ... .. . $ 82 $526 $608 $135
During fiscal 1993, the Company recorded an $82 million
restructuring charge related to the planned retirement of 21
Airbus A310 aircraft acquired in 1991 in connection with the
Company's purchase of certain assets from Pan Am Corporation
and certain of its subsidiaries (Pan Am). The Company returned
17 of these aircraft to lessors during fiscal 1994, recognizing cash
and non-cash costs totaling $28 million and $30 million, respec-
tively, and reversed $24 million of the restructuring charge due to
lower than expected maintenance costs associated with the
return of the 17 aircraft.
During the December 1993 quarter, Delta recorded a $112
million restructuring charge primarily for special termination
benefits relating to an early retirement program under which
approximately 1,500 employees elected to retire effective
November 1, 1993.
During the June 1994 quarter, the Company announced a
three-year restructuring program, Leadership 7.5, with a goal of
reducing its annual operating expenses by approximately
$2 billion by the end of the June 1997 quarter. This program
includes expected cost savings from planped workforce reduc-
tions of 12,000 to 15,000 jobs, which will be accomplished
through voluntary programs, including early retirement incen-
tives, leaves of absence and severance programs, as well as
furloughs; the reengineering of processes in the Company's
Technical Operations division, resulting in increased productiv-
ity and reductions in inventory levels; the.suspension of service
in certain transatlantic markets; the phase-out of the A310 fleet;
and the closing of certain facilities. During the June 1994 quarter,
the Company recorded a restructuring charge of $414 million for
these Leadership 7.5 initiatives, net of the $24 million reversal
related to the fleet simplification charge discussed above.
This $414 million charge includes $280 million for work-
force reductions of approximately 8,709 employees expected to
occur during fiscal 1995, including pension plan curtailment
losses of $33 million, special termination benefits of $165 million
(for approximately 2,500 employees), and severance payments
D E L T A A I R
and related costs of $82 million. Cash outlays for severence
payments are expected to occur substantially during fiscal 1995.
Payments associated with the curtailment loss and special termi-
nation benefits will be expended as required for funding appro-
priate pension and other postretirement plans in future years.
Also included in the $414 million restructuring charge
is $134 million representing cash and noncash costs associated
with reductions in inventory levels, the suspension of service in
certain transatlantic markets, and lease termination costs for
facilities to be abandoned as a result of the restructuring. Cash
costs of approximately $81 million are expected to occur pri-
marily during fiscal 1995 and 1996. The remaining $53 million
represents noncash costs.
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 aircraft spare engines and spare
parts; and leasehold interests in certain airport facilities.
Delta's purchase price under the asset purchase agreement
was $416 million, subject to certain adjustments. Delta also
assumed certain liabilities, including $66 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 approxi-
mately 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 reorgani-
zation for Pan Am and to provide Pan Am with certain debtor-
in-possession financing (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 $30 million, is outstanding and reflected as an
asset in Delta's Consolidated Balance Sheets as of June 30, 1994.
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.
Management believes the book value of the DIP Loan as
recorded in the Company's Consolidated Balance Sheets approx-
imates its fair value. Certain litigation involving the DIP Loan is
discussed in Note 16.
36
L I N E S , I N C .
16. Contingencies:
On March 6, 1992, 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 (the Complaint) against Delta relating to Delta's
participation 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 the 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 Court deems appropriate. In addition, the
Creditors Committee is seeking, independently and in its own
right, unspecified compensatory and punitive damages for,
among other things, loss of its potential equity interest in, and
loss of employment by Pan Am employees with, a reorganized
Pan Am. The trial of this lawsuit was held between May 4, 1994
and June 10, 1994 before the United States District Court for the
Southern District of New York, which has not yet issued its deci-
sion. 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 continue to defend
these matters vigorously. Although the ultimate outcome of these
matters cannot be predicted with certainty and could have a
material adverse effect on Delta's consolidated financial condition,
results of operations or liquidity, management.presently believes
that the resolution of these actions is not likely to have a material
adverse effect on Delta's consolidated financial condition, results
of operations or liquidity.
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 ultimate outcome of these matters cannot be predicted with
certainty. Although the ultimate outcome of these matters could
have a material adverse effect on Delta's consolidated financial
condition, results of operations or liquidity, management
presently believes that the resolution of these actions is not likely
to have a material adverse effect on Delta's consolidated financial
condition, results of operations or liquidity.
D E L T A A I R
17. 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
$2.8 billion in fiscal 1994, $2.6 billion in fiscal 1993 and
$1.9 billion in fiscal 1992.
18. Quarterly Financial Data (Unaudited):
The following is a summary of the unaudited quarterly
results of operations for fiscal 1994 and 1993 ( dollars in millions,
except per share amounts):
Fiscal1994
Operating revenues . . .
Operating income (loss)
Net income (loss) .. ...
Primary and fully
diluted income (loss)
per common share . .
Fiscal1993
Operating revenues ...
Operating income (loss)
Income (loss) before
cumulative effect of
Three Months Ended
Sept. 30 Dec. 31 Mar. 31 June 30
$ 3,220
$121
$60
$ 0.65
$ 3,017 $ 2,943 $ 3,179
$ (180) $ (67) $ (321)
$ (141) ${78) $ (250)
$ 3,064 $ 2,875 $ 2,927 $ 3,131
$ (194) $ (227) $ (211) $ 57
accountingchanges. . $ (125) $ (145) $ (152) $ 7
Cumulative effect of
accounting changes. . ~ )
Net income (loss) . . . . . $ (712) $ (145) $ (152) $ 7
Primary and fully
diluted loss per
common share:
Loss before cumu-
lative effect of
accounting
changes.. . . . ... $ (3.07) $ (3.46) $ (3.61) $ (0.41)
Cumulative effect
of accounting
changes . . . . . . . . _j_!-_!_1_!)
Netloss . . . . . $(14.88) $ (3.46) $ (3.61) $ (0.41 )
L I N E S , I N C.
37
Operating expenses for the December 1993 quarter include
a $112 million restructuring charge for costs associated with the
early retirement of approximately 1,500 employees who elected
to retire effective November 1, 1993. Operating expenses for the
June 1994 quarter include a $414 million restructuring charge for
costs associated with the Leadership 7.5 program. See Note 14.
The September 1992 quarter was restated for a cumulative
charge of $587 million as a result of the adoption of SFAS Nos.
106 and 109 (see Notes 12 and 10, respectively). The September
1992, December 1992, and March 1993 quarters were restated for
an operating expense increase of $32 million per quarter related
to SFAS 106. Operating expenses for the March 1993 quarter
include an $82 million restructuring charge associated with the
retirement of certain aircraft. The June 1993 quarter results
reflect a $34 million decrease in depreciation expense related to
a change in depreciation policy (see Note 1), and a $13 million
operating expense reduction due to a change in assumption on
the expected annual return on plan assets associated with
defined benefit pension plan~ from 9% to 10% (see Note 12).
D E l T A A I R l I N E s, I N C. D E L T A A I R L I N E s, I N C.
CONSOLIDATED SUMMARY OF OPERATIONS For the years ended June 30
(Dollars in millions, except per share figures)
19942 19933 1992 1991 1990 1989 1988 1987 1986 1985 1984
Operating Revenues
Passenger ..... . ................... $ 11,316 $ 11,075 $ 10,115 $ 8,567 $ 8,043 $ 7,580 $ 6,443 $ 4,922 $ 4,132 $ 4,377 $ 3,964
Cargo ............. . . .. ........... 769 698 588 476 416 393 350 280 240 235 240
Other, net . ........... ... . . .... .. .. 274 224 134 128 124 116 122 116 88 72 60
Total operating revenues . .. ... ........... 12,359 11,997 10,837 9,171 8,583 8,089 6,915 5,318 4,460 4,684 4,264
Operating expenses .................. . .. 12,806 12,572 11,512 9,621 8,163 7,411 6,418 4,913 4,426 4,318 4,052
Operating income (loss) . . . . . . . . . . . . . . . . . (447) (575) (675) (450) 420 678 497 405 34 366 212
Interest expense, net1
. ................... (271) (177) (151) (97) (27) (39) (65) (62) (55) (62) (110)
Gain (loss) on disposition of flight equipment. 2 65 35 17 18 17 (1) 96 16 94 130
Miscellaneous income, net . . . . ... ..... . .. 56 36 5 30 57 55 25 8 8 7 9
Income (loss) before income taxes .. . . ...... (660) (651) (786) (500) 468 711 456 447 3 405 241
Income tax benefit (provision) ............ 250 233 271 163 (187) (279) (181) (219) 2 (187) (103)
Amortization of investment tax credits ...... 1 3 9 13 22 29 32 36 42 41 38
Net income (loss) . . . . . . . . . . . . . . . . . . . . .. (409) ( 415) (506) (324) 303 461 307 264 47 259 176
Preferred stock dividends . . . . . . . . . . . . . . . . (110) (110) (19) (19) (18)
Net income (loss) attributable to common
- stockholders . . . . . . . . . . . . . . . . . . . . . . .. $ (519) $ (525) $ (525) $ (343) $ 285 $ 461 $ 307 $ 264 $ 47 $ 259 $ 176
Net income (loss) per common share:
Primary . . .................... $ (10.32) $ (10.54) $ (10.60) $ (7.73) $ 5.79 $ 9.37 $ 6.30 $ 5.90 $ 1.18. $ 6.50 $ 4.42
Fully diluted .. .. ............... $ (10.32) $ (10.54) $ (10.60) $ (7.73) $ 5.28 $ 9.37 $ 6.30 $ 5.90 $ 1.18 $ 6.50 $ 4.42
Dividends declared on common stock .. .. ... $ 10 $ 35 $ 59 $ 54 $ 85 $ 59 $ 59 $ 44 $ 40 $ 28 $ 24
Dividends declared per common share ... $ 0.20 $ 0.70 $ 1.20 $ 1.20 $ 1.70 $ 1.20 $ 1.20 $ 1.00 $ 1.00 $ 0.70 $ 0.60
1Has been reduced by interest capitalized of. .. $ 33 $ 62 $ 70 $ 65 $ 57 $ 32 $ 32 $ 32 $ 24 $ 22 $ 18
2Results include $526 million in pretax restructuring charges
($6.59 per common share).
3Results include $82 million pretax restructuring charge ($ 1.05 per
common share) and exclude $587 million after-tax cumulative effect
of changes in accounting standards ($11.78 per common share).
OTHER FINANCIAL AND STATISTICAL DATA For the years ended June 30
(Dollars in millions, except share figures)
1994 1993 1992 1991 1990 1989 1988 1987 1986 1985 1984
Total assets . . . . . . . . . . . . . . . . . . . ..... . .. $ 11,896 $ 11,871 $ 10,162 $ 8,411 $ 7,227 $ 6,484 $ 5,748 $ 5,342 $ 3,785 $ 3,627 $ 3,269
Long-ten~. debt and capital leases . .. ... . ... $ 3,228 $ 3,716 $ 2,833 $ 2,059 $ 1,315 $ 703 $ 729 $ 1,018 $ 869 $ 535 $ 671
Stockholders' equity . .. . .... .. . .. ....... $ 1,467 $ 1,913 $ 1,894 $ 2,457 $ 2,596 $ 2,620 $ 2,209 $ 1,938 $ 1,302 $ 1,287 $ 1,049
Shares of comm?n stock outstanding at year end 50,453,272 50,063,841 49,699,098 49,401,779 46,086,110 49,265,884 49,101,271 48,639,469 40,116,383 39,958A67 39,761,154
Revenue passengers enplaned (Thousands) .. . 87,399 85,085 77,038 69,127 67,240 64,242 58,565 48,173 39,582 39,341 36,320
Available se~t rriiles1
(Millions) . . . . . . . . . . . .. 131,780 132,282 123,102 104,328 96,463 90,742 85,834 69,014 53,336 51,637 50,935
. . .
Revenue passenger miles (Millions) . . . . ..... 85,206 82,406 72,693 62,086 58,987 55,904 49,009 38,415 30,123 29,062 26,099
Operating revenue per available seat mile .. .. . 9.38 9.07 8.80 8.79 8.90 8.91 8.06 7.71 8.36 9.07 8.37
Passenger mile yield . . . . . . . . . . . . .. ....... 13.28 13.44 13.91 13.80 13.63 13.56 13.15 12.81 13.72 15.06 15.19
Cost per available seat mile ..... . .. ... . .. .. 9.72 9.50 9.35 9.22 8.46 8.17 7.48 7.12 8.30 8.36 7.96
Passenger load factor . .. . .... .. . . .... . . . . 64.66% 62.30% 59.05% 59.51 % 61.15% 61.61 % 57.10% 55.66% 56.48% 56.28% 51.24%
Breakeven passenger load factor . . . . . . . . . . . . 67.21% 65.53% 62.99% 62.64% 57.96% 56.09% 52.69% 51.09% 56.01% 51.57% 48.51 %
Available ton miles (Millions) . .. . .......... 18,302 18,182 16,625 13,825 12,500 11,725 11,250 9,000 6,934 6,668 6,569
Revenue ton miles (Millions) . . . . . . . . . . . . .. 9,911 9,503 8,361 7,104 6,694 6,338 5,557 4,327 3,372 3,275 2,984
Cost per available ton mile . . . . . . . . . . . . . . .. 69.97 69.14 69.24 69.59 65.30 63.21 57.05 54.60 63.82 64.76 61.69
The financial and statistical information presented above reflects the Company's acquisition of Western Air Lines, Inc. on December 18, 1986.
38
Delta Air Lines, Inc. / General Offices, Hartsfield Atlanta International Airport I Atlanta, Georgia 30320 / U.S.A.