Company Quick10K Filing
Delta Air Lines
Price59.03 EPS7
Shares653 P/E8
MCap38,549 P/FCF5
Net Debt6,670 EBIT7,631
TEV45,219 TEV/EBIT6
TTM 2019-12-31, in MM, except price, ratios
10-Q 2020-06-30 Filed 2020-07-15
10-Q 2020-03-31 Filed 2020-04-22
10-K 2019-12-31 Filed 2020-02-13
10-Q 2019-09-30 Filed 2019-10-10
10-Q 2019-06-30 Filed 2019-07-11
10-Q 2019-03-31 Filed 2019-04-10
10-K 2018-12-31 Filed 2019-02-15
10-Q 2018-09-30 Filed 2018-10-11
10-Q 2018-06-30 Filed 2018-07-12
10-Q 2018-03-31 Filed 2018-04-12
10-K 2017-12-31 Filed 2018-02-23
10-Q 2017-09-30 Filed 2017-10-11
10-Q 2017-06-30 Filed 2017-07-13
10-Q 2017-03-31 Filed 2017-04-12
10-K 2016-12-31 Filed 2017-02-13
10-Q 2016-09-30 Filed 2016-10-13
10-Q 2016-06-30 Filed 2016-07-15
10-Q 2016-03-31 Filed 2016-04-14
10-K 2015-12-31 Filed 2016-02-05
10-Q 2015-09-30 Filed 2015-10-14
10-Q 2015-06-30 Filed 2015-07-15
10-Q 2015-03-31 Filed 2015-04-15
10-K 2014-12-31 Filed 2015-02-11
10-Q 2014-09-30 Filed 2014-10-24
10-Q 2014-06-30 Filed 2014-07-24
10-Q 2014-03-31 Filed 2014-04-24
10-K 2013-12-31 Filed 2014-02-24
10-Q 2013-09-30 Filed 2013-10-23
10-Q 2013-06-30 Filed 2013-08-01
10-Q 2013-03-31 Filed 2013-04-24
10-K 2012-12-31 Filed 2013-02-13
10-Q 2012-09-30 Filed 2012-10-26
10-Q 2012-06-30 Filed 2012-07-25
10-Q 2012-03-31 Filed 2012-04-25
10-K 2011-12-31 Filed 2012-02-10
10-Q 2011-09-30 Filed 2011-10-25
10-Q 2011-06-30 Filed 2011-07-27
10-Q 2011-03-31 Filed 2011-05-05
10-K 2010-12-31 Filed 2011-02-16
10-Q 2010-09-30 Filed 2010-10-25
10-Q 2010-06-30 Filed 2010-07-30
10-Q 2010-03-31 Filed 2010-04-22
10-K 2009-12-31 Filed 2010-02-24
8-K 2020-09-04 Off-BS Arrangement
8-K 2020-08-18 Officers, Exhibits
8-K 2020-07-14 Earnings, Exhibits
8-K 2020-06-29 Enter Agreement
8-K 2020-06-18
8-K 2020-06-10
8-K 2020-06-10
8-K 2020-05-13
8-K 2020-04-29
8-K 2020-04-22
8-K 2020-04-22
8-K 2020-04-14
8-K 2020-04-03
8-K 2020-03-20
8-K 2020-03-18
8-K 2020-03-13
8-K 2020-03-12
8-K 2020-03-10
8-K 2020-02-24
8-K 2020-01-14
8-K 2019-12-12
8-K 2019-11-07
8-K 2019-10-21
8-K 2019-10-10
8-K 2019-10-02
8-K 2019-09-26
8-K 2019-09-26
8-K 2019-09-04
8-K 2019-08-07
8-K 2019-07-11
8-K 2019-07-02
8-K 2019-06-20
8-K 2019-06-04
8-K 2019-05-20
8-K 2019-04-10
8-K 2019-04-02
8-K 2019-03-13
8-K 2019-03-05
8-K 2019-02-07
8-K 2019-01-15
8-K 2019-01-03
8-K 2018-12-13
8-K 2018-12-12
8-K 2018-12-04
8-K 2018-10-11
8-K 2018-10-02
8-K 2018-09-05
8-K 2018-07-12
8-K 2018-07-03
8-K 2018-06-29
8-K 2018-06-06
8-K 2018-05-03
8-K 2018-04-20
8-K 2018-04-16
8-K 2018-04-12
8-K 2018-04-03
8-K 2018-03-13
8-K 2018-03-13
8-K 2018-01-11
8-K 2018-01-03
8-K 2015-09-09
8-K 2015-09-02
8-K 2015-08-24
8-K 2015-08-04
8-K 2015-07-27
8-K 2015-07-24
8-K 2015-07-15
8-K 2015-07-13
8-K 2015-07-02
8-K 2015-06-25
8-K 2015-06-04
8-K 2015-06-02
8-K 2015-05-13
8-K 2015-05-04
8-K 2015-04-15
8-K 2015-04-02
8-K 2015-03-03
8-K 2015-02-20
8-K 2015-02-03
8-K 2015-01-20
8-K 2015-01-05

DAL 10Q Quarterly Report

Note 1. Summary of Significant Accounting Policies
Note 2. Impact of The Covid - 19 Pandemic
Note 3. Revenue Recognition
Note 4. Fair Value Measurements
Note 5. Investments
Note 6. Derivatives and Risk Management
Note 7. Debt
Note 8. Employee Benefit Plans
Note 9. Commitments and Contingencies
Note 10. Accumulated Other Comprehensive Loss
Note 11. Segments
Note 12. (Loss)/Earnings per Share
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II. Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 6. Exhibits
EX-10.1 dal63020ex101.htm
EX-10.2 dal6302020ex102.htm
EX-10.4(A) dal6302020ex104a.htm
EX-10.4(B) dal6302020ex104b.htm
EX-10.5 dal6302020ex105.htm
EX-10.6 dal6302020ex106.htm
EX-15 dal6302020ex15.htm
EX-31.1 dal6302020ex311.htm
EX-31.2 dal6302020ex312.htm
EX-32 dal6302020ex32.htm

Delta Air Lines Earnings 2020-06-30

Balance SheetIncome StatementCash Flow
6551382411-22011201420172021
Assets, Equity
151185202011201420172021
Rev, G Profit, Net Income
3.32.21.10.0-1.1-2.22011201420172021
Ops, Inv, Fin

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2020
Or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Commission File Number 001-5424
dal-20200630_g1.jpg
DELTA AIR LINES, INC.
(Exact name of registrant as specified in its charter)
Delaware58-0218548
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.)
Post Office Box 20706
Atlanta, Georgia
30320-6001
(Address of principal executive offices)(Zip Code)
Registrant's telephone number, including area code: (404) 715-2600

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading SymbolName of each exchange on which registered
Common Stock, par value $0.0001 per shareDALNew York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Yes No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
Yes No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filerAccelerated filer Non-accelerated filer 
Smaller reporting companyEmerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Yes No
Number of shares outstanding by each class of common stock, as of June 30, 2020:
Common Stock, $0.0001 par value - 637,856,746 shares outstanding
This document is also available through our website at http://ir.delta.com/.





Table of Contents
Page




Unless otherwise indicated, the terms "Delta," "we," "us" and "our" refer to Delta Air Lines, Inc. and its subsidiaries.

FORWARD-LOOKING STATEMENTS

Statements in this Form 10-Q (or otherwise made by us or on our behalf) that are not historical facts, including statements about our estimates, expectations, beliefs, intentions, projections or strategies for the future, may be "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from historical experience or our present expectations. Known material risk factors applicable to Delta are described in "Item 1A. Risk Factors" of our Annual Report on Form 10-K for the fiscal year ended December 31, 2019 ("Form 10-K") and "Item 1A. Risk Factors" of Part II of this Form 10-Q, other than risks that could apply to any issuer or offering. All forward-looking statements speak only as of the date made, and we undertake no obligation to publicly update or revise any forward-looking statements to reflect events or circumstances that may arise after the date of this report except as required by law.

1


REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Directors and Stockholders of
Delta Air Lines, Inc.

Results of Review of Interim Financial Statements

We have reviewed the accompanying consolidated balance sheet of Delta Air Lines, Inc. (the Company) as of June 30, 2020, the related condensed consolidated statements of operations and comprehensive (loss) income, and stockholders' equity for the three-month and six-month periods ended June 30, 2020 and 2019, the condensed consolidated statements of cash flows for the six-month periods ended June 30, 2020 and 2019 and the related notes (collectively referred to as the "condensed consolidated interim financial statements"). Based on our reviews, we are not aware of any material modifications that should be made to the condensed consolidated interim financial statements for them to be in conformity with U.S. generally accepted accounting principles.

We have previously audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated balance sheet of the Company as of December 31, 2019, the related consolidated statements of operations, comprehensive income, cash flows, and stockholders' equity for the year then ended, and the related notes (not presented herein); and in our report dated February 12, 2020, we expressed an unqualified audit opinion on those consolidated financial statements. In our opinion, the information set forth in the accompanying consolidated balance sheet as of December 31, 2019, is fairly stated, in all material respects, in relation to the consolidated balance sheet from which it has been derived.

Basis for Review Results

These financial statements are the responsibility of the Company's management. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the SEC and the PCAOB. We conducted our review in accordance with the standards of the PCAOB. A review of interim financial statements consists principally of applying analytical procedures and making inquiries of persons responsible for financial and accounting matters. It is substantially less in scope than an audit conducted in accordance with the standards of the PCAOB, the objective of which is the expression of an opinion regarding the financial statements taken as a whole. Accordingly, we do not express such an opinion.



/s/ Ernst & Young LLP
Atlanta, Georgia
July 14, 2020

2



DELTA AIR LINES, INC.
Consolidated Balance Sheets
(Unaudited)
(in millions, except share data)June 30,
2020
December 31,
2019
ASSETS
Current Assets:
Cash and cash equivalents$11,366  $2,882  
Short-term investments4,302    
Accounts receivable, net of an allowance for uncollectible accounts of $121 and $13 at June 30, 2020 and December 31, 2019, respectively
1,375  2,854  
Fuel inventory353  730  
Expendable parts and supplies inventories, net of an allowance for obsolescence of $135 and $82
at June 30, 2020 and December 31, 2019, respectively
494  521  
Prepaid expenses and other1,025  1,262  
Total current assets18,915  8,249  
Noncurrent Assets:
Property and equipment, net of accumulated depreciation and amortization of $17,267 and $17,027 at June 30, 2020 and December 31, 2019, respectively
28,473  31,310  
Operating lease right-of-use assets5,650  5,627  
Goodwill9,753  9,781  
Identifiable intangibles, net of accumulated amortization of $878 and $873 at June 30, 2020
and December 31, 2019, respectively
6,017  5,163  
Cash restricted for airport construction339  636  
Equity investments1,633  2,568  
Other noncurrent assets1,481  1,198  
Total noncurrent assets53,346  56,283  
Total assets$72,261  $64,532  
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities:
Current maturities of debt and finance leases$5,230  $2,287  
Current maturities of operating leases732  801  
Air traffic liability4,686  5,116  
Accounts payable2,332  3,266  
Accrued salaries and related benefits1,809  3,701  
Loyalty program deferred revenue1,195  3,219  
Fuel card obligation839  736  
Other accrued liabilities3,327  1,078  
Total current liabilities20,150  20,204  
Noncurrent Liabilities:
Debt and finance leases19,412  8,873  
Noncurrent air traffic liability315    
Pension, postretirement and related benefits8,160  8,452  
Loyalty program deferred revenue5,786  3,509  
Noncurrent operating leases5,371  5,294  
Deferred income taxes, net447  1,456  
Other noncurrent liabilities3,930  1,386  
Total noncurrent liabilities43,421  28,970  
Commitments and Contingencies
Stockholders' Equity:
Common stock at $0.0001 par value; 1,500,000,000 shares authorized, 647,454,215 and 651,731,443
shares issued at June 30, 2020 and December 31, 2019, respectively
    
Additional paid-in capital11,192  11,129  
Retained earnings5,706  12,454  
Accumulated other comprehensive loss(7,937) (7,989) 
Treasury stock, at cost, 9,597,469 and 8,959,730 shares at June 30, 2020 and
December 31, 2019, respectively
(271) (236) 
Total stockholders' equity8,690  15,358  
Total liabilities and stockholders' equity$72,261  $64,532  
The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.

3


DELTA AIR LINES, INC.
Condensed Consolidated Statements of Operations and Comprehensive (Loss) Income
(Unaudited)
Three Months Ended June 30,
Six Months Ended June 30,
(in millions, except per share data)2020201920202019
Operating Revenue:
Passenger$678  $11,368  $8,247  $20,622  
Cargo108  186  261  378  
Other682  982  1,552  2,008  
  Total operating revenue1,468  12,536  10,060  23,008  
Operating Expense:
Salaries and related costs2,086  2,752  4,858  5,391  
Aircraft fuel and related taxes372  2,291  1,967  4,269  
Regional carriers expense, excluding fuel497  905  1,399  1,798  
Depreciation and amortization591  713  1,268  1,328  
Contracted services344  657  1,019  1,288  
Landing fees and other rents350  442  817  861  
Ancillary businesses and refinery401  316  620  667  
Aircraft maintenance materials and outside repairs43  434  512  910  
Passenger commissions and other selling expenses45  538  403  965  
Passenger service88  322  345  593  
Aircraft rent96  107  196  209  
Restructuring charges2,454    2,454    
CARES Act grant recognition(1,280)   (1,280)   
Profit sharing  518    739  
Other196  413  707  842  
Total operating expense6,283  10,408  15,285  19,860  
Operating (Loss)/Income(4,815) 2,128  (5,225) 3,148  
Non-Operating Expense:
Interest expense, net(194) (75) (273) (158) 
Impairments and equity method losses(2,058) (17) (2,318) (71) 
Gain/(loss) on investments, net8  (82) (104) 18  
Miscellaneous, net45  (47) 299  (84) 
Total non-operating expense, net(2,199) (221) (2,396) (295) 
(Loss)/Income Before Income Taxes(7,014) 1,907  (7,621) 2,853  
Income Tax Benefit/(Provision)1,297  (464) 1,370  (680) 
Net (Loss)/Income$(5,717) $1,443  $(6,251) $2,173  
Basic (Loss)/Earnings Per Share$(9.01) $2.22  $(9.83) $3.30  
Diluted (Loss)/Earnings Per Share$(9.01) $2.21  $(9.83) $3.29  
Cash Dividends Declared Per Share$  $0.35  $0.40  $0.70  
Comprehensive (Loss)/Income$(5,756) $1,515  $(6,199) $2,304  
The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.

4


DELTA AIR LINES, INC.
Condensed Consolidated Statements of Cash Flows
(Unaudited)

Six Months Ended June 30,
(in millions)20202019
Net Cash Provided by Operating Activities$68  $5,211  
Cash Flows from Investing Activities:
Property and equipment additions:
Flight equipment, including advance payments(659) (2,226) 
Ground property and equipment, including technology(559) (694) 
Proceeds from sale-leaseback transactions465    
Purchase of short-term investments(4,955)   
Redemption of short-term investments654  206  
Acquisition of strategic investments(2,099) (89) 
Other, net107  144  
Net cash used in investing activities(7,046) (2,659) 
Cash Flows from Financing Activities:
Payments on debt and finance lease obligations(1,712) (2,450) 
Repurchase of common stock(344) (1,593) 
Cash dividends(260) (461) 
Proceeds from short-term obligations3,261  1,750  
Proceeds from long-term obligations11,747  500  
Proceeds from sale-leaseback transactions2,306    
Fuel card obligation103  (8) 
Other, net(35) (9) 
Net cash provided by/(used in) financing activities15,066  (2,271) 
Net Increase in Cash, Cash Equivalents and Restricted Cash Equivalents8,088  281  
Cash, cash equivalents and restricted cash equivalents at beginning of period3,730  2,748  
Cash, cash equivalents and restricted cash equivalents at end of period$11,818  $3,029  
Non-Cash Transactions:
Right-of-use assets acquired under operating leases$393  $357  
Flight and ground equipment acquired under finance leases213  158  
Operating leases converted to finance leases  189  
The following table provides a reconciliation of cash, cash equivalents and restricted cash equivalents reported within the Consolidated Balance Sheets to the total of the same such amounts shown above:
June 30,
(in millions)20202019
Current assets:
Cash and cash equivalents$11,366  $2,009  
Restricted cash included in prepaid expenses and other113  127  
Noncurrent assets:
Cash restricted for airport construction339  893  
Total cash, cash equivalents and restricted cash equivalents$11,818  $3,029  
The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.

5


DELTA AIR LINES, INC.
Consolidated Statements of Stockholders' Equity
(Unaudited)

Common StockAdditional
Paid-In Capital
 Retained
Earnings
Accumulated
Other
Comprehensive Loss
Treasury Stock
(in millions, except per share data)SharesAmountSharesAmountTotal
Balance at December 31, 2019
652  $  $11,129  $12,454  $(7,989) 9  $(236) $15,358  
Net loss—  —  —  (534) —  —  —  (534) 
Dividends declared—  —  —  (257) —  —  —  (257) 
Other comprehensive income—  —  —  —  91  —  —  91  
Shares of common stock issued and compensation expense associated with equity awards (Treasury shares withheld for payment of taxes, $56.48(1) per share)
1  —  29  —  —  1  (34) (5) 
Stock purchased and retired(6) —  (104) (240) —  —  —  (344) 
Balance at March 31, 2020
647  $  $11,054  $11,423  $(7,898) 10  $(270) $14,309  
Net loss—  —  —  (5,717) —  —  —  (5,717) 
Other comprehensive loss—  —  —  —  (39) —  —  (39) 
Shares of common stock issued and compensation expense associated with equity awards (Treasury shares withheld for payment of taxes, $25.56(1) per share)
  —  38  —  —    (