Actionable news
0
All posts from Actionable news
Actionable news in DAL: DELTA AIR LINES Inc,

Quarterly report [Sections 13 or 15(d)]

style="font-family:Times New Roman;font-size:10pt;">

(Exact name of registrant as specified in its charter)
Table of Contents
Page
Forward Looking Statements 1
Part I. Financial Information
Item 1. Financial Statements 3
Consolidated Balance Sheets 3
Condensed Consolidated Statements of Operations and Comprehensive Income 4
Condensed Consolidated Statements of Cash Flows 5
Notes to the Condensed Consolidated Financial Statements 6
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 18
Item 3. Quantitative and Qualitative Disclosures About Market Risk 30
Item 4. Controls and Procedures 31
Part II. Other Information
Item 1. Legal Proceedings 32
Item 1A. Risk Factors 32
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 32
Item 6. Exhibits 33
Signature 34
(in millions, except share data) March 31,
2016
December 31,
2015
ASSETS
Current Assets:
Cash and cash equivalents $ 1,708
$ 1,972
Short-term investments 1,206
1,465
Accounts receivable, net of an allowance for uncollectible accounts of $11 and $9 at March 31, 2016 and December 31, 2015, respectively 2,179
2,020
Hedge margin receivable 454
119
Fuel inventory 367
379
Expendable parts and supplies inventories, net of an allowance for obsolescence of $114 at March 31, 2016 and December 31, 2015 326
318
Hedge derivatives asset 2,179
1,987
Prepaid expenses and other 887
796
Total current assets 9,306
9,056
Property and Equipment, Net:
Property and equipment, net of accumulated depreciation and amortization of $11,314 and $10,871 at March 31, 2016 and December 31, 2015, respectively 23,422
23,039
Other Assets:
Goodwill 9,794
9,794
Identifiable intangibles, net of accumulated amortization of $815 and $811 at March 31, 2016 and December 31, 2015, respectively 4,856
4,861
Deferred income taxes, net 4,489
4,956
Other noncurrent assets 1,475
1,428
Total other assets 20,614
21,039
Total assets $ 53,342
$ 53,134
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities:
Current maturities of long-term debt and capital leases $ 1,531
$ 1,563
Air traffic liability 5,988
4,503
Accounts payable 2,732
2,743
Accrued salaries and related benefits 1,903
3,195
Hedge derivatives liability 2,630
2,581
Frequent flyer deferred revenue 1,605
1,635
Other accrued liabilities 1,719
1,306
Total current liabilities 18,108
17,526
Noncurrent Liabilities:
Long-term debt and capital leases 6,920
6,766
Pension, postretirement and related benefits 12,695
13,855
Frequent flyer deferred revenue 2,276
2,246
Other noncurrent liabilities 2,091
1,891
Total noncurrent liabilities 23,982

24,758
Commitments and Contingencies
Stockholders' Equity:
Common stock at $0.0001 par value; 1,500,000,000 shares authorized, 785,605,157 and 799,850,675 shares issued at March 31, 2016 and December 31, 2015, respectively

Additional paid-in capital 10,339
10,875
Retained earnings 8,462
7,623
Accumulated other comprehensive loss (7,279 ) (7,275 )
Treasury stock, at cost, 14,023,717 and 21,066,684 shares at March 31, 2016 and December 31, 2015, respectively (270 ) (373 )
Total stockholders' equity 11,252
10,850
Total liabilities and stockholders' equity $ 53,342
$ 53,134
The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.
Three Months Ended March 31,
(in millions, except per share data) 2016 2015
Operating Revenue:
Passenger:
Mainline $ 6,444
$ 6,549
Regional carriers 1,318
1,374
Total passenger revenue 7,762
7,923
Cargo 162
217
Other 1,327
1,248
Total operating revenue 9,251
9,388
Operating Expense:
Salaries and related costs 2,311
2,092
Aircraft fuel and related taxes 1,227
1,835
Regional carriers expense 1,006
1,053
Depreciation and amortization 486
470
Contracted services 476
441
Aircraft maintenance materials and outside repairs 449
452
Passenger commissions and other selling expenses 388
386
Landing fees and other rents 348
373
Profit sharing 272
136
Passenger service 189
190
Aircraft rent 66
60
Other 493
502
Total operating expense 7,711
7,990
Operating Income 1,540
1,398
Non-Operating Expense:

Interest expense, net (107 ) (131 )
Miscellaneous, net 1
(81 )
Total non-operating expense, net (106 ) (212 )
Income Before Income Taxes 1,434
1,186
Income Tax Provision (488 ) (440 )
Net Income $ 946
$ 746
Basic Earnings Per Share $ 1.22
$ 0.91
Diluted Earnings Per Share $ 1.21
$ 0.90
Cash Dividends Declared Per Share $ 0.135
$ 0.09
Comprehensive Income $ 942
$ 763
The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.
Three Months Ended March 31,
(in millions) 2016 2015
Net Cash Provided by Operating Activities $ 1,011
$ 1,636
Cash Flows From Investing Activities:
Property and equipment additions:
Flight equipment, including advance payments (764 ) (451 )
Ground property and equipment, including technology (107 ) (135 )
Purchase of short-term investments (488 ...

More