Delta Airlines 2004 Annual Report Download - page 106
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Table of Contents
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
The rights expire on November 4, 2006. We may redeem the rights for $0.01 per right at any time before a person becomes the beneficial owner of 15% or
more of our common stock. We may amend the rights in any respect so long as the rights are redeemable. At December 31, 2004, 2,250,000 shares of
preferred stock were reserved for issuance under the Shareowner Rights Plan.
Note 12. Comprehensive Income (Loss)
Comprehensive income (loss) includes (1) reported net income (loss); (2) the additional minimum pension liability; (3) effective unrealized gains and
losses on fuel derivative instruments that qualify for hedge accounting; and (4) unrealized gains and losses on marketable equity securities. The following
table shows our comprehensive loss for the years ended December 31, 2004, 2003 and 2002:
(in millions) 2004 2003 2002
Net loss $ (5,198) $ (773) $ (1,272)
Other comprehensive loss (20) (776) (1,587)
Comprehensive loss $ (5,218) $ (1,549) $ (2,859)
The following table shows the components of accumulated other comprehensive income (loss) at December 31, 2004, 2003 and 2002, and the activity for
the years then ended:
Additional
Minimum Fuel Marketable
Pension Derivative Equity
(in millions) Liability Instruments Securities Other Total
Balance at December 31, 2001 $ — $ 25 $ (1) $ 1 $ 25
Additional minimum pension liability adjustment (2,558) — — — (2,558)
Unrealized gain (loss) — 143 (9) (2) 132
Realized (gain) loss — (136) 4 — (132)
Tax effect 972 (3) 1 1 971
Net of tax (1,586) 4 (4) (1) (1,587)
Balance at December 31, 2002 (1,586) 29 (5) — (1,562)
Additional minimum pension liability adjustments (1,268) — — — (1,268)
Unrealized gain — 159 6 — 165
Realized gain — (152) (5) — (157)
Impairment — — 8 — 8
Tax effect 482 (2) (4) — 476
Net of tax (786) 5 5 — (776)
Balance at December 31, 2003 (2,372) 34 — — (2,338)
Additional minimum pension liability adjustments 71 — — — 71
Unrealized gain — 50 — — 50
Realized gain — (105) — — (105)
Tax effect (57)(1) 21 — — (36)
Net of tax 14 (34) — — (20)
Balance at December 31, 2004 $ (2,358) $ — $ — $ — $ (2,358)
(1) Includes approximately $30 million of valuation allowance against our deferred tax assets.
F-49