Delta Airlines 2004 Annual Report Download - page 3

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Table of Contents
TABLE OF CONTENTS
Page
Forward-Looking Information 1
PART I
ITEM 1. BUSINESS 1
General Description 1
Airline Operations 1
Regulatory Matters 3
Fares and Rates 4
Route Authority 4
Competition 4
Airport Access 5
Possible Legislation or DOT Regulation 5
Fuel 5
Employee Matters 6
Environmental Matters 7
Frequent Flyer Program 8
Civil Reserve Air Fleet Program 9
Executive Officers 9
Risk Factors Relating to Delta 10
Risk Factors Relating to the Airline Industry 16
Additional Information 17
ITEM 2. PROPERTIES 18
Flight Equipment 18
Ground Facilities 19
ITEM 3. LEGAL PROCEEDINGS 21
ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS 23
PART II
ITEM 5. MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES
OF EQUITY SECURITIES 23
ITEM 6. SELECTED FINANCIAL DATA 24
ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 26
Business Environment 26
Basis of Presentation of Consolidated Financial Statements 30
Results of Operations — 2004 Compared to 2003 30
Results of Operations — 2003 Compared to 2002 33
Financial Condition and Liquidity 36
Prior Years 39
Financial Position 40
Application of Critical Accounting Policies 43
Market Risks Associated with Financial Instruments 45
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