Delta Airlines 2006 Annual Report Download - page 4

TABLE OF CONTENTS
Page
Forward-Looking Information 1
Other Information 1
PART I
ITEM 1. BUSINESS 1
General Description 1
Airline Operations 2
Fuel 3
Competition 4
Frequent Flyer Program 4
Regulatory Matters 4
Employee Matters 7
Additional Information 8
ITEM 1A. RISK FACTORS 9
Risk Factors Relating to Delta 9
Risk Factors Relating to the Airline Industry 13
ITEM 1B. UNRESOLVED STAFF COMMENTS 14
ITEM 2. PROPERTIES 15
Flight Equipment 15
Ground Facilities 16
ITEM 3. LEGAL PROCEEDINGS 16
ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS 17
PART II
ITEM 5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER
PURCHASES OF EQUITY SECURITIES 18
ITEM 6. SELECTED FINANCIAL DATA 19
ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 21
Background 21
Overview of 2006 Results 21
Our Business Plan 22
Unsolicited Merger Proposal 24
Basis of Presentation of Consolidated Financial Statements 24
Results of Operations—2006 Compared to 2005 26
Results of Operations—2005 Compared to 2004 30
Financial Condition and Liquidity 33
Application of Critical Accounting Policies 38
Market Risks Associated with Financial Instruments 41
Glossary of Defined Terms 42
ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 43
ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA 43
ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE 43
ITEM 9A. CONTROLS AND PROCEDURES 43
ITEM 9B. OTHER INFORMATION 45
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