Delta Airlines 2008 Annual Report Download - page 105
Download and view the complete annual report
Please find page 105 of the 2008 Delta Airlines annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.-
1 -
2
-
3
-
4
-
5
-
6
-
7
-
8
-
9
-
10
-
11
-
12
-
13
-
14
-
15
-
16
-
17
-
18
-
19
-
20
-
21
-
22
-
23
-
24
-
25
-
26
-
27
-
28
-
29
-
30
-
31
-
32
-
33
-
34
-
35
-
36
-
37
-
38
-
39
-
40
-
41
-
42
-
43
-
44
-
45
-
46
-
47
-
48
-
49
-
50
-
51
-
52
-
53
-
54
-
55
-
56
-
57
-
58
-
59
-
60
-
61
-
62
-
63
-
64
-
65
-
66
-
67
-
68
-
69
-
70
-
71
-
72
-
73
-
74
-
75
-
76
-
77
-
78
-
79
-
80
-
81
-
82
-
83
-
84
-
85
-
86
-
87
-
88
-
89
-
90
-
91
-
92
-
93
-
94
-
95 -
96 -
97 -
98 -
99 -
100 -
101 -
102 -
103 -
104 -
105 -
106 -
107 -
108 -
109 -
110 -
111 -
112 -
113 -
114 -
115 -
116
-
117
-
118
-
119
-
120
-
121
-
122
-
123
-
124
-
125
-
126
-
127
-
128
-
129
-
130
-
131
-
132
-
133
-
134
-
135
-
136
-
137
-
138
-
139
-
140
-
141
-
142
-
143
-
144
-
145
-
146
-
147
-
148
-
149
-
150
-
151
-
152
-
153
-
154
-
155
-
156
-
157
-
158
-
159
-
160
-
161
-
162
-
163
-
164
-
165
-
166
-
167
-
168
-
169
-
170
-
171
-
172
-
173
-
174
-
175
-
176
-
177
-
178
-
179
-
180
-
181
-
182
-
183
-
184
-
185
-
186
-
187
-
188
-
189
-
190
-
191
-
192
-
193
-
194
-
195
-
196
-
197
-
198
-
199
-
200
-
201
-
202
-
203
-
204
-
205
-
206
-
207
-
208
 |
 |
Table of Contents
Index to Financial Statements
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
NOTE 7. LEASE OBLIGATIONS
We lease aircraft, airport terminals and maintenance facilities, ticket offices and other property and equipment from third parties. Rental expense for
operating leases, which is recorded on a straight-line basis over the life of the lease term, totaled $850 million for the year ended December 31, 2008, $470
million for the eight months ended December 31, 2007, $261 million for the four months ended April 30, 2007 and $961 million for the year ended
December 31, 2006. Amounts due under capital leases are recorded as liabilities on our Consolidated Balance Sheets. Our interest in assets acquired under
capital leases is recorded as property and equipment on our Consolidated Balance Sheets. Amortization of assets recorded under capital leases is included in
depreciation and amortization expense on our Consolidated Statements of Operations. Our leases do not include residual value guarantees.
The following tables summarize, as of December 31, 2008, our minimum rental commitments under capital leases and noncancelable operating leases
(including certain aircraft under contract carrier agreements) with initial or remaining terms in excess of one year:
Capital Leases
Years Ending December 31,
(in millions)
2009 $ 135
2010 134
2011 129
2012 98
2013 64
After 2013 264
Total minimum lease payments 824
Less: amount of lease payments representing interest (323)
Present value of future minimum capital lease payments 501
Plus: unamortized premium, net 64
Less: current obligations under capital leases (92)
Long-term capital lease obligations $ 473
Operating Leases
Years Ending December 31,
Delta
Lease
Payments
Contract
Carrier
Aircraft
Lease
Payments(1)
Total
(in millions)
2009 $ 1,104 $ 542 $ 1,646
2010 1,040 519 1,559
2011 822 504 1,326
2012 703 501 1,204
2013 592 467 1,059
After 2013 3,641 2,023 5,664
7,902 4,556 12,458
Less: sublease rental income (29) — (29)
Total minimum lease payments $ 7,873 $ 4,556 $ 12,429
(1) These amounts represent the minimum lease obligations under our contract carrier agreements with Atlantic Southeast Airlines, Inc. ("ASA"), Chautauqua Airlines, Inc. ("Chautauqua"),
Freedom Airlines, Inc. ("Freedom"), Pinnacle Airlines, Inc. ("Pinnacle"), Shuttle America Corporation ("Shuttle America") and SkyWest Airlines, Inc. ("SkyWest Airlines").
F-35