Delta Airlines 2008 Annual Report Download - page 124

Table of Contents
Index to Financial Statements
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
consummation of the transactions contemplated by Delta's Plan of Reorganization, including the settlement of various liabilities, securities issuances,
incurrence of new indebtedness and cash payments.
The effects of Delta's Plan of Reorganization and fresh start reporting on our Consolidated Balance Sheet at April 30, 2007 are as follows:
Fresh Start Consolidated Balance Sheet
Predecessor Debt Discharge,
Reclassifications
and
Distribution
to Creditors
Repayment of
DIP Facility
and New Exit
Financing
Revaluation of
Assets and
Liabilities
Successor
(in millions)
April 30,
2007
Reorganized
Balance Sheet
May 1,
2007
CURRENT ASSETS
Cash, cash equivalents and short-term investments $ 2,915 $ — $ (557) $ — $ 2,358
Restricted cash 1,069 — — — 1,069
Accounts receivable, net 1,086 — — — 1,086
Expendable parts and supplies inventories, net 183 — — 58 241
Deferred income taxes, net 441 — — 310 751
Prepaid expenses and other 437 (19) — (75) 343
Total current assets 6,131 (19) (557) 293 5,848
PROPERTY AND EQUIPMENT
Net flight equipment and net flight equipment under capital lease 11,087 — — (1,245) 9,842
Other property and equipment, net 1,498 — — 218 1,716
Total property and equipment, net 12,585 — — (1,027) 11,558
OTHER ASSETS
Goodwill 227 — — 12,100 12,327
Intangibles, net 88 — — 2,865 2,953
Other noncurrent assets 740 — 48 68 856
Total other assets 1,055 — 48 15,033 16,136
Total assets $ 19,771 $ (19) $ (509) $ 14,299 $ 33,542
CURRENT LIABILITIES
Current maturities of long-term debt and capital leases $ 1,292 $ 5 $ — $ 35 $ 1,332
DIP Facility 1,959 — (1,959) — —
Accounts payable, accrued salaries and related benefits 1,396 561 (50) 155 2,062
SkyMiles deferred revenue 602 — 620 1,222
Air traffic liability 2,567 — — — 2,567
Taxes payable 423 — — (2) 421
Total current liabilities 8,239 566 (2,009) 808 7,604
NONCURRENT LIABILITIES
Long-term debt and capital leases 5,132 37 — 398 5,567
Exit Facilities — — 1,500 — 1,500
SkyMiles deferred revenue 294 — — 1,958 2,252
Other notes payable — 697 — — 697
Pension, postretirement and related benefits 62 4,202 — 7 4,271
Other 1,026 — — 1,225 2,251
Total noncurrent liabilities 6,514 4,936 1,500 3,588 16,538
Liabilities subject to compromise 19,345 (19,345) — — —
STOCKHOLDERS' (DEFICIT) EQUITY
Delta Debtors
Common stock and additional paid-in capital 1,563 — — (1,563) —
Retained deficit and other (15,890) 4,424 — 11,466 —
Reorganized Delta Debtors
Common stock and additional paid-in capital — 9,400 — — 9,400
Total liabilities and stockholders' (deficit) equity $ 19,771 $ (19) $ (509) $ 14,299 $ 33,542
F-54