Delta Airlines 2010 Annual Report Download - page 90

Table of Contents
Benefit Payments. Benefit payments in the table below are based on the same assumptions used to measure the related benefit obligations and are paid
from both funded benefit plan trusts and current assets. Actual benefit payments may vary significantly from these estimates. Benefits earned under our
pension plans and certain postemployment benefit plans are expected to be paid from funded benefit plan trusts, while our other postretirement benefits are
funded from current assets.
The following table summarizes, the benefit payments that are scheduled to be paid in the following years ending December 31:
Other Postretirement
Pension and Postemployment
(in millions) Benefits Benefits
2011 $ 1,048 $ 266
2012 1,036 266
2013 1,048 264
2014 1,059 261
2015 1,077 259
2016-2020 5,738 1,348
Total $ 11,006 $ 2,664
Other Plans. We also sponsor defined benefit pension plans for eligible employees in certain foreign countries. These plans did not have a material impact
on our Consolidated Financial Statements in any period presented.
Profit Sharing Program. Our broad based employee profit sharing program provides that, for each year in which we have an annual pre-tax profit, as
defined, we will pay a specified portion of that profit to employees. Based on our pre-tax earnings for the year ended December 31, 2010, we accrued
$313 million under the profit sharing program for 2010. We did not record an accrual under the profit sharing program in 2009 or 2008.
NOTE 11. BANKRUPTCY CLAIMS RESOLUTION
In September 2005, we and substantially all of our subsidiaries (the "Delta Debtors") filed voluntary petitions for reorganization under Chapter 11 of the
U.S. Bankruptcy Code. On April 30, 2007, the Delta Debtors emerged from bankruptcy. Under the Delta Debtors' Joint Plan of Reorganization ("Delta's Plan
of Reorganization"), most holders of allowed general, unsecured claims against the Delta Debtors received or will receive Delta common stock in satisfaction
of their claims. In December 2010, the Bankruptcy Court issued an order approving a final distribution to claimholders under Delta's Plan of Reorganization
by March 31, 2011, and closing the bankruptcy cases for Delta and Comair. The bankruptcy cases for the other Delta Debtors previously closed. As of
December 31, 2010, we have reserved nine million shares of common stock for issuance to holders of allowed general, unsecured claims.
In September 2005, Northwest Airlines Corporation and substantially all of its subsidiaries (the "Northwest Debtors") filed voluntary petitions for
reorganization under Chapter 11 of the Bankruptcy Code. On May 31, 2007, the Northwest Debtors emerged from bankruptcy. The Northwest Debtors' First
Amended Joint and Consolidated Plan of Reorganization ("Northwest's Plan of Reorganization") generally provides for the distribution of Northwest common
stock to the Northwest Debtors' creditors, employees and others in satisfaction of allowed general, unsecured claims. Pursuant to the Merger, each outstanding
share of Northwest common stock (including shares issuable under Northwest's Plan of Reorganization) was converted into the right to receive 1.25 shares of
Delta common stock. As of December 31, 2010, one million shares of Delta common stock were reserved for issuance in exchange for shares of Northwest
common stock that, but for the Merger, would have been issued under Northwest's Plan of Reorganization.
There will be no further material impact to our Consolidated Statements of Operations from the settlement of claims because the holders of such claims
will receive under Delta's and Northwest's Plan of Reorganization, as the case may be, only their pro rata share of the distributions of common stock
contemplated by the applicable Plan of Reorganization.
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