Delta Airlines 2011 Annual Report Download - page 30

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ITEM 6. SELECTED FINANCIAL DATA
On October 29, 2008, a wholly-owned subsidiary of ours merged with and into Northwest. Our Consolidated Financial Statements include the results of
operations of Northwest and its wholly-owned subsidiaries for periods after October 29, 2008.
On September 15, 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 “Effective Date”), the Delta Debtors emerged from bankruptcy. Upon emergence from Chapter 11, we
adopted fresh start reporting which resulted in our becoming a new entity for financial reporting purposes. Accordingly, consolidated financial data on or after
May 1, 2007 is not comparable to the consolidated financial data prior to that date.
References in the tables below to “Successor” refer to Delta on or after May 1, 2007, after giving effect to (1) the cancellation of Delta common stock
issued prior to the Effective Date, (2) the issuance of new Delta common stock and certain debt securities in accordance with the Delta Debtors' Joint Plan of
Reorganization and (3) the application of fresh start reporting. References to “Predecessor” refer to Delta prior to May 1, 2007.
The following tables are derived from our audited consolidated financial statements, and present selected financial and operating data for the (1) years
ended December 31, 2011, 2010, 2009 and 2008 of the Successor, (2) eight months ended December 31, 2007 of the Successor and (3) four months ended
April 30, 2007 of the Predecessor.
Consolidated Summary of Operations
Successor Predecessor
Year Ended December 31, Eight Months Ended December 31, 2007 Four Months Ended
April 30, 2007
(in millions, except share data) 2011 2010 2009 2008
Operating revenue $ 35,115 $ 31,755 $ 28,063 $ 22,697 $ 13,358 $ 5,796
Operating expense 33,140 29,538 28,387 31,011 12,562 5,496
Operating income (loss) 1,975 2,217 (324) (8,314) 796 300
Other expense, net (1,206) (1,609) (1,257) (727) (271) (221)
Income (loss) before reorganization items, net 769 608 (1,581) (9,041) 525 79
Reorganization items, net — — — — — 1,215
Income (loss) before income taxes 769 608 (1,581) (9,041) 525 1,294
Income tax benefit (provision) 85 (15) 344 119 (211) 4
Net income (loss) $ 854 $ 593 $ (1,237) $ (8,922) $ 314 $ 1,298
Basic earnings (loss) per share $ 1.02 $ 0.71 $ (1.50) $ (19.08) $ 0.80 $ 6.58
Diluted earnings (loss) per share $ 1.01 $ 0.70 $ (1.50) $ (19.08) $ 0.79 $ 4.63
The following are included in the results above:
Successor Predecessor
Year Ended December 31, Eight Months Ended December 31, 2007 Four Months Ended
April 30, 2007
(in millions) 2011 2010 2009 2008
Severance, impairment charges and other $ 242 $ 217 $ 132 $ 153 $ — $ —
Merger-related items — 233 275 978 — —
Loss on extinguishment of debt 68 391 83 — — —
Impairment of goodwill and other intangible assets — — — 7,296 — —
Intraperiod income tax allocation — — (321) — — —
Income tax benefit associated with intangible assets — — — (119) — —
Reorganization items, net — — — — — 1,215
Total $ 310 $ 841 $ 169 $ 8,308 $ — $ 1,215
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