Delta Airlines 2011 Annual Report Download - page 4

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Table of Contents
Page
Forward-Looking Statements 1
PART I
ITEM 1. BUSINESS 2
General 2
Frequent Flyer Program 4
Other Businesses 4
Distribution and Expanded Product Offerings 5
Fuel 5
Competition 5
Regulatory Matters 6
Employee Matters 9
Executive Officers of the Registrant 10
Additional Information 10
ITEM 1A. RISK FACTORS 11
Risk Factors Relating to Delta 11
Risk Factors Relating to the Airline Industry 15
ITEM 1B. UNRESOLVED STAFF COMMENTS 17
ITEM 2. PROPERTIES 18
Flight Equipment 18
Ground Facilities 19
ITEM 3. LEGAL PROCEEDINGS 21
ITEM 4. MINE SAFTEY DISCLOSURES 21
PART II
ITEM 5. MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER
MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES 22
ITEM 6. SELECTED FINANCIAL DATA 24
ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATION 26
Financial Highlights - 2011 Compared to 2010 26
Results of Operations - 2011 Compared to 2010 28
Results of Operations - 2010 Compared to 2009 31
Non-Operating Results 33
Income Taxes 33
Financial Condition and Liquidity 34
Contractual Obligations 36
Critical Accounting Policies and Estimates 37
Supplemental Information 41
Glossary of Defined Terms 42
ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 43
ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA 45
ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND
FINANCIAL DISCLOSURE 86