Delta Airlines 2012 Annual Report Download - page 3

Table of Contents
Page
Forward-Looking Statements 1
PART I
ITEM 1. BUSINESS 2
General 2
Fuel 4
Frequent Flyer Program 5
Other Businesses 5
Distribution and Expanded Product Offerings 6
Competition 6
Regulatory Matters 7
Employee Matters 10
Executive Officers of the Registrant 11
Additional Information 11
ITEM 1A. RISK FACTORS 12
Risk Factors Relating to Delta 12
Risk Factors Relating to the Airline Industry 18
ITEM 1B. UNRESOLVED STAFF COMMENTS 20
ITEM 2. PROPERTIES 21
Flight Equipment 21
Ground Facilities 22
ITEM 3. LEGAL PROCEEDINGS 24
ITEM 4. MINE SAFTEY DISCLOSURES 24
PART II
ITEM 5. MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER
MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES 25
ITEM 6. SELECTED FINANCIAL DATA 27
ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATION 29
Financial Highlights - 2012 Compared to 201 1 29
Company Initiatives 29
Results of Operations - 2012 Compared to 201 1 32
Results of Operations - 2011 Compared to 20 10 35
Non-Operating Results 37
Income Taxes 38
Financial Condition and Liquidity 38
Contractual Obligations 40
Critical Accounting Policies and Estimates 41
Supplemental Information 45
Glossary of Defined Terms 46
ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 47