Delta Airlines 2014 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 5
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 17
ITEM 1B. UNRESOLVED STAFF COMMENTS 18
ITEM 2. PROPERTIES 19
Flight Equipment 19
Ground Facilities 20
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 - 201 4 Compared to 2013 26
Company Initiatives 26
Results of Operations - 201 4 Compared to 2013 28
Results of Operations - 20 13 Compared to 2012 31
Non-Operating Results 34
Income Taxes 34
Refinery Segment 35
Financial Condition and Liquidity 35
Contractual Obligations 38
Critical Accounting Policies and Estimates 39
Supplemental Information 44
Glossary of Defined Terms 46
ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
47