Delta Airlines 2015 Annual Report Download - page 42
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CapitalReturnstoShareholders.Since2013,ourBoardofDirectorshasimplementedthreeprogramstoreturncapitaltoshareholdersthroughquarterly
dividendsandsharerepurchases.Sincefirstimplementingourquarterlydividendin2013,wehaveincreasedthedividendpershareby50%annually,andpaid
$712millionintotaldividends,including$359millionin2015.Throughdividendsandsharerepurchases,wehavereturnedover$4billiontoshareholderssince
2013,whilereducingoutstandingsharesbyapproximately9%comparedtothebeginningof2013.During2015alone,werepurchasedandretired48.4million
sharesatacostof$2.2billion.
(inmillions,exceptdividendspershare)
Dividendsper
Share
ShareRepurchase
Authorization
AverageRepurchase
Price CompletionDate AuthorizationRemaining
May2013Program $ 0.060 $ 500 $ 28.43 June30,2016 CompletedJune2014
May2014Program $ 0.090 $ 2,000 $ 42.86 December31,2016 CompletedJune2015
May2015Program $ 0.135 $ 5,000 $ 45.77 December31,2017
$ 3,950
OnFebruary3,2016,theBoardofDirectorsdeclareda$0.135persharedividendforshareholdersofrecordasofFebruary17,2016.
FuelHedgeRestructuring.During2015,weeffectivelydeferredsettlementofaportionofourhedgeportfoliountil2016byenteringintofuelderivative
transactionsthat,excludingmarketmovementsfromthedateofinception,wouldsettleandprovideapproximately$300millionincashreceiptsduringthesecond
halfof2015andrequireapproximately$300millionincashpaymentsin2016.Weearlyterminatedcertainofthesedeferraltransactionsin2015.Asaresult,we
reported$429millionincashreceiptsand$71millionincashpaymentsassociatedwiththesedeferraltransactions.
UndrawnLinesofCredit
Wehave$2.2billionavailableinundrawnrevolvinglinesofcredit.Ourcreditfacilitieshavecovenants,includingminimumcollateralcoverageratios.Ifwe
arenotincompliancewiththesecovenants,wemayberequiredtorepayamountsborrowedunderthecreditfacilitiesorwemaynotbeabletodrawonthem.We
currentlyhaveasubstantialamountofunencumberedassetsavailabletopledgeascollateral.
Covenants
WewereincompliancewiththecovenantsinourfinancingagreementsatDecember31,2015.
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