Delta Airlines 2015 Annual Report Download - page 55
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TableofContents
Interest Rate Risk
Ourexposuretomarketriskfromadversechangesininterestratesisprimarilyassociatedwithourlong-termdebtobligations.Marketriskassociatedwithour
fixedandvariableratelong-termdebtrelatestothepotentialreductioninfairvalueandnegativeimpacttofutureearnings,respectively,fromanincreasein
interestrates.
AtDecember31,2015,wehad$4.0billionoffixed-ratelong-termdebtand$4.1billionofvariable-ratelong-termdebt.Anincreaseof100basispointsin
averageannualinterestrateswouldhavedecreasedtheestimatedfairvalueofourfixed-ratelong-termdebtby$160millionatDecember31,2015andwouldhave
increasedtheannualinterestexpenseonourvariable-ratelong-termdebtby$39million,exclusiveoftheimpactofourinterestratehedgecontract.Wehaveone
interestratehedgecontractwithanotionalvalueof$384million.
Foreign Currency Exchange Risk
Wearesubjecttoforeigncurrencyexchangerateriskbecausewehaverevenueandexpensedenominatedinforeigncurrencieswithourprimaryexposures
beingtheJapaneseyenandCanadiandollar.Tomanageexchangeraterisk,weexecutebothourinternationalrevenueandexpensetransactionsinthesameforeign
currencytotheextentpracticable.Fromtimetotime,wemayalsoenterintoforeigncurrencyoptionandforwardcontracts.AtDecember31,2015,wehadopen
foreigncurrencyforwardcontractstotalinga$94millionassetposition.Weestimatethata10%depreciationorappreciationinthepriceoftheJapaneseyenand
CanadiandollarinrelationtotheU.S.dollarwouldchangetheprojectedcashsettlementvalueofouropenhedgecontractsbya$38milliongainor$46million
loss,respectively,fortheyearendingDecember31,2016.
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