Delta Airlines 2015 Annual Report Download - page 82

Download and view the complete annual report

Please find page 82 of the 2015 Delta Airlines annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 191

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122
  • 123
  • 124
  • 125
  • 126
  • 127
  • 128
  • 129
  • 130
  • 131
  • 132
  • 133
  • 134
  • 135
  • 136
  • 137
  • 138
  • 139
  • 140
  • 141
  • 142
  • 143
  • 144
  • 145
  • 146
  • 147
  • 148
  • 149
  • 150
  • 151
  • 152
  • 153
  • 154
  • 155
  • 156
  • 157
  • 158
  • 159
  • 160
  • 161
  • 162
  • 163
  • 164
  • 165
  • 166
  • 167
  • 168
  • 169
  • 170
  • 171
  • 172
  • 173
  • 174
  • 175
  • 176
  • 177
  • 178
  • 179
  • 180
  • 181
  • 182
  • 183
  • 184
  • 185
  • 186
  • 187
  • 188
  • 189
  • 190
  • 191

TableofContents
Availability Under Revolving Credit Facilities
Thetablebelowshowsavailabilityunderrevolvingcreditfacilities,allofwhichwereundrawn,asofDecember31,2015:
(inmillions)
RevolvingCreditFacility $ 1,500
PacificRevolvingCreditFacility 450
Otherrevolvingcreditfacilities 257
Totalavailabilityunderrevolvingcreditfacilities $ 2,207
Future Maturities
ThefollowingtablesummarizesscheduledmaturitiesofourdebtfortheyearssucceedingDecember31,2015:
(inmillions) TotalDebt
Amortizationof
DebtDiscountandDebt
IssueCost,net
2016 $ 1,442
$ (40)
2017 869
(39)
2018 2,061
(35)
2019 1,189
(22)
2020 456
(4)
Thereafter 2,081
(12)
Total $ 8,098
$ (152)
$ 7,946
Fair Value of Debt
Marketriskassociatedwithourfixed-andvariable-ratelong-termdebtrelatestothepotentialreductioninfairvalueandnegativeimpacttofutureearnings,
respectively,fromanincreaseininterestrates.Thefairvalueofdebt,shownbelow,isbasedprimarilyonreportedmarketvalues,recentlycompletedmarket
transactionsandestimatesbasedoninterestrates,maturities,creditriskandunderlyingcollateral.Long-termdebtisprincipallyclassifiedasLevel2withinthefair
valuehierarchy.
December31,
(inmillions) 2015 2014
Totaldebtatparvalue $ 8,098 $ 9,469
Unamortizeddiscountanddebtissuecost,net (152) (206)
Netcarryingamount $ 7,946 $ 9,263
Fairvalue $ 8,400 $ 9,800
NOTE7.LEASEOBLIGATIONS
Weleaseaircraft,airportterminals,maintenancefacilities,ticketofficesandotherpropertyandequipmentfromthirdparties.Rentalexpenseforoperating
leases,whichisrecordedonastraight-linebasisoverthelifeoftheleaseterm,totaled$1.2billionfortheyearsendedDecember31,2015and2014and$1.1
billionfortheyearendedDecember31,2013.Amountsdueundercapitalleasesarerecordedasliabilities,whileassetsacquiredundercapitalleasesarerecorded
aspropertyandequipment.Amortizationofassetsrecordedundercapitalleasesisincludedindepreciationandamortizationexpense.Ourairportterminalleases
includecontingentrents,whichvarybaseduponfacilityusage,enplanements,aircraftweightandotherfactors.Manyofouraircraft,facilityandequipmentleases
includerentalescalationclausesand/orrenewaloptions.Ourleasesdonotincluderesidualvalueguaranteesandwearenottheprimarybeneficiaryinorhaveother
formsofvariableinterestwiththelessoroftheleasedassets.Asaresult,wehavenotconsolidatedanyoftheentitiesthatleasetous.
76