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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
☑
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2020
Or
☐
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Commission File Number 001-5424
dal-20200930_g1.jpg
DELTA AIR LINES, INC.
(Exact name of registrant as specified in its charter)
Delaware58-0218548
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.)
Post Office Box 20706
Atlanta, Georgia
30320-6001
(Address of principal executive offices)(Zip Code)
Registrant's telephone number, including area code: (404) 715-2600

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading SymbolName of each exchange on which registered
Common Stock, par value $0.0001 per shareDALNew York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Yes ☑ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
Yes ☑ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer☑Accelerated filer ☐Non-accelerated filer ☐
Smaller reporting company☐Emerging growth company☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Yes ☐ No ☑
Number of shares outstanding by each class of common stock, as of September 30, 2020:
Common Stock, $0.0001 par value - 637,734,301 shares outstanding
This document is also available through our website at http://ir.delta.com/.




Table of Contents
Page



Unless otherwise indicated, the terms "Delta," "we," "us" and "our" refer to Delta Air Lines, Inc. and its subsidiaries.

FORWARD-LOOKING STATEMENTS

Statements in this Form 10-Q (or otherwise made by us or on our behalf) that are not historical facts, including statements about our estimates, expectations, beliefs, intentions, projections or strategies for the future, may be "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from historical experience or our present expectations. Known material risk factors applicable to Delta are described in "Item 1A. Risk Factors" of our Annual Report on Form 10-K for the fiscal year ended December 31, 2019 ("Form 10-K") and "Item 1A. Risk Factors" of Part II of this Form 10-Q, other than risks that could apply to any issuer or offering. All forward-looking statements speak only as of the date made, and we undertake no obligation to publicly update or revise any forward-looking statements to reflect events or circumstances that may arise after the date of this report except as required by law.

1

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Directors and Stockholders of
Delta Air Lines, Inc.

Results of Review of Interim Financial Statements

We have reviewed the accompanying consolidated balance sheet of Delta Air Lines, Inc. (the Company) as of September 30, 2020, the related condensed consolidated statements of operations and comprehensive (loss) income, and stockholders' equity for the three-month and nine-month periods ended September 30, 2020 and 2019, the condensed consolidated statements of cash flows for the nine-month periods ended September 30, 2020 and 2019 and the related notes (collectively referred to as the "condensed consolidated interim financial statements"). Based on our reviews, we are not aware of any material modifications that should be made to the condensed consolidated interim financial statements for them to be in conformity with U.S. generally accepted accounting principles.

We have previously audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated balance sheet of the Company as of December 31, 2019, the related consolidated statements of operations, comprehensive income, cash flows, and stockholders' equity for the year then ended, and the related notes (not presented herein); and in our report dated February 12, 2020, we expressed an unqualified audit opinion on those consolidated financial statements. In our opinion, the information set forth in the accompanying consolidated balance sheet as of December 31, 2019, is fairly stated, in all material respects, in relation to the consolidated balance sheet from which it has been derived.

Basis for Review Results

These financial statements are the responsibility of the Company's management. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the SEC and the PCAOB. We conducted our review in accordance with the standards of the PCAOB. A review of interim financial statements consists principally of applying analytical procedures and making inquiries of persons responsible for financial and accounting matters. It is substantially less in scope than an audit conducted in accordance with the standards of the PCAOB, the objective of which is the expression of an opinion regarding the financial statements taken as a whole. Accordingly, we do not express such an opinion.



/s/ Ernst & Young LLP
Atlanta, Georgia
October 13, 2020

2


DELTA AIR LINES, INC.
Consolidated Balance Sheets
(Unaudited)
(in millions, except share data)September 30,
2020		December 31,
2019
ASSETS
Current Assets:
Cash and cash equivalents$16,477 $2,882 
Short-term investments5,048 — 
Accounts receivable, net of an allowance for uncollectible accounts of $123 and $13 at September 30, 2020 and December 31, 2019, respectively
1,503 2,854 
Fuel inventory353 730 
Expendable parts and supplies inventories, net of an allowance for obsolescence of $208 and $82
at September 30, 2020 and December 31, 2019, respectively
393 521 
Prepaid expenses and other1,256 1,262 
Total current assets25,030 8,249 
Noncurrent Assets:
Property and equipment, net of accumulated depreciation and amortization of $18,280 and $17,027 at September 30, 2020 and December 31, 2019, respectively
26,602 31,310 
Operating lease right-of-use assets5,881 5,627 
Goodwill9,753 9,781 
Identifiable intangibles, net of accumulated amortization of $880 and $873 at September 30, 2020
and December 31, 2019, respectively
6,014 5,163 
Cash restricted for airport construction1,680 636 
Equity investments1,562 2,568 
Deferred income taxes, net1,305 120 
Other noncurrent assets1,249 1,078 
Total noncurrent assets54,046 56,283 
Total assets$79,076 $64,532 
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities:
Current maturities of debt and finance leases$5,045 $2,287 
Current maturities of operating leases714 801 
Air traffic liability4,379 5,116 
Accounts payable2,403 3,266 
Accrued salaries and related benefits1,904 3,701 
Loyalty program deferred revenue1,284 3,219 
Fuel card obligation1,100 736 
Other accrued liabilities2,896 1,078 
Total current liabilities19,725 20,204 
Noncurrent Liabilities:
Debt and finance leases29,825 8,873 
Noncurrent air traffic liability239 — 
Pension, postretirement and related benefits9,272 8,452 
Loyalty program deferred revenue5,805 3,509 
Noncurrent operating leases5,856 5,294 
Deferred income taxes, net— 1,456 
Other noncurrent liabilities4,997 1,386 
Total noncurrent liabilities55,994 28,970 
Commitments and Contingencies
Stockholders' Equity:
Common stock at $0.0001 par value; 1,500,000,000 shares authorized, 647,370,857 and 651,731,443
shares issued at September 30, 2020 and December 31, 2019, respectively
— — 
Additional paid-in capital11,241 11,129 
Retained earnings327 12,454 
Accumulated other comprehensive loss(7,939)(7,989)
Treasury stock, at cost, 9,636,556 and 8,959,730 shares at September 30, 2020 and
December 31, 2019, respectively
(272)(236)
Total stockholders' equity3,357 15,358 
Total liabilities and stockholders' equity$79,076 $64,532 
The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.

3

DELTA AIR LINES, INC.
Condensed Consolidated Statements of Operations and Comprehensive (Loss) Income
(Unaudited)
Three Months Ended September 30,
Nine Months Ended September 30,
(in millions, except per share data)2020201920202019
Operating Revenue:
Passenger$1,938 $11,410 $10,185 $32,032 
Cargo142 189 403 567 
Other982 961 2,534 2,969 
  Total operating revenue3,062 12,560 13,122 35,568 
Operating Expense:
Salaries and related costs1,956 2,884 6,814 8,275 
Aircraft fuel and related taxes486 2,239 2,453 6,508 
Regional carriers expense, excluding fuel488 900 1,888 2,698 
Depreciation and amortization545 631 1,813 1,960 
Contracted services379 685 1,398 1,974 
Landing fees and other rents378 460 1,195 1,321 
Ancillary businesses and refinery561 279 1,181 945 
Aircraft maintenance materials and outside repairs106 424 618 1,334 
Passenger commissions and other selling expenses94 539 498 1,505 
Passenger service88 345 433 938 
Aircraft rent99 110 295 318 
Restructuring charges5,345 — 7,798 — 
CARES Act grant recognition(1,315)— (2,595)— 
Profit sharing— 517 — 1,256 
Other238 476 944 1,317 
Total operating expense9,448 10,489 24,733 30,349 
Operating (Loss)/Income(6,386)2,071 (11,611)5,219 
Non-Operating Expense:
Interest expense, net(291)(70)(564)(228)
Impairments and equity method (losses)/gains(114)27 (2,432)(44)
Gain/(loss) on investments, net(95)(35)(199)(17)
Miscellaneous, net27 (46)327 (130)
Total non-operating expense, net(473)(124)(2,868)(419)
(Loss)/Income Before Income Taxes(6,859)1,947 (14,479)4,800 
Income Tax Benefit/(Provision)1,480 (452)2,849 (1,131)
Net (Loss)/Income$(5,379)$1,495 $(11,630)$3,669 
Basic (Loss)/Earnings Per Share$(8.47)$2.32 $(18.30)$5.61 
Diluted (Loss)/Earnings Per Share$(8.47)$2.31 $(18.30)$5.59 
Cash Dividends Declared Per Share$— $0.40 $0.40 $1.10 
Comprehensive (Loss)/Income$(5,381)$1,545 $(11,580)$3,849 
The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.

4

DELTA AIR LINES, INC.
Condensed Consolidated Statements of Cash Flows
(Unaudited)

Nine Months Ended September 30,
(in millions)20202019
Net Cash (Used In)/Provided by Operating Activities$(2,507)$7,455 
Cash Flows from Investing Activities:
Property and equipment additions:
Flight equipment, including advance payments(594)(2,774)
Ground property and equipment, including technology(757)(1,090)
Proceeds from sale-leaseback transactions465 — 
Purchase of short-term investments(8,700)— 
Redemption of short-term investments3,654 206 
Acquisition of strategic investments(2,099)(170)
Loans to others(235)— 
Other, net76 45 
Net cash used in investing activities(8,190)(3,783)
Cash Flows from Financing Activities:
Proceeds from short-term obligations3,261 1,750 
Proceeds from long-term obligations22,481 500 
Proceeds from sale-leaseback transactions2,306 — 
Payments on debt and finance lease obligations(2,318)(2,805)
Repurchase of common stock(344)(1,802)
Cash dividends(260)(721)
Fuel card obligation364 (636)
Other, net(177)(8)
Net cash provided by/(used in) financing activities25,313 (3,722)
Net Increase/(Decrease) in Cash, Cash Equivalents and Restricted Cash Equivalents14,616 (50)
Cash, cash equivalents and restricted cash equivalents at beginning of period3,730 2,748 
Cash, cash equivalents and restricted cash equivalents at end of period$18,346 $2,698 
Non-Cash Transactions:
Right-of-use assets acquired under operating leases$1,062 $459 
Flight and ground equipment acquired under finance leases347 619 
Operating leases converted to finance leases— 189 
The following table provides a reconciliation of cash, cash equivalents and restricted cash equivalents reported within the Consolidated Balance Sheets to the total of the same such amounts shown above:
September 30,
(in millions)20202019
Current assets:
Cash and cash equivalents$16,477 $1,899 
Restricted cash included in prepaid expenses and other189 46 
Noncurrent assets:
Cash restricted for airport construction1,680 753 
Total cash, cash equivalents and restricted cash equivalents$18,346 $2,698 
The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.

5

DELTA AIR LINES, INC.
Consolidated Statements of Stockholders' Equity
(Unaudited)

Common StockAdditional
Paid-In Capital		 Retained
Earnings		Accumulated
Other
Comprehensive Loss		Treasury Stock
(in millions, except per share data)SharesAmountSharesAmountTotal
Balance at December 31, 2019
652 $— $11,129 $12,454 $(7,989)9 $(236)$15,358 
Net loss— — — (534)— — — (534)
Dividends declared— — — (257)— — — (257)
Other comprehensive income— — — — 91 — — 91 
Shares of common stock issued and compensation expense associated with equity awards (Treasury shares withheld for payment of taxes, $56.48(1) per share)
1 — 29 — — 1 (34)(5)
Stock purchased and retired(6)— (104)(240)— — — (344)
Balance at March 31, 2020
647 $— $11,054 $11,423 $(7,898)10 $(270)$14,309 
Net loss— — — (5,717)— — — (5,717)
Other comprehensive loss— — — — (39)— — (39)
Shares of common stock issued and compensation expense associated with equity awards (Treasury shares withheld for payment of taxes, $25.56(1) per share)
— — 38 — — — (1)37 
CARES Act warrant issuance— — 100 — — — — 100 
Balance at June 30, 2020
647 $— $11,192 $5,706 $(7,937)10 $(271)$8,690 
Net loss— — — (5,379)— — — (5,379)
Other comprehensive loss— — — — (2)— — (2)
Shares of common stock issued and compensation expense associated with equity awards (Treasury shares withheld for payment of taxes, $28.29(1) per share)
— — 35 — — — (1)34 
CARES Act warrant issuance— — 14 — — — — 14 
Balance at September 30, 2020
647 $— $11,241 $327 $(7,939)10 $(272)$3,357 

(1)Weighted average price per share.

The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.

























6

DELTA AIR LINES, INC.
Consolidated Statements of Stockholders' Equity
(Unaudited)

Common StockAdditional
Paid-In Capital		 Retained
Earnings		Accumulated
Other
Comprehensive Loss		Treasury Stock
(in millions, except per share data)SharesAmountSharesAmountTotal
Balance at December 31, 2018
688 $— $11,671 $10,039 $(7,825)8 $(198)$13,687 
Net income— — — 730 — — — 730 
Dividends declared— — — (232)— — — (232)
Other comprehensive income— — — — 59 — — 59 
Shares of common stock issued and compensation expense associated with equity awards (Treasury shares withheld for payment of taxes, $49.75(1) per share)
2 — 27 — — 1 (35)(8)
Stock purchased and retired(26)— (444)(881)— — — (1,325)
Balance at March 31, 2019
664 $— $11,254 $9,656 $(7,766)9 $(233)$12,911 
Net income— — — 1,443 — — — 1,443 
Dividends declared— — — (229)— — — (229)
Other comprehensive income— — — — 72 — — 72 
Shares of common stock issued and compensation expense associated with equity awards (Treasury shares withheld for payment of taxes, $55.06(1) per share)
— — 31 — — — (2)29 
Stock purchased and retired(5)— (84)(184)— — — (268)
Balance at June 30, 2019
659 $— $11,201 $10,686 $(7,694)9 $(235)$13,958 
Net income— — — 1,495 — — — 1,495 
Dividends declared— — — (261)— — — (261)
Other comprehensive income— — — — 49 — — 49 
Shares of common stock issued and compensation expense associated with equity awards (Treasury shares withheld for payment of taxes, $58.68(1) per share)
— — 36 — — — (1)35 
Stock purchased and retired(3)— (60)(148)— — — (208)
Balance at September 30, 2019
656 $— $11,177 $11,772 $(7,645)9 $(236)$15,068 

(1)Weighted average price per share.

The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.
7

DELTA AIR LINES, INC.
Notes to the Condensed Consolidated Financial Statements
(Unaudited)

NOTE 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

The accompanying unaudited Condensed Consolidated Financial Statements include the accounts of Delta Air Lines, Inc. and our consolidated subsidiaries and have been prepared in accordance with accounting principles generally accepted in the United States ("GAAP") for interim financial information. Consistent with these requirements, this Form 10-Q does not include all the information required by GAAP for complete financial statements. As a result, this Form 10-Q should be read in conjunction with the Consolidated Financial Statements and accompanying Notes in our Form 10-K for the year ended December 31, 2019.

Management believes the accompanying unaudited Condensed Consolidated Financial Statements reflect all adjustments, including normal recurring items, considered necessary for a fair statement of results for the interim periods presented.

Due to severe impacts from the global COVID-19 (coronavirus) pandemic, seasonal variations in the demand for air travel, the volatility of aircraft fuel prices and other factors, operating results for the three and nine months ended September 30, 2020 are not necessarily indicative of operating results for the entire year.

We reclassified certain prior period amounts to conform to the current period presentation. Unless otherwise noted, all amounts disclosed are stated before consideration of income taxes.

Recent Accounting Standards

Credit Losses. In 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2016-13, "Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments." Under this ASU, an entity is required to utilize an "expected credit loss model" on certain financial instruments, including trade and financing receivables. This model requires consideration of a broader range of reasonable and supportable information and requires an entity to estimate expected credit losses over the lifetime of the asset. We adopted this standard effective January 1, 2020 and due to the COVID-19 pandemic, we recorded reserves on certain receivables, which are discussed further in Note 5, "Investments."

Income Taxes. In 2019, the FASB issued ASU No. 2019-12, "Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes." This standard simplifies the accounting and disclosure requirements for income taxes by clarifying existing guidance to improve consistency in application of ASC 740. This standard also removed the requirement to calculate income tax expense for the stand-alone financial statements of wholly-owned subsidiaries. We adopted the new standard effective January 1, 2020 during the September 2020 quarter with no material impact on our condensed consolidated financial statements.


NOTE 2. IMPACT OF THE COVID-19 PANDEMIC

The unprecedented and widespread impact of COVID-19 and the related travel restrictions and social distancing measures implemented throughout the world have significantly reduced demand for air travel. After initially impacting our service to China beginning in January, the spread of the virus and the resulting global pandemic next affected the majority of our international network and ultimately has significantly affected our domestic network. Beginning in March, large public events were cancelled, governmental authorities began imposing restrictions on non-essential activities, businesses suspended travel and popular leisure destinations temporarily closed to visitors. Certain countries that are key markets for our business have imposed bans on international travelers for specified periods or indefinitely.

8

As a result, demand for travel declined at a rapid pace in the March 2020 quarter and has remained depressed, which has had an unprecedented and materially adverse impact on our revenues and financial position. Although demand improved compared to the June 2020 quarter, it remains significantly below the prior year. The exact timing and p