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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, 2024
Or
☐
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Commission File Number 001-5424
deltacra01a01a01a02a58.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, 2024
Common Stock, $0.0001 par value - 645,281,221 shares outstanding
This document is also available through our website at http://ir.delta.com/.


Table of Contents
Page


Forward Looking Statements
Unless otherwise indicated or the context otherwise requires, 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, goals, aspirations, commitments 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, 2023 ("Form 10-K") and "Part II, Item 1A. Risk Factors" 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.

Delta Air Lines, Inc. | September 2024 Form 10-Q
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, 2024, the related condensed consolidated statements of operations and comprehensive income and consolidated statements of stockholders' equity for the three-month and nine-month periods ended September 30, 2024 and 2023, condensed consolidated statements of cash flows for the nine-month periods ended September 30, 2024 and 2023, 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, 2023, 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, 2024, 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, 2023, 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 Securities and Exchange Commission (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 10, 2024

Delta Air Lines, Inc. | September 2024 Form 10-Q
2
Financial Statements

DELTA AIR LINES, INC.
Consolidated Balance Sheets
(Unaudited)
(in millions, except share data)September 30,
2024		December 31,
2023
ASSETS
Current Assets:
Cash and cash equivalents$3,969 $2,741 
Short-term investments8 1,127 
Accounts receivable, net of allowance for uncollectible accounts of $17 and $17
3,550 3,130 
Fuel, expendable parts and supplies inventories, net of allowance for obsolescence of $130 and $123
1,467 1,314 
Prepaid expenses and other2,068 1,957 
Total current assets11,062 10,269 
Noncurrent Assets:
Property and equipment, net of accumulated depreciation and amortization of $22,964 and $21,707
36,862 35,486 
Operating lease right-of-use assets6,686 7,004 
Goodwill9,753 9,753 
Identifiable intangibles, net of accumulated amortization of $917 and $911
5,977 5,983 
Equity investments3,272 3,457 
Other noncurrent assets1,756 1,692 
Total noncurrent assets64,306 63,375 
Total assets$75,368 $73,644 
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities:
Current maturities of debt and finance leases$3,324 $2,983 
Current maturities of operating leases772 759 
Air traffic liability8,302 7,044 
Accounts payable4,545 4,446 
Accrued salaries and related benefits4,105 4,561 
Loyalty program deferred revenue4,122 3,908 
Fuel card obligation1,100 1,100 
Other accrued liabilities1,848 1,617 
Total current liabilities28,118 26,418 
Noncurrent Liabilities:
Debt and finance leases14,373 17,071 
Pension, postretirement and related benefits3,404 3,601 
Loyalty program deferred revenue4,630 4,512 
Noncurrent operating leases5,919 6,468 
Deferred income taxes, net1,675 908 
Other noncurrent liabilities3,603 3,561 
Total noncurrent liabilities33,604 36,121 
Commitments and Contingencies
Stockholders' Equity:
Common stock at $0.0001 par value; 1,500,000,000 shares authorized, 654,596,578 and 654,671,194
shares issued
— — 
Additional paid-in capital11,686 11,641 
Retained earnings7,940 5,650 
Accumulated other comprehensive loss(5,691)(5,845)
Treasury stock, at cost, 9,315,357 and 11,224,246 shares
(289)(341)
Total stockholders' equity13,646 11,105 
Total liabilities and stockholders' equity$75,368 $73,644 
The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.
Delta Air Lines, Inc. | September 2024 Form 10-Q
3
Financial Statements
DELTA AIR LINES, INC.
Condensed Consolidated Statements of Operations and Comprehensive Income
(Unaudited)
Three Months Ended September 30,
Nine Months Ended September 30,
(in millions, except per share data)2024202320242023
Operating Revenue:
Passenger$13,107 $13,119 $38,079 $36,735 
Cargo196 154 574 535 
Other2,374 2,215 7,431 6,555 
Total operating revenue15,677 15,488 46,084 43,825 
Operating Expense:
Salaries and related costs4,231 3,760 12,035 10,838 
Aircraft fuel and related taxes2,747 2,936 8,157 8,128 
Ancillary businesses and refinery1,250 1,128 4,083 3,427 
Contracted services1,069 1,004 3,134 3,009 
Landing fees and other rents832 679 2,347 1,880 
Aircraft maintenance materials and outside repairs627 661 1,990 1,860 
Depreciation and amortization643 594 1,878 1,731 
Passenger commissions and other selling expenses643 618 1,865 1,770 
Regional carrier expense600 546 1,731 1,664 
Passenger service463 449 1,339 1,307 
Profit sharing320 417 964 1,084 
Aircraft rent137 131 411 395 
Pilot agreement and related expenses— — — 864 
Other718 581 1,872 1,669 
Total operating expense14,280 13,504 41,806 39,626 
Operating Income1,397 1,984 4,278 4,199 
Non-Operating Income/(Expense):
Interest expense, net(173)(196)(567)(627)
Gain/(loss) on investments, net350 (206)(73)45 
Loss on extinguishment of debt— (13)(36)(63)
Miscellaneous, net(13)(48)(146)(221)
Total non-operating income/(expense), net164 (463)(822)(866)
Income Before Income Taxes1,561 1,521 3,456 3,333 
Income Tax Provision(289)(413)(842)(761)
Net Income$1,272 $1,108 $2,614 $2,572 
Basic Earnings Per Share$1.98 $1.73 $4.08 $4.03 
Diluted Earnings Per Share$1.97 $1.72 $4.04 $4.00 
Comprehensive Income$1,321 $1,157 $2,768 $2,713 
The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.

Delta Air Lines, Inc. | September 2024 Form 10-Q
4
Financial Statements
DELTA AIR LINES, INC.
Condensed Consolidated Statements of Cash Flows
(Unaudited)
Nine Months Ended September 30,
(in millions)20242023
Net Cash Provided by Operating Activities$6,131 $5,919 
Cash Flows from Investing Activities:
Property and equipment additions:
Flight equipment, including advance payments(2,944)(2,560)
Ground property and equipment, including technology(886)(1,161)
Purchase of short-term investments— (2,312)
Redemption of short-term investments1,130 3,488 
Acquisition of strategic investments— (152)
Other, net130 84 
Net cash used in investing activities(2,570)(2,613)
Cash Flows from Financing Activities:
Payments on debt and finance lease obligations(2,411)(3,710)
Cash dividends(225)(64)
Other, net(34)(36)
Net cash used in financing activities(2,670)(3,810)
Net Increase/(Decrease) in Cash, Cash Equivalents and Restricted Cash Equivalents891 (504)
Cash, cash equivalents and restricted cash equivalents at beginning of period3,395 3,473 
Cash, cash equivalents and restricted cash equivalents at end of period$4,286 $2,969 
Non-Cash Transactions:
Right-of-use assets acquired or modified under operating leases$217 $443 
Flight and ground equipment acquired or modified under finance leases(17)37 
Operating leases converted to finance leases— 53 
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)20242023
Current assets:
Cash and cash equivalents$3,969 $2,835 
Restricted cash included in prepaid expenses and other97 134 
Noncurrent assets:
Restricted cash included in other noncurrent assets220 — 
Total cash, cash equivalents and restricted cash equivalents$4,286 $2,969 
The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.


Delta Air Lines, Inc. | September 2024 Form 10-Q
5
Financial Statements
DELTA AIR LINES, INC.
Consolidated Statements of Stockholders' Equity
(Unaudited)
Common StockAdditional
Paid-In Capital		Retained EarningsAccumulated Other Comprehensive LossTreasury Stock
(in millions, except per share data)SharesAmountSharesAmountTotal
Balance at December 31, 2023
655 $— $11,641 $5,650 $(5,845)11 $(341)$11,105 
Net income— — — 37 — — — 37 
Dividends declared ($0.10 per share)
— — — (65)— — — (65)
Other comprehensive income— — — — 52 — — 52 
Common stock issued for employee equity awards(1)
2 — 47 — — 1 (25)22 
Balance at March 31, 2024
657 $— $11,688 $5,622 $(5,793)12 $(366)$11,151 
Net income— — — 1,305 — — — 1,305 
Dividends declared ($0.10 and $0.15 per share)
— — — (162)— — — (162)
Other comprehensive income— — — — 53 — — 53 
Common stock issued for employee equity awards(1)
(2)— (41)— — (3)80 39 
Balance at June 30, 2024
655 $— $11,647 $6,765 $(5,740)9 $(286)$12,386 
Net income— — — 1,272 — — — 1,272 
Dividends declared ($0.15 per share)
— — — (97)— — — (97)
Other comprehensive income— — — — 49 — — 49 
Common stock issued for employee equity awards(1)
— — 39 — — — (3)36 
Balance at September 30, 2024
655 $— $11,686 $7,940 $(5,691)9 $(289)$13,646 
(1)Treasury shares were withheld for payment of taxes, at a weighted average price per share of $39.83, $50.04 and $43.27 in the March 2024 quarter, June 2024 quarter and September 2024 quarter, respectively.


Common StockAdditional
Paid-In Capital		Retained EarningsAccumulated Other Comprehensive LossTreasury Stock
(in millions, except per share data)SharesAmountSharesAmountTotal
Balance at December 31, 2022
652 $— $11,526 $1,170 $(5,801)11 $(313)$6,582 
Net loss— — — (363)— — — (363)
Other comprehensive income— — — — 47 — — 47 
Common stock issued for employee equity awards(1)
2 — 18 — — — (24)(6)
Balance at March 31, 2023
654 $— $11,544 $807 $(5,754)11 $(337)$6,260 
Net income— — — 1,827 — — — 1,827 
Dividends declared ($0.10 per share)
— — — (65)— — — (65)
Other comprehensive income— — — — 45 — — 45 
Common stock issued for employee equity awards(1)
1 — 34 — — — (1)33 
Balance at June 30, 2023
655 $— $11,578 $2,569 $(5,709)11 $(338)$8,100 
Net income— — — 1,108 — — — 1,108 
Dividends declared ($0.10 per share)
— — — (64)— — — (64)
Other comprehensive income— — — — 49 — — 49 
Common stock issued for employee equity awards(1)
— — 35 — — — (2)33 
Balance at September 30, 2023
655 $— $11,613 $3,613 $(5,660)11 $(340)$9,226 
(1)Treasury shares were withheld for payment of taxes, at a weighted average price per share of $39.73, $36.76 and $45.34 in the March 2023 quarter, June 2023 quarter and September 2023 quarter, respectively.

The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.
Delta Air Lines, Inc. | September 2024 Form 10-Q
6
Notes to the Condensed Consolidated Financial Statements
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, 2023.

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 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, 2024 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.


NOTE 2. REVENUE RECOGNITION

Passenger Revenue
Three Months Ended September 30,
Nine Months Ended September 30,
(in millions)2024202320242023
Ticket$11,645 $11,733 $33,827 $32,801 
Loyalty travel awards978 902 2,798 2,547 
Travel-related services484 484 1,454 1,387 
Passenger revenue$13,107 $13,119 $38,079 $36,735 

Ticket

We recognized approximately $6.2 billion and $6.7 billion in passenger revenue during the nine months ended September 30, 2024 and 2023, respectively, that had been recorded in our air traffic liability balance at the beginning of those periods.

Loyalty Travel Awards

Loyalty travel awards revenue is related to the redemption of mileage credits ("miles") for air travel. Our SkyMiles loyalty program allows customers to earn miles by flying on Delta, Delta Connection and other airlines that participate in the loyalty program. Customers can also earn miles through participating companies, such as credit card, retail, ridesharing, car rental and hotel companies, who purchase miles from us. Our most significant contract to sell miles relates to our co-brand credit card relationship with American Express. During the nine months ended September 30, 2024 and 2023, total cash sales from marketing agreements related to our loyalty program were $5.5 billion and $5.2 billion, respectively, which are allocated to travel and other performance obligations.

Current Activity of the Loyalty Program. Miles are combined in one homogeneous pool and are not separately identifiable. Therefore, revenue is comprised of miles that were part of the loyalty program deferred revenue balance at the beginning of the period as well as miles that were issued during the period. The timing of mile redemptions can vary widely; however, the majority of miles have historically been redeemed within two years of being earned.

Delta Air Lines, Inc. | September 2024 Form 10-Q
7
Notes to the Condensed Consolidated Financial Statements
The table below presents the activity of the current and noncurrent loyalty program deferred revenue and includes miles earned through travel and miles sold to participating companies, which are primarily through marketing agreements.

Loyalty program activity
(in millions)20242023
Balance at January 1$8,420 $7,882 
Miles earned3,303 3,164 
Miles redeemed for air travel(2,798)(2,547)
Miles redeemed for non-air travel and other(173)(126)
Balance at September 30
$8,752 $8,373 

Travel-Related Services

Travel-related services are primarily composed of services performed in conjunction with a passenger’s flight and include baggage fees, administrative fees and on-board sales.

Other Revenue
Three Months Ended September 30,
Nine Months Ended September 30,
(in millions)2024202320242023
Refinery$1,083 $935 $3,520 $2,817 
Loyalty program820 791 2,451 2,291 
Ancillary businesses161 212 554 657 
Miscellaneous310 277 906 790 
Other revenue$2,374 $2,215 $7,431 $6,555 

Refinery. This represents refinery sales to third parties. See Note 9, "Segments," for more information on revenue recognition within our refinery segment.

Loyalty Program. This relates to revenues from brand usage by third parties and other performance obligations embedded in miles sold, which are included within the total cash sales from marketing agreements discussed above. This also includes the redemption of miles for non-air travel and other awards.

Ancillary Businesses. This includes revenues from aircraft maintenance services we provide to third parties and our vacation wholesale operations.

Miscellaneous. This is primarily composed of revenues related to lounge access, including access provided to certain American Express cardholders, codeshare agreements and certain other commercial relationships.

Delta Air Lines, Inc. | September 2024 Form 10-Q
8
Notes to the Condensed Consolidated Financial Statements
Revenue by Geographic Region

Operating revenue for the airline segment is recognized in a specific geographic region based on the origin, flight path and destination of each flight segment. A significant portion of the refinery segment's revenues typically consists of fuel sales to support the airline, which is eliminated in the Condensed Consolidated Financial Statements. The remaining operating revenue for the refinery segment is included in the domestic region. Our passenger and operating revenue by geographic region is summarized in the following tables:

Passenger revenue by geographic region
Three Months Ended September 30,
Nine Months Ended September 30,
(in millions)2024202320242023
Domestic$8,652 $8,662 $26,033 $25,200 
Atlantic3,029 3,110 7,159 7,157 
Latin America779 788 3,008 2,846 
Pacific647 559 1,879 1,532 
Total$13,107 $13,119 $38,079 $36,735 

Operating revenue by geographic region
Three Months Ended September 30,
Nine Months Ended September 30,
(in millions)2024202320242023
Domestic$10,609 $10,461 $32,216 $30,607 
Atlantic3,418 3,497 8,209 8,223 
Latin America889 891 3,432 3,208 
Pacific761 639 2,227 1,787 
Total$15,677 $15,488 $46,084 $43,825 


NOTE 3. FAIR VALUE MEASUREMENTS

Assets/(Liabilities) Measured at Fair Value on a Recurring Basis
(in millions)September 30,
2024		Level 1Level 2Level 3
Cash equivalents$2,718 $2,718 $— $— 
Restricted cash equivalents316 316 — — 
Short-term investments - Other fixed income securities8 — 8 — 
Long-term investments and related2,723 2,460 149 114 
Fuel hedge contracts1 — 1 — 

(in millions)December 31,
2023		Level 1Level 2Level 3
Cash equivalents$1,545 $1,545 $— $— 
Restricted cash equivalents653 653 — — 
Short-term investments
U.S. Government securities859 204 655 — 
Corporate obligations218 — 218 — 
Other fixed income securities50 — 50 — 
Long-term investments and related2,867 2,614 134 119 
Fuel hedge contracts5 — 5 — 
Delta Air Lines, Inc. | September 2024 Form 10-Q
9
Notes to the Condensed Consolidated Financial Statements
Cash Equivalents and Restricted Cash Equivalents. Cash equivalents generally consist of money market funds. Restricted cash equivalents generally consist of money market funds, time deposits, commercial paper and negotiable certificates of deposit. Restricted cash equivalents primarily relate to proceeds from debt issued to finance, among other things, a portion of the construction costs for our new terminal facilities at New York's LaGuardia Airport as well as certain self-insurance obligations and airport commitments. Restricted cash equivalents are recorded in other noncurrent assets and prepaid expenses and other on our Consolidated Balance Sheet ("balance sheet"). The fair value of these cash equivalents is based on a market approach using prices generated by market transactions involving identical or comparable assets.

Short-Term Investments. The fair values of our short-term investments are based on a market approach using industry standard valuation techniques that incorporate observable inputs such as quoted market prices, interest rates, benchmark curves, credit ratings of the security and other observable information. These investments are primarily expected to mature in one year or less. Investments with maturities beyond one year when purchased may be classified as short-term investments if they are expected to be available to support our short-term liquidity needs.

Long-Term Investments and Related. Our long-term investments measured at fair value primarily consist of equity investments, which are valued based on market prices or other observable transactions and inputs, and are recorded in equity investments on our balance sheet. Our equity investments in private companies are classified as Level 3 in the fair value hierarchy as their equity is not traded on a public exchange and our valuations incorporate certain unobservable inputs, including non-public equity issuances. Fair value measurement using unobservable inputs is inherently uncertain, and a change in significant inputs could result in different fair values. See Note 4, "Investments," for further information on our equity investments.

Fuel Hedge Contracts. Our derivative contracts to hedge the financial risk from changing fuel prices are related to inventory at our wholly-owned subsidiary, Monroe Energy, LLC ("Monroe"). We recognized gains of $89 million and $9 million on our fuel hedge contracts in aircraft fuel and related taxes on our Condensed Consolidated Statements of Operations and Comprehensive Income ("income statement") for the three and nine months ended September 30, 2024, respectively, compared to losses of $140 million and $96 million for the three and nine months ended September 30, 2023, respectively. The gains recognized during the first nine months of 2024 were composed of $4 million of mark-to-market losses and $13 million of settlement gains on contracts. Gains and losses on settled contracts are reflected within Monroe's operating results. See Note 9, "Segments," for further information on our refinery segment.


NOTE 4. INVESTMENTS

Equity investments ownership interest and carrying value
Accounting TreatmentOwnership InterestCarrying Value
(in millions)September 30, 2024December 31, 2023September 30, 2024December 31, 2023
Air France-KLMFair Value3 %3 %$74 $110 
China EasternFair Value2 %2 %143 134 
Grupo AeroméxicoEquity Method20 %20 %426 421 
Hanjin KAL
Fair Value(1)
15 %15 %624 561 
LATAMFair Value10 %10 %782 658 
Unifi AviationEquity Method49 %49 %139 162 
Wheels Up
Fair Value(2)
38 %38 %637 903 
Other investmentsVarious447 508 
Equity investments$3,272 $3,457 
(1)At September 30, 2024, we held 14.8% of the outstanding shares (including common and preferred), and 14.9% of the common shares, of Hanjin KAL.
(2)Our voting rights with respect to Wheels Up are capped at 29.9%.

Wheels Up. During the September 2024 quarter, we and the other lead investors agreed to extend the contractual transfer restrictions on our investments in Wheels Up until September 20, 2025. Following the expiration of this restriction, our equity investment in Wheels Up will continue to be subject to certain, more limited transfer restrictions.
Delta Air Lines, Inc. | September 2024 Form 10-Q
10
Notes to the Condensed Consolidated Financial Statements
NOTE 5. DEBT

Summary of outstanding debt by category
(in millions)Maturity Dates
Interest Rate(s) Per
Annum at
September 30, 2024
September 30,
2024
December 31,
2023
Unsecured Payroll Support Program Loans2030to20311.00%$3,496 $3,496 
Unsecured notes2024to20292.90%to7.38%2,575 2,590 
Financing arrangements secured by SkyMiles assets:
SkyMiles Notes(1)
2024to20284.50%and4.75%4,107 4,518 
SkyMiles Term Loan(1)(2)
2024to20279.03%850 1,772 
NYTDC Special Facilities Revenue Bonds(1)
2025to20454.00%to6.00%3,591 3,656 
Financing arrangements secured by aircraft:
Certificates(1)
2024to20282.00%to8.00%1,033 1,591 
Notes(1)(2)
2024to20337.20%to7.52%89 165 
Financing arrangements secured by slots, gates and/or routes:
Senior Secured Notes20257.00%812 838 
Other financings(1)(2)
2024to20302.51%to5.00%66 67 
Corporate Revolving Credit Facility(2)
2026to2028Undrawn— — 
Other revolving credit facilities(2)
2025to2026Undrawn— — 
Total secured and unsecured debt$16,619 $18,693 
Unamortized (discount)/premium and debt issue cost, net and other(38)(83)
Total debt$16,581 $18,610 
Less: current maturities(2,700)(2,625)
Total long-term debt$13,881 $15,985 
(1)Due in installments during the years shown above.
(2)Certain financings are comprised of variable rate debt. All variable rates are equal to SOFR (generally subject to a floor) or another index rate, plus a specified margin.

Availability Under Revolving Credit Facilities

As of September 30, 2024, we had approximately $2.9 billion undrawn and available under our revolving credit facilities.

Early Settlement of Outstanding Notes

During the nine months ended September 30, 2024, through early principal repayments and open market repurchases, we extinguished an aggregate principal amount of $744 million related to a portion of the SkyMiles Term Loan and various secured and unsecured notes. These payments resulted in a $36 million loss on extinguishment of debt recorded in non-operating expense in our income statement.

Corporate Revolving Credit Facility

In July 2024, Fitch upgraded Delta's credit rating to BBB-, an investment grade metric, which satisfied the collateral release conditions under the Corporate Revolving Credit Facility. As a result, the liens on collateral, including our Pacific route authorities and certain related other assets, were released in the September 2024 quarter. Additionally, the minimum collateral coverage ratio and minimum liquidity covenants were replaced by minimum fixed charge coverage ratio and minimum asset coverage ratio covenants.

Delta Air Lines, Inc. | September 2024 Form 10-Q
11
Notes to the Condensed Consolidated Financial Statements
Fair Value of Debt

Market risk associated with our fixed- and variable-rate 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 principally based on reported market values, recently completed market transactions and estimates based on interest rates, maturities, credit risk and underlying collateral. Debt is primarily classified as Level 1 or 2 within the fair value hierarchy.

Fair value of outstanding debt
(in millions)September 30,
2024		December 31,
2023
Net carrying amount$16,581 $18,610 
Fair value$16,600 $18,400 

Covenants

Our debt agreements contain various affirmative, negative and financial covenants. We were in compliance with the covenants in our debt agreements at September 30, 2024.


NOTE 6. EMPLOYEE BENEFIT PLANS

We sponsor defined benefit and defined contribution pension plans, healthcare plans and disability and survivorship plans for eligible employees and retirees and their eligible family members. The net periodic cost table below includes our domestic defined benefit pension plans and postretirement healthcare plans.

Employee benefit plans net periodic cost
Pension BenefitsOther Postretirement and Postemployment Benefits
(in millions)2024202320242023
Three Months Ended September 30,
Service cost$— $— $23 $18 
Interest cost201 213 45 50 
Expected return on plan assets(263)(264)(1)— 
Amortization of prior service credit— — (1)(1)
Recognized net actuarial loss62 60 5 3 
Net periodic cost$— $9 $71 $70 
Nine Months Ended September 30,
Service cost$— $— $69 $54 
Interest cost603 638 136 150 
Expected return on plan assets(789)(791)(2)(1)
Amortization of prior service credit— — (3)(4)
Recognized net actuarial loss186 179 14 10 
Net periodic cost$— $26 $214 $209 

Service cost is recorded in salaries and related costs in our income statement, while all other components are recorded within miscellaneous, net under non-operating expense.

We also sponsor defined benefit pension plans for eligible employees in certain foreign countries and a market based cash balance plan for eligible pilots, which have immaterial obligations. These plans are not included in the net periodic cost table above.


Delta Air Lines, Inc. | September 2024 Form 10-Q
12
Notes to the Condensed Consolidated Financial Statements
NOTE 7. COMMITMENTS AND CONTINGENCIES

Aircraft Purchase Commitments

Our future aircraft purchase commitments totaled approximately $19.0 billion at September 30, 2024.

Aircraft purchase commitments(1)
(in millions)Total
Three months ending December 31, 2024$940 
20253,250 
20264,930 
20274,770 
20283,510 
Thereafter1,630 
Total$19,030 
(1)The timing of these commitments is based on our contractual agreements with the aircraft manufacturers and remains uncertain due to supply chain, manufacturing and regulatory constraints.

Our future aircraft purchase commitments included the following aircraft at September 30, 2024:

Aircraft purchase commitments by fleet type
Aircraft TypePurchase Commitments
A220-30074 
A321-200neo91 
A330-900neo9 
A350-90011 
A350-100020 
B-737-10100 
Total305 

Aircraft Orders

In January 2024, we entered into a purchase agreement with Airbus for 20 A350-1000 aircraft, with an option to purchase an additional 20 widebody aircraft. Deliveries of these aircraft are scheduled to begin in 2026.

In the September 2024 quarter we amended our purchase agreement with Boeing and received an updated delivery schedule for our Boeing 737-10 orders. We now expect to take delivery of our first 20 aircraft in 2026 and 80 aircraft thereafter.

Legal Contingencies

We are involved in various legal proceedings related to employment practices, environmental issues, commercial disputes, antitrust and other regulatory matters concerning our business. We record liabilities for losses from legal proceedings when we determine that it is probable that the outcome in a legal proceeding will be unfavorable and the amount of loss can be reasonably estimated. Although the outcome of the legal proceedings in which we are involved cannot be predicted with certainty, we believe that the resolution of current matters will not have a material adverse effect on our Condensed Consolidated Financial Statements.


Delta Air Lines, Inc. | September 2024 Form 10-Q
13
Notes to the Condensed Consolidated Financial Statements
NOTE 8. ACCUMULATED OTHER COMPREHENSIVE LOSS

Components of accumulated other comprehensive loss
(in millions)Pension and Other Benefit LiabilitiesOtherTax EffectTotal
Balance at January 1, 2024
$(6,681)$40 $796 $(5,845)
Changes in value— 3 — 3 
Reclassifications into earnings(1)
197 — (46)151 
Balance at September 30, 2024
$(6,484)$43 $750 $(5,691)

Balance at January 1, 2023
$(6,624)$41 $782 $(5,801)
Changes in value— (1)— (1)
Reclassifications into earnings(1)
185 — (43)142 
Balance at September 30, 2023
$(6,439)$40 $739 $(5,660)
(1)Amounts reclassified from accumulated other comprehensive loss for pension and other benefit liabilities are recorded in miscellaneous, net in non-operating expense in our income statement.


NOTE 9. SEGMENTS

Refinery Operations

Our refinery segment operates for the benefit of the airline segment by providing jet fuel to the airline segment from its own production and from jet fuel obtained through agreements with third parties. The refinery's production consists of jet fuel, as well as non-jet fuel products. We use several counterparties to exchange non-jet fuel products produced by the refinery for jet fuel consumed in our airline operations.

Segment Reporting

Segment results are prepared based on our internal accounting methods described below, with reconciliations to consolidated amounts in accordance with GAAP. Our segments are not designed to measure operating income or loss directly related to the products and services included in each segment on a stand-alone basis.

Financial information by segment
(in millions)AirlineRefineryIntersegment Sales/OtherConsolidated
Three Months Ended September 30, 2024
Operating revenue$14,594 $1,912 $(829)
(1)
$15,677 
Depreciation and amortization643 29 (29)
(2)
643 
Operating income/(loss)
1,430 (33)
(2)
— 1,397 
Interest expense/(income), net173 (8)8 173 
Total assets, end of period72,954 2,490 (76)75,368 
Capital expenditures1,312 16 — 1,328 
Three Months Ended September 30, 2023
Operating revenue$14,553 $1,886 $(951)
(1)
$15,488 
Depreciation and amortization594 23 (23)
(2)
594 
Operating income
1,865 119 
(2)
— 1,984 
Interest expense, net196 6 (6)196 
Total assets, end of period69,851 3,397 (1)73,247 
Capital expenditures1,201 68 — 1,269 
Delta Air Lines, Inc. | September 2024 Form 10-Q
14
Notes to the Condensed Consolidated Financial Statements

(in millions)AirlineRefineryIntersegment Sales/OtherConsolidated
Nine Months Ended September 30, 2024
Operating revenue$42,564 $6,011 $(2,491)
(1)
$46,084 
Depreciation and amortization1,878 86 (86)
(2)
1,878 
Operating income4,202 76 
(2)
— 4,278 
Interest expense, net567 3 (3)567 
Capital expenditures3,783 47 — 3,830 
Nine Months Ended September 30, 2023
Operating revenue$41,008 $6,274 $(3,457)
(1)
$43,825 
Depreciation and amortization1,731 69 (69)
(2)
1,731 
Operating income3,814 385 
(2)
— 4,199 
Interest expense, net627 14 (14)627 
Capital expenditures3,594 127 — 3,721 
(1)See table below for detail of the intersegment operating revenue amounts.
(2)Refinery segment operating results, including depreciation and amortization, are included within aircraft fuel and related taxes in our income statement.

Operating revenue intersegment sales/other
Three Months Ended September 30,
Nine Months Ended September 30,
(in millions)2024202320242023
Sales to airline segment(1)
$(369)$(385)$(1,147)$(1,346)
Exchanged products(2)
(349)(519)(1,147)(1,848)
Sales of refined products
(111)(47)(197)(263)
Total operating revenue intersegment sales/other$(829)$(951)$(2,491)$(3,457)
(1)Represents transfers, valued on a market price basis, from the refinery to the airline segment for use in airline operations. We determine market price for jet fuel from the refinery by reference to the market index for the primary delivery location, which is New York Harbor.
(2)Represents value of products delivered under our exchange agreements, as discussed above, determined on a market price basis.


NOTE 10. EARNINGS PER SHARE

We calculate basic earnings per share by dividing net income by the weighted average number of common shares outstanding, excluding restricted shares. We calculate diluted earnings per share by dividing net income by the weighted average number of common shares outstanding plus the dilutive effect of outstanding share-based instruments, including stock options, restricted stock awards and warrants. Antidilutive common stock equivalents excluded from the diluted earnings per share calculation are not material. The following table shows the computation of basic and diluted earnings per share:

Basic and diluted earnings per share
Three Months Ended September 30,
Nine Months Ended September 30,
(in millions, except per share data)2024202320242023
Net income$1,272 $1,108 $2,614 $2,572 
Basic weighted average shares outstanding641 639 640 639 
Dilutive effect of share-based instruments6 5 7 4 
Diluted weighted average shares outstanding647 644 647 643 
Basic earnings per share$1.98 $1.73 $4.08 $4.03 
Diluted earnings per share$1.97 $1.72 $4.04 $4.00 
Delta Air Lines, Inc. | September 2024 Form 10-Q
15
Item 2. MD&A
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our Condensed Consolidated Financial Statements and the related notes and other financial information included elsewhere in this Quarterly Report on Form 10-Q and our audited Consolidated Financial Statements and related notes included in our 2023 Form 10-K.

September 2024 Quarter Financial Highlights

Our operating income for the September 2024 quarter was $1.4 billion, a decrease of $587 million compared to the September 2023 quarter.

Revenue. Compared to the September 2023 quarter, our total revenue increased $189 million, or 1%, due to increased revenue related to refinery sales to third parties and a 4% increase in capacity. Passenger revenue was comparable to the September 2023 quarter on an increase in revenue for premium products and loyalty travel awards, offset by a decrease in main cabin ticket revenue. Total revenue, adjusted (a non-GAAP financial measure, which excludes revenue related to refinery sales to third parties) increased in the September 2024 quarter by $41 million compared to the September 2023 quarter.

In July 2024, our operations were significantly disrupted by the CrowdStrike-caused outage. We estimate that this disruption led to a direct revenue impact of approximately $380 million related to approximately 7,000 flight cancellations over five days, which reduced our expected year-over-year capacity growth in the quarter by approximately 1.5 percentage points.

Operating Expense. Total operating expense in the September 2024 quarter increased $776 million, or 6%, compared to the September 2023 quarter, primarily due to costs associated with the 4% increase in capacity, higher employee costs from increased wages, increased landing fees and other rents and costs associated with the CrowdStrike-caused outage. The outage and operational recovery resulted in approximately $170 million of additional operating expenses primarily due to customer expense reimbursements and crew-related costs. Fuel expense was approximately $50 million lower than it would have been as a result of the 7,000 flight cancellations over the five-day period. Total operating expense, adjusted (a non-GAAP financial measure, which primarily excludes expenses related to refinery sales to third parties) in the September 2024 quarter increased $631 million, or 5%, compared to the September 2023 quarter.

Our total operating cost per available seat mile ("CASM") increased 2% compared to the September 2023 quarter, primarily for the same reasons as the increase in total operating expense. Non-fuel unit cost ("CASM-Ex", a non-GAAP financial measure) increased 5.7%.

Cash Flow. Our cash, cash equivalents, short-term investments and aggregate undrawn principal amount available under our revolving credit facilities ("liquidity") as of September 30, 2024 was $6.9 billion.

During the September 2024 quarter, operating activities generated $1.3 billion, primarily from ticket sales. Total cash sales to American Express were $1.8 billion in the September 2024 quarter, an increase of approximately 6% compared to the September 2023 quarter.

Cash flows used in investing activities during the quarter totaled $1.1 billion primarily from capital expenditures. These operating and investing activities yielded free cash flow (a non-GAAP financial measure) of $95 million in the September 2024 quarter. Additionally, we had cash outflows of $263 million related to repayments of our debt and finance leases.

The non-GAAP financial measures referenced above for total revenue, adjusted, operating expense, adjusted, CASM-Ex and free cash flow are defined and reconciled in "Supplemental Information" below.


Delta Air Lines, Inc. | September 2024 Form 10-Q
16
Item 2. MD&A - Results of Operations
Results of Operations - Three Months Ended September 30, 2024 and 2023

Total Operating Revenue
Three Months Ended September 30,
Increase (Decrease)% Increase (Decrease)
(in millions)(1)
20242023
Ticket - Main cabin$6,309 $6,620 $(311)(5)%
Ticket - Premium products5,336 5,113 223 4 %
Loyalty travel awards978 902 76 8 %
Travel-related services484 484 — — %
Passenger revenue$13,107 $13,119 $(12)— %
Cargo196 154 42 27 %
Other2,374 2,215 159 7 %
Total operating revenue$15,677 $15,488 $189 1 %
TRASM (cents)20.58 ¢21.15 ¢(0.57)¢(3)%
Third-party refinery sales
(1.42)(1.28)(0.14)11 %
TRASM, adjusted(2)
19.16