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美國
證券交易委員會
華盛頓特區20549

表格 10-Q
☑
根據證券交易法第13條或第15(d)條規定的季度報告 1934年交易法
截至季度結束日期的財務報告2024年9月30日
或者
☐
根據證券交易法第13條或第15(d)條規定的過渡報告 1934年交易法
委員會文件號 001-5424
deltacra01a01a01a02a58.jpg
達美航空公司
(根據其章程規定的註冊人準確名稱)
特拉華州58-0218548
（設立或組織的其他管轄區域）（納稅人識別號碼）
郵政信箱20706號
亞特蘭大, 喬治亞州
30320-6001
，（主要行政辦公地址）(郵政編碼)
報告人電話號碼，包括區號：（404) 715-2600

在法案第12(b)條的規定下注冊的證券：
每一類的名稱交易代碼在其上註冊的交易所的名稱
普通股，每股面值爲$0.0001請覈對註冊人是否符合1933年證券法規則405（17 CFR 230.405）或1934年證券交易法規則12b-2（17 CFR 240.12b-2）中定義的成長企業的要求。請使用moomoo賬號登錄查看New York Stock Exchange
請在檢查標記處註明註冊人（1）是否已在證券交易法第13或15（d）條所規定的過去12個月（或註冊人需要提交此類報告的較短期間）內提交了所有必須提交的報告，並且（2）自過去90天以來一直受到此類提交要求的限制。
是 ☑ 沒有 ☐
在檢查標記中表明註冊人是否已經在過去的12個月內（或者爲註冊人需要提交這些文件的較短期間）根據S-T法規405規定，遞交了每個互動數據文件。
是 ☑ 沒有 ☐
請在檢查標記中表明註冊人是一個大型加速文件提交人、一個加速文件提交人、一個非加速文件提交人、一個較小的報告公司，還是一個新興成長公司。請參閱《證券交易法1934年規則120億.2》中「大型加速文件提交人」、「加速文件提交人」、「較小報告公司」和「新興成長公司」的定義。
大型加速報告人☑如果是新興增長公司，請勾選是否註冊人選擇不使用執行交易所第13（a）條規定所提供的任何新的或修訂的財務會計準則的推遲過渡期。 ☐☐非加速歸檔企業☐
較小的報告公司☐新興成長公司☐
如果是新興成長型企業，請勾選複選標記，表明註冊者已選擇不使用延長過渡期來符合根據證券交易法第13(a)條規定提供的任何新財務會計準則。 ☐
請在複選標誌處註明公司是否爲殼公司（根據交易所法令第12b-2條的定義）。
是的 ☐ 不 ☑
截至2024年9月30日，每一類普通股的流通股數量。
普通股，面值爲$0.0001 - 645,281,221股已流通
該文檔也可通過我們網站http://ir.delta.com/獲取。


目錄
頁面


前瞻性聲明
除非另有說明或上下文另行要求，「Delta」，「我們」，「我們」和「我們」的術語指的是達美航空公司及其子公司。

前瞻性聲明

本10-Q表格中（或由我們或代表我們發佈的任何內容）的陳述，如有關我們對未來估計、期望、信念、意圖、預測、目標、願景、承諾或策略的陳述，並非歷史事實，可能構成《1995年證券訴訟改革法案》定義的「前瞻性陳述」。前瞻性陳述涉及風險和不確定性，可能導致實際結果大幅偏離歷史經驗或我們目前的期望。適用於Delta的已知重要風險因素在我們截至2023年12月31日財年的「10-K表格年度報告」的「第1A部分.風險因素」中有描述，以及本10-Q表格的「第II, 第1A部分. 風險因素」中的，而與任何發行人或發行有關的風險不在此列。所有前瞻性陳述僅於發表之日起有效，並且我們不承諾公開更新或修訂任何前瞻性陳述，以反映本報告日期後可能發生的事件或情況，除非法律有要求。

達美航空公司 | 2024年9月 10-Q 表格
1

獨立註冊公共會計師事務所報告

致董事會和股東
Delta Air Lines, Inc.

中期財務報表審查結果

我們已審閱了戴爾航空公司（以下簡稱公司）截至2024年9月30日的附表合併資產負債表，截至2024年9月30日和2023年的三個月和九個月的相關簡明綜合收益及股東權益的合併利潤表，截至2024年9月30日和2023年的九個月的簡明綜合現金流量表，以及相關附註（統稱爲「簡明綜合中期財務報表」）。根據我們的審閱，我們未發現需要修改這些簡明綜合中期財務報表使其符合美國通用會計準則的任何重大修訂。

我們已按照美國上市公司會計監督委員會(PCAOB)的標準，審計了截至2023年12月31日的公司合併資產負債表，相關合並利潤表、綜合收益表、現金流量表和股東權益變動表以及相關附註（此處不列出）；在我們於2024年2月12日的報告中，對上述合併財務報表表示未保留意見的審計意見。在我們看來，所附合並資產負債表中截至2023年12月31日的信息，在所有方面均相當陳述，與其衍生的合併資產負債表相關。

審查結果的基礎

這些基本報表是公司管理層的責任。我們是在美國聯邦證券法和證券交易委員會（SEC）和美國註冊會計師公會（PCAOB）的適用法規下注冊的會計師事務所，根據法律要求對公司保持獨立性。我們按照PCAOB的標準進行了審閱。對中期財務報表的審閱主要包括應用分析程序和詢問負責財務和會計事項的人員。這種審閱範圍明顯小於按照PCAOB標準進行的審計，其目的在於對整個財務報表發表意見。因此，我們不發表此類意見。


/s/ 安永聯合會計師事務所
喬治亞州亞特蘭大
2024年10月10日

德爾塔航空公司 | 2024年9月份10-Q表格
2
基本報表

DELTA航空公司
合併資產負債表
(未經查核)
(以百萬為單位，除股份數據外) 已發行股份九月三十日，
2024		12月31日，
2023
資產
流動資產：
現金及現金等價物$3,969 $2,741 
短期投資8 1,127 
應收帳款，扣除備抵呆帳金額$17 15.117
3,550 3,130 
燃料、易耗品和供應品存貨，減去呆壞貨洽數$。130 15.1123
1,467 1,314 
預付費用和其他2,068 1,957 
全部流動資產11,062 10,269 
非流動資產:
$22,964 15.121,707
36,862 35,486 
營運租賃權使用資產6,686 7,004 
商譽9,753 9,753 
可辨識無形資產，減去累積攤提$917 15.1911
5,977 5,983 
股權投資3,272 3,457 
其他非流動資產1,756 1,692 
所有非流動資產總額64,306 63,375 
資產總額$75,368 $73,644 
負債和股東權益
當前負債：
債務及融資租賃的流動部分$3,324 $2,983 
營運租賃的流動部分772 759 
航空運輸負債8,302 7,044 
應付賬款4,545 4,446 
應計薪資及相關福利4,105 4,561 
忠誠計畫逕延營收4,122 3,908 
燃油卡負債1,100 1,100 
其他應計負債1,848 1,617 
流動負債合計28,118 26,418 
非流動負債:
債務及融資租賃14,373 17,071 
養老金、退休福利及相關福利3,404 3,601 
忠誠計畫递延收入4,630 4,512 
非流動營業租賃5,919 6,468 
递延所得税资产，扣除递延所得税负债后净额1,675 908 
其他非流動負債3,603 3,561 
總非流動負債33,604 36,121 
承諾和條件
股東權益:
普通股價格在 $0.0001 面額為0.0001； 1,500,000,000 股份已授權 654,596,578 和 654,671,194
已發行的股份
— — 
資本公積額額外增資11,686 11,641 
保留收益7,940 5,650 
累積其他全面損失(5,691)(5,845)
按成本核算的庫藏股 9,315,357 和 11,224,246 股份
(289)(341)
股東權益總額13,646 11,105 
負債總額及股東權益合計$75,368 $73,644 
附註是這些縮編合併基本報表的一部分。
德爾塔航空公司 | 2024年9月份10-Q表格
3
基本報表
DELTA航空公司
綜合收益及綜合損益總表
(未經查核)
截至9月30日的三個月
截至9月30日的九個月
（以百萬為單位，除每股數據外）2024202320242023
營業收入：
乘客$13,107 $13,119 $38,079 $36,735 
貨運196 154 574 535 
其他2,374 2,215 7,431 6,555 
總營業收入15,677 15,488 46,084 43,825 
營業費用：
工資及相關費用 4,231 3,760 12,035 10,838 
飛機燃料和相關稅款2,747 2,936 8,157 8,128 
附屬業務和煉油廠1,250 1,128 4,083 3,427 
合約服務1,069 1,004 3,134 3,009 
著陸費用和其他租金832 679 2,347 1,880 
飛機維修材料和外部維修627 661 1,990 1,860 
折舊與攤提643 594 1,878 1,731 
旅客佣金及其他銷售費用643 618 1,865 1,770 
區域型航空公司支出600 546 1,731 1,664 
旅客服務463 449 1,339 1,307 
利潤分享320 417 964 1,084 
飛機租金137 131 411 395 
飛行員協議及相關費用— — — 864 
其他718 581 1,872 1,669 
總營業費用 14,280 13,504 41,806 39,626 
營業收入1,397 1,984 4,278 4,199 
非營業收入/(費用)：
利息費用，淨額(173)(196)(567)(627)
投資收益/(虧損)，淨額350 (206)(73)45 
債務清償能造成的損失— (13)(36)(63)
其他，淨額(13)(48)(146)(221)
非營業收入/(費用)總額，淨額164 (463)(822)(866)
稅前收入1,561 1,521 3,456 3,333 
所得稅負債(289)(413)(842)(761)
凈利潤$1,272 $1,108 $2,614 $2,572 
每股基本盈利$1.98 $1.73 $4.08 $4.03 
稀釋每股收益$1.97 $1.72 $4.04 $4.00 
綜合收益$1,321 $1,157 $2,768 $2,713 
附註是這些縮編合併基本報表的一部分。

德爾塔航空公司 | 2024年9月份10-Q表格
4
基本報表
DELTA航空公司
簡明合併現金流量量表
(未經查核)
截至9月30日的九個月
(以百萬為單位)20242023
營業活動提供的淨現金流量$6,131 $5,919 
投資活動之現金流量：
物業和設備增加：
飛行器材，包括預付款(2,944)(2,560)
地面物業和設備，包括科技(886)(1,161)
購買短期投資— (2,312)
贖回短期投資1,130 3,488 
策略性投資收購— (152)
其他，淨額130 84 
投資活動中使用的淨現金(2,570)(2,613)
筹资活动现金流量：
償還債務和融資租賃債務支付(2,411)(3,710)
分紅派息(225)(64)
其他，淨額(34)(36)
籌集資金的淨現金流量(2,670)(3,810)
現金、現金等價物及受限制的現金等價物的淨增加/(減少)891 (504)
期初現金、現金等價物及受限制的現金等價物3,395 3,473 
期末現金、現金等價物及受限制的現金等價物$4,286 $2,969 
非現金交易：
在營業租賃條件下取得或修改的使用權資產$217 $443 
在融資租賃條件下取得或修改的飛機和地勤設備(17)37 
營運租賃轉換為融資租賃— 53 
下表提供現金、現金等價物和受限現金等價物的調解，該調解是在綜合賬戶中報告的，以上述相同數額的合計為基礎。
九月三十日，
(以百萬為單位)20242023
流動資產:
現金及現金等價物$3,969 $2,835 
受限現金包含在預付費用和其他項目中97 134 
非流動資產：
列在其他非流動資產中的限制性現金220 — 
現金及現金等價物總額$4,286 $2,969 
附註是這些縮編合併基本報表的一部分。


達美航空公司 | 2024年9月 10-Q 表格
5
財務報表
達美航空公司
股東權益綜合表
(未經審計)
普通股額外的
實收資本		未分配利潤累計其他綜合損失庫存股
（單位：百萬美元，除每股數據外）股份數量股份數量總費用
2023年12月31日的餘額
655 $— $11,641 $5,650 $(5,845)11 $(341)$11,105 
淨收入— — — 37 — — — 37 
已宣佈的分紅派息（$0.10每股)
— — — (65)— — — (65)
其他綜合收益— — — — 52 — — 52 
發行普通股用於員工股權獎勵(1)
2 — 47 — — 1 (25)22 
2024年3月31日結存餘額
657 $— $11,688 $5,622 $(5,793)12 $(366)$11,151 
淨收入— — — 1,305 — — — 1,305 
已宣佈的分紅派息（$0.10 和 $0.15每股)
— — — (162)— — — (162)
其他綜合收益— — — — 53 — — 53 
發行普通股以換取員工股權獎勵(1)
(2)— (41)— — (3)80 39 
2024年6月30日餘額
655 $— $11,647 $6,765 $(5,740)9 $(286)$12,386 
淨收入— — — 1,272 — — — 1,272 
已宣佈的分紅派息（$0.15每股)
— — — (97)— — — (97)
其他綜合收益— — — — 49 — — 49 
發行普通股以換取員工股權獎勵(1)
— — 39 — — — (3)36 
2024年9月30日的餘額
655 $— $11,686 $7,940 $(5,691)9 $(289)$13,646 
(1)國庫股份被保留用於支付稅款，每股加權平均價格爲$39.83, $50.04 和 $43.27 分別爲2024年3月季度、2024年6月季度和2024年9月季度。


普通股額外的
實收資本		未分配利潤累計其他綜合損失庫存股
（單位：百萬美元，除每股數據外）股份數量股份數量總費用
2022年12月31日的餘額爲
652 $— $11,526 $1,170 $(5,801)11 $(313)$6,582 
淨虧損— — — (363)— — — (363)
其他綜合收益— — — — 47 — — 47 
發行普通股以用於員工股權獎勵(1)
2 — 18 — — — (24)(6)
2023年3月31日的餘額
654 $— $11,544 $807 $(5,754)11 $(337)$6,260 
淨收入— — — 1,827 — — — 1,827 
已宣佈的分紅派息（$0.10每股)
— — — (65)— — — (65)
其他綜合收益— — — — 45 — — 45 
員工股權獎勵發行普通股(1)
1 — 34 — — — (1)33 
2023年6月30日的餘額
655 $— $11,578 $2,569 $(5,709)11 $(338)$8,100 
淨收入— — — 1,108 — — — 1,108 
已宣佈的分紅派息（$0.10每股)
— — — (64)— — — (64)
其他綜合收益— — — — 49 — — 49 
員工股權獎勵發行的普通股份(1)
— — 35 — — — (2)33 
2023年9月30日結餘
655 $— $11,613 $3,613 $(5,660)11 $(340)$9,226 
(1)財務部爲支付稅款而暫時持有了寶庫股，每股加權平均價格爲$39.73, $36.76 和 $45.34 分別在2023年三月季度、2023年六月季度和2023年九月季度。

附註是本簡明合併財務報表的組成部分。
達美航空公司 | 2024年9月 10-Q 表格
6
簡明合併財務報表附註
達美航空公司
簡明合併財務報表附註
(未經審計)

注1。重要會計政策摘要

報告範圍

附表中的未經審計的簡明合併基本報表包括達美航空公司及其合併子公司的賬目，並按照美國普遍公認會計准則（"GAAP"）編制了中期財務信息。根據這些要求，本10-Q表格不包含GAAP要求的所有完整財務報表信息。因此，應當結合我們截至2023年12月31日年度10-K表中的合併財務報表和附註閱讀本10-Q表格。

管理層認爲附註的未經審計的簡明合併財務報表反映了所有調整，包括正常重複項目，在呈現的中期期間的結果的公平表述。

由於航空旅行需求的季節性變化，飛機燃油價格的波動以及其他因素，截至2024年9月30日的三個月和九個月的運營結果不一定能夠代表整個年度的運營結果。

我們重新分類了某些前期金額，以符合當前期間的呈現方式。除非另有說明，在考慮所得稅之前披露的所有金額均指。


注2. 收入確認。

客運收入
截至9月30日的三個月
截至9月30日的九個月
（單位百萬）2024202320242023
Ticket$11,645 $11,733 $33,827 $32,801 
忠誠度旅行獎勵978 902 2,798 2,547 
與旅行相關的服務484 484 1,454 1,387 
乘客收入$13,107 $13,119 $38,079 $36,735 

門票

我們在截至2024年和2023年9月30日的九個月內分別確認了大約營業收入 $6.2十億 和美元6.7十分之一九十部分屬於我方空中交通責任負債餘額的先前記錄

忠誠旅行獎

忠誠旅行獎勵的營業收入與里程信用積分("里程")兌換空中旅行有關。 我們的SkyMiles忠誠計劃允許顧客通過搭乘達美航空、達美連接航班和其他參與忠誠計劃的航空公司來累積里程。 顧客還可以通過參與的公司（例如信用卡、零售、共乘、汽車租賃和酒店公司）獲得里程積分，這些公司從我們這裏購買里程。 我們最重要的賣出里程合同與美國運通的共同品牌信用卡合作有關。 截至2024年9月30日和2023年的九個月，與我們忠誠計劃相關的營銷協議的現金銷售總額分別爲$5.5十億和 $5.2十億美元，分別分配給旅行和其他履約義務。

忠誠計劃的最新活動。 里程會合併到一個一致的池中，並且無法單獨識別。因此，營業收入包括了作爲延期收入餘額的一部分的里程，以及在期間內發行的里程。里程兌換的時間可能存在廣泛變化；然而，大多數里程在獲得之後歷史上都會在內獲取到。 發生 之後再使用。

達美航空公司 | 2024年9月 10-Q 表格
7
簡明合併財務報表附註
下表顯示了當前和非流動忠誠計劃遞延營業收入的活動，幷包括通過旅行獲得的里程和出售給參與公司的里程，主要通過營銷協議。

忠誠計劃活動
（單位百萬）20242023
1月1日結餘$8,420 $7,882 
獲得的里程3,303 3,164 
兌換的里程用於空中旅行(2,798)(2,547)
兌換的里程用於非航空旅行和其他(173)(126)
截至9月30日的餘額
$8,752 $8,373 

旅行相關服務

旅行相關服務主要包括與乘客航班相關的服務，包括行李費、行政費用和機上銷售。

其他收入
截至9月30日的三個月
截至9月30日的九個月
（單位百萬）2024202320242023
煉油廠$1,083 $935 $3,520 $2,817 
忠誠計劃820 791 2,451 2,291 
輔助業務161 212 554 657 
其他310 277 906 790 
其他收入$2,374 $2,215 $7,431 $6,555 

煉油廠。 這代表向第三方的煉油廠銷售。請參閱第9注「分部」以獲取有關煉油業務領域內營業收入確認的更多信息。

忠誠計劃。 這涉及第三方使用品牌所獲得的收入以及嵌入在出售里程中的其他履約義務，這些都包括在上述營銷協議的總現金銷售額中。這還包括里程兌換非航空旅行和其他獎勵。

輔助業務。 這包括我們向第三方提供的飛機維修服務和度假套票批發業務所產生的收入。

其他。 這主要包括與休息室通行權相關的收入，包括提供給某些美國運通卡持卡人的通行權，共享代碼協議以及某些其他商業關係。

達美航空公司 | 2024年9月 10-Q 表格
8
簡明合併財務報表附註
按地理區域劃分的營業收入

航空公司部門的營業收入根據每個航段的出發地、飛行路徑和目的地在特定的地域板塊確認。煉油部門的收入中，有相當大一部分通常來自出售燃料以支持航空公司，這在簡明合併財務報表中被消除。煉油部門剩餘的營業收入納入國內地域板塊。 我們的客運和營業收入按地域板塊彙總在以下表中：

按地域板塊劃分的乘客營業收入
截至9月30日的三個月
截至9月30日的九個月
（單位百萬）2024202320242023
國內$8,652 $8,662 $26,033 $25,200 
大西洋3,029 3,110 7,159 7,157 
拉丁美洲779 788 3,008 2,846 
太平洋647 559 1,879 1,532 
總費用$13,107 $13,119 $38,079 $36,735 

按地域板塊劃分的營業收入
截至9月30日的三個月
截至9月30日的九個月
（單位百萬）2024202320242023
國內$10,609 $10,461 $32,216 $30,607 
大西洋3,418 3,497 8,209 8,223 
拉丁美洲889 891 3,432 3,208 
太平洋761 639 2,227 1,787 
總費用$15,677 $15,488 $46,084 $43,825 


注 3. 公允價值計量

定期以公允價值計量的資產/(負債)
（單位百萬）2020年9月30日
2024		一級二級三級
現金等價物$2,718 $2,718 $— $— 
限制性現金等價物316 316 — — 
短期投資 - 其他固收證券8 — 8 — 
長期投資及相關2,723 2,460 149 114 
燃料對沖合約1 — 1 — 

（單位百萬）12月31日
2023		一級二級三級
現金等價物$1,545 $1,545 $— $— 
限制性現金等價物653 653 — — 
短期投資
美國政府證券859 204 655 — 
公司債務218 — 218 — 
其他固收證券50 — 50 — 
長期投資及相關2,867 2,614 134 119 
燃料對沖合約5 — 5 — 
達美航空公司 | 2024年9月 10-Q 表格
9
簡明合併財務報表附註
現金等價物和受限現金等價物。 現金等價物通常包括貨幣市場基金。受限現金等價物通常包括貨幣市場基金、定期存款、商業票據和可轉讓存款證明書。受限現金等價物主要涉及從發行債務融資中獲得的款項，用於支付我們在紐約拉瓜迪亞機場新航站樓施工成本的部分、某些自保險義務以及機場承諾，受限現金等價物記錄在我們的資產負債表"資產負債表"上的其他非流動資產、預付費用和其他中。這些現金等價物的公允價值基於市場方法，使用市場交易生成的涉及相同或可比資產的價格。

短期投資。 我們的短期投資的公允價值是根據市場方法進行評估的，使用行業標準的估值技術，結合可觀察的輸入，如報價市場價格、利率期貨、基準曲線、證券的信用評級和其他可觀察信息。 這些投資主要預計在一年內到期。 購買時超過一年到期的投資，如果預計將支持我們的短期流動性需求，則可分類爲短期投資。

長期投資和相關。 我們的長期投資以公允價值計量主要包括權益投資，根據市場價格或其他可觀察的交易和輸入進行估值，並記錄在資產負債表的權益投資中。我們在私人公司的權益投資被分類爲公允價值層次中的第3級，因爲它們的股權未在公開交易所交易，並且我們的估值包含某些不可預測的輸入，包括非公開股權發行。使用不可觀察輸入進行公允價值衡量在本質上是不確定的，重要輸入的變化可能導致不同的公允價值。有關我們權益投資的進一步信息，請參閱第4條"投資"注。

燃料套期合同。 我們的衍生合同用於對沖由於燃料價格變動而產生的財務風險，與我們的全資子公司Monroe Energy, LLC（「Monroe」）的庫存相關。 我們在2024年9月30日結束的三個月和九個月的財務報表和綜合收益表（「損益表」）中，對飛機燃料和相關稅項的燃料套期合同實現了$89百萬 和美元9 百萬美元的收益，相比之下，2013年9月30日結束的三個月和九個月分別爲損失 $1401百萬美元和96 百萬美元。2024年頭九個月中實現的收益由$4百萬美元的按市值計量損失和 $13百萬美元的合約結算收入。結算合約產生的收支反映在蒙羅的運營結果中。有關我們煉油分部的更多信息，請參閱第9節「分部」中的註釋。


百分之投資

股權投資所有權益和賬面價值
會計處理持股比例賬面價值
（單位百萬）2024年9月30日2023年12月31日2024年9月30日2023年12月31日
Air France-KLM公正價值3 %3 %$74 $110 
中國東方航空公正價值2 %2 %143 134 
墨西哥航空集團權益法20 %20 %426 421 
韓進KAL
公正價值(1)
15 %15 %624 561 
拉丁美洲公正價值10 %10 %782 658 
儀化宇輝航空權益法49 %49 %139 162 
Wheels Up的電匯指示如下:
公正價值(2)
38 %38 %637 903 
其他投資各種各樣447 508 
股本投資$3,272 $3,457 
(1)2024年9月30日，我們持有 14.8％的流通股份（包括普通股和優先股）以及 14.9％的普通股股份，持有的是韓進KAL的股份。
(2)我們對Wheels Up的投票權受到限制 29.9%.

啓動。 在2024年9月季度，我們和其他主要投資方同意將對我們在Wheels Up的投資的合同轉讓限制延長至2025年9月20日。在此限制到期後，我們對Wheels Up的股權投資將繼續受到一定的更有限制的轉讓限制。
達美航空公司 | 2024年9月 10-Q 表格
10
簡明合併財務報表附註
注意：5。 債務

各類別未償債務總結
（單位百萬）到期日
利率
每年
2024年9月30日
截至2023年9月30日年 度報告
2024
截至12月31日公允價值
2023
無擔保的工資支持計劃貸款2030爲20311.00%$3,496 $3,496 
無抵押票據2024爲20292.90%爲7.38%2,575 2,590 
以SkyMiles資產擔保的融資安排:
SkyMiles票據(1)
2024爲20284.50%和4.75%4,107 4,518 
SkyMiles貸款條款(1)(2)
2024爲20279.03%850 1,772 
NYTDC特殊設施營收債券(1)
2025爲20454.00%爲6.00%3,591 3,656 
機載飛機抵押的融資安排:
證書(1)
2024爲20282.00%爲8.00%1,033 1,591 
票據 (1)(2)
2024爲20337.20%爲7.52%89 165 
通過插槽、登機口和/或航線獲得的融資安排:
優先擔保票據。20257.00%812 838 
其他融資(1)(2)
2024爲20302.51%爲5.00%66 67 
企業循環信用授信設施(2)
2026爲2028未使用— — 
其他循環信貸設施(2)
2025爲2026未使用— — 
總擔保和非擔保債務$16,619 $18,693 
未攤銷（折讓）/溢價和債務發行成本，淨額及其他(38)(83)
總債務$16,581 $18,610 
減：流動部分到期債務(2,700)(2,625)
所有長期債務$13,881 $15,985 
(1)在上述年份期間分期付款。
(2)某些融資由變量利率債務組成。所有變量利率均等於SOFR（通常受到地板限制）或另一個指數利率，再加上指定的利差。

循環信用設施下的可用性

截至2024年9月30日，我們大約有可供使用的未動用的信貸額度約$2.9 十億美元，可在我們的循環信貸額度下提取。

未償債券的提前清算

在2024年9月30日結束的九個月內，通過提前償還本金和開市回購，我們清償了總額爲$的本金。744百萬與SkyMiles貸款部分以及各種擔保和無擔保債券相關的金額。這些付款導致了我們的損失錄入收入表中的非營運費用中的$損失。36百萬數據。這些付款導致了我們在損益表中非營運費用中記錄的債務註銷損失。

企業循環信用授信設施

2024年7月，惠譽將Delta的信用評級上調至BBb-，這是一項投資級指標，滿足了企業循環信貸設施下的抵押品釋放條件。因此，抵押品上的留置權以及我們的太平洋航線許可和某些其他資產在2024年9月季度被釋放。此外，最低抵押品覆蓋比率和最低流動性契約被最低固定費用覆蓋比率和最低資產覆蓋比率契約所取代。

達美航空公司 | 2024年9月 10-Q 表格
11
簡明合併財務報表附註
債務公允價值

與我們的固定利率和變量利率債務相關的市場風險分別來源於利率上升導致的公平價值降低以及未來收入的負面影響。 下文顯示的債務公平價值主要基於報告的市場價值、最近完成的市場交易和基於利率、到期期限、信貸風險和基礎抵押品的估計。債務主要按公平價值層次結構內的1級或2級分類。

未償債務的公允價值
（單位百萬）2020年9月30日
2024		12月31日
2023
淨帶餘額$16,581 $18,610 
公允價值$16,600 $18,400 

契約

我們的債務協議包含各種肯定的、否定的和財務方面的契約。截至2024年9月30日，我們在債務協議中的契約方面仍保持合規。


備註6所有板塊

我們爲合格員工和退休人員及其合格家屬提供確定福利和確定性貢獻養老金計劃、醫療計劃以及傷殘和生存計劃。下面的淨週期成本表包括我們的國內確定福利養老金計劃和離退休醫療計劃。

員工福利計劃淨週期成本
養老金福利其他離退休和離職福利
（單位百萬）2024202320242023
截至9月30日的三個月
服務成本$— $— $23 $18 
利息費用201 213 45 50 
計劃資產預期回報(263)(264)(1)— 
先前服務信用攤銷— — (1)(1)
已確認的正負淨精算損失62 60 5 3 
淨週期性成本$— $9 $71 $70 
截至9月30日的九個月
服務成本$— $— $69 $54 
利息費用603 638 136 150 
計劃資產預期回報(789)(791)(2)(1)
先前服務信用攤銷— — (3)(4)
已確認的正負淨精算損失186 179 14 10 
淨週期性成本$— $26 $214 $209 

服務成本記錄在我們的損益表中的工資和相關成本中，而所有其他元件記錄在非營運費用的雜項淨額中。

我們還爲某些外國員工贊助明確福利養老金計劃，併爲符合條件的飛行員提供基於市場的現金結餘計劃，這些計劃義務微不足道。這些計劃未納入以上淨週期成本表中。


達美航空公司 | 2024年9月 10-Q 表格
12
簡明合併財務報表附註
注7。承諾和 contingencies

飛機採購承諾

我們未來的飛機購買承諾總額約爲$19.02024年9月30日爲大約$的億。

飛機購買承諾(1)
（單位百萬）總費用
截至2024年12月31日的三個月$940 
20253,250 
20264,930 
20274,770 
20283,510 
此後1,630 
總費用$19,030 
(1)這些承諾的時間取決於我們與飛機制造商的合同約定，由於供應鏈、製造業和監管限制，仍然存在不確定性。

我們未來的飛機採購承諾包括2024年9月30日如下飛機:

按機隊類型的飛機購買承諾
飛機類型購買承諾
A220-30074 
A321-200neo91 
A330-900neo9 
A350-90011 
A350-100020 
B-737-10100 
總費用305 

飛機訂單

2024年1月，我們與空中客車達成了購買協議，購買了 20 A350-1000飛機，並有購買額外 20 寬體飛機的選項。這些飛機的交付計劃於2026年開始。

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.

法律不確定事項

我們涉及各種與就業實踐、環保問題、商業糾紛、反壟斷以及其他涉及我們業務的監管事項相關的法律訴訟。當我們判斷到在法律訴訟中的結果可能不利，並且損失金額能夠合理估計時，我們會記錄法律訴訟損失的負債。儘管我們所涉及的法律訴訟結果無法確定，但我們相信當前事項的解決不會對我們的簡明合併財務報表產生重大不良影響。


達美航空公司 | 2024年9月 10-Q 表格
13
簡明合併財務報表附註
注8。其他綜合損失累計額

累計其他綜合損失的元件
（單位百萬）養老金和其他福利責任其他稅後影響總費用
2024年1月1日的餘額
$(6,681)$40 $796 $(5,845)
價值變動— 3 — 3 
重新分類爲收益(1)
197 — (46)151 
2024年9月30日餘額
$(6,484)$43 $750 $(5,691)

2023年1月1日餘額
$(6,624)$41 $782 $(5,801)
價值變動— (1)— (1)
重新分類爲收入(1)
185 — (43)142 
2023年9月30日餘額
$(6,439)$40 $739 $(5,660)
(1)從累積其他綜合收益重新分類至養老金和其他福利責任的金額記錄在我們的利潤表中的其他費用淨額。


注9.與客戶的合同Title: Chief Financial Officer

煉油廠運營

我們的煉油部門通過爲航空公司提供噴氣燃料，從自家生產和與第三方達成協議獲取的噴氣燃料，爲航空公司部門運營提供支持。煉油廠的生產包括噴氣燃料以及非噴氣燃料產品。我們利用幾個交易對手，用煉油廠生產的非噴氣燃料產品交換我們航空業務中消耗的噴氣燃料。

《修訂和重新制定的2020年The Aaron's Company, Inc.股權和激勵計劃》，（參考到2024年5月16日提交給美國證券交易委員會的S-8表格附註4.3）。

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.

按部門劃分的財務信息
（單位百萬）航空公司煉油廠分部間銷售/其他合併後的
2024年9月30日止三個月
營業收入$14,594 $1,912 $(829)
(1)
$15,677 
折舊和攤銷643 29 (29)
(2)
643 
營業收入/（虧損）
1,430 (33)
(2)
— 1,397 
利息費用/（收益），淨173 (8)8 173 
期末總資產72,954 2,490 (76)75,368 
資本支出1,312 16 — 1,328 
2023年9月30日結束的九個月中，我們的業務收入爲605.39億美元，比2022年9月30日結束的九個月的577.94億美元增加了2.745億美元，增長了4.8%。按恒定匯率計算，營業收入增長了4.8%。2023年9月30日結束的九個月中，我們約有41.7%，47.5%和10.8%的營業收入來自於美國，歐洲和其他地區。在2023年9月30日結束的九個月中，我們的營業收入中有26.7%或527.3億美元來自於前五大客戶。不斷有新的客戶帳戶加入我們的大型製藥客戶、中型製藥客戶和生物技術客戶組合中。
營業收入$14,553 $1,886 $(951)
(1)
$15,488 
折舊和攤銷594 23 (23)
(2)
594 
營業利潤
1,865 119 
(2)
— 1,984 
利息費用，淨額196 6 (6)196 
期末總資產69,851 3,397 (1)73,247 
資本支出1,201 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)煉油段的運營結果，包括折舊和攤銷，在我們的利潤表中計入航空燃油和相關稅收。

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
第2項。管理層對財務狀況和業績的討論和分析 利潤表

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.

營業費用。 2024年9月季度的總營業費用比2023年9月季度增長了77600萬美元，增長了6%，主要是由於與容量增加4%有關的成本、由於僱工工資增加、由於降落費用和其他租金增加以及由於crowdstrike導致的停機事件而導致的費用。這次停機事件和運營恢復導致額外的約17000萬元營業費用，主要是由於客戶費用報銷和機組相關成本。燃料費用比預期降低了約5000萬元，原因是在爲期五天的七千次航班取消中。2024年9月季度的調整後總營業費用（一項非通用會計原則財務指標，主要排除與煉油廠向第三方的銷售有關的費用）比2023年9月季度增加了63100萬美元，增長了5%。

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%.

現金流量截至2024年9月30日，我們的現金、現金等價物、短期投資和可供提取的循環信貸額度總計（"流動資金"）爲69億美元。

2024年9月季度，營運活動產生13億美元，主要來自門票銷售。2024年9月季度向美國運通的總現金銷售額爲18億美元，相較於2023年9月季度增加約6%。

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.

上述非GAAP財務指標包括總營業收入、調整後的營業費用、CASm-Ex和自由現金流，在下文"補充信息"中有定義和調節。


Delta Air Lines, Inc. | September 2024 Form 10-Q
16
Item 2. MD&A - Results of Operations
業務運營結果-2024年和2023年截至9月30日的三個月

總營業收入
截至9月30日的三個月
增加（減少）% 增加（減少）
（單位：百萬）(1)
20242023
門票-主艙$6,309 $6,620 $(311)(5)%
門票-高級產品5,336 5,113 223 4 %
忠誠度旅行獎勵978 902 76 8 %
旅行相關服務484 484 — — %
乘客收入$13,107 $13,119 $(12)— %
貨物196 154 42 27 %
其他2,374 2,215 159 7 %
總營業收入$15,677 $15,488 $189 1 %
電車（美分）20.58 ¢21.15 ¢(0.57)¢(3)%
第三方煉油廠銷售
(1.42)(1.28)(0.14)11 %
traSM，調整後(2)
19.16 ¢19.87 ¢(0.71)¢(4)%
(1)Total amounts in the table above may not calculate exactly due to rounding.
(2)Total Revenue per available seat mile ("TRASM"), adjusted is a non-GAAP financial measure. For additional information on adjustments to TRASM, see "Supplemental Information" below.

與2023年9月季度相比，總營業收入增加了 1.89億美元，增加1%，主要是由於向第三方進行精煉銷售的營收增加，忠誠旅行獎勵以及由於旅行需求強勁增長而導致容量增加了4%，尤其是對我們的高端產品需求增加，部分抵消了經濟艙票務收入的減少。

See "Refinery Segment" below for additional details on the refinery's operations, including third party refinery sales.

Passenger Revenue by Geographic Region
Increase (Decrease)
vs. Three Months Ended September 30, 2023
(in millions)
Three Months Ended September 30, 2024
Passenger Revenue
RPMs (Traffic)
ASMs (Capacity)
Passenger Mile YieldPRASMLoad Factor
Domestic$8,652 — %2 %3 %(2)%(3)%(1)pt
Atlantic3,029 (3)%— %(1)%(3)%(2)%1 pt
Latin America779 (1)%6 %6 %(6)%(6)%— pts
Pacific647 16 %33 %38 %(13)%(16)%(3)pts
Total$13,107 — %3 %4 %(3)%(4)%(1)pt

Domestic

Domestic passenger revenue was consistent between the September 2024 quarter and the September 2023 quarter on a 3% increase in capacity and a slight decrease in load factor. We experienced strong revenue results across the domestic network, with premium revenue growing more than main cabin revenue compared to the prior year period.

International

International passenger revenue for the September 2024 quarter was consistent with the September 2023 quarter. The Atlantic region benefited from improved demand for travel to Paris following the summer Olympics. Our Latin America revenue reflects the continued maturation of our joint venture with LATAM in South America, while network restoration continues in the Pacific, with double-digit revenue growth driven by travel to South Korea and Japan.

Delta Air Lines, Inc. | September 2024 Form 10-Q
17
Item 2. MD&A - Results of Operations
Other Revenue
Three Months Ended September 30,
Increase (Decrease)% Increase (Decrease)
(in millions)20242023
Refinery$1,083 $935 $148 16 %
Loyalty program820 791 29 4 %
Ancillary businesses161 212 (51)(24)%
Miscellaneous310 277 33 12 %
Other revenue$2,374 $2,215 $159 7 %

Refinery. Refinery sales to third parties increased $148 million compared to the September 2023 quarter. See "Refinery Segment" below for additional details on the refinery's operations, including third party refinery sales.

Loyalty Program. This relates to revenues from brand usage by third parties and other performance obligations embedded in miles sold, as well as redemption of miles for non-air travel and other awards. These revenues are mainly driven by customer spend on American Express cards and new cardholder acquisitions. Revenues from our relationship with American Express increased compared to the September 2023 quarter due to increased co-brand card spend and card account acquisitions.

Ancillary Businesses. This includes revenues from aircraft maintenance services we provide to third parties and our vacation wholesale operations. The decrease in revenues compared to the September 2023 quarter was driven by lower aircraft maintenance services revenue during the September 2024 quarter.

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. The increase in revenues compared to the September 2023 quarter was primarily driven by codeshare agreements and other commercial relationships.
Delta Air Lines, Inc. | September 2024 Form 10-Q
18
Item 2. MD&A - Results of Operations
Operating Expense
Three Months Ended September 30,
Increase (Decrease)% Increase (Decrease)
(in millions)20242023
Salaries and related costs$4,231 $3,760 $471 13 %
Aircraft fuel and related taxes2,747 2,936 (189)(6)%
Ancillary businesses and refinery1,250 1,128 122 11 %
Contracted services1,069 1,004 65 6 %
Landing fees and other rents832 679 153 23 %
Aircraft maintenance materials and outside repairs627 661 (34)(5)%
Depreciation and amortization643 594 49 8 %
Passenger commissions and other selling expenses643 618 25 4 %
Regional carrier expense600 546 54 10 %
Passenger service463 449 14 3 %
Profit sharing320 417 (97)(23)%
Aircraft rent137 131 6 5 %
Other718 581 137 24 %
Total operating expense$14,280 $13,504 $776 6 %

Salaries and Related Costs. The increase in salaries and related costs primarily resulted from the implementation of base pay increases for eligible employees of 5% effective June 1, 2024 and for Delta pilots on January 1, 2024. In June 2024 we also increased our minimum starting wage for domestic mainline employees to $19 per hour. Salaries and related costs also increased due to additional crew-related costs resulting from the CrowdStrike-caused outage.

Aircraft Fuel and Related Taxes. Aircraft fuel and related taxes decreased $189 million compared to the September 2023 quarter primarily due to a 13% decrease in the market price of jet fuel offset by a 3% increase in consumption on a 4% increase in capacity. Fuel expense was also approximately $50 million lower than it would have been as a result of the 7,000 flight cancellations over the five-day period following the CrowdStrike-caused outage. We continue to expect that fuel consumption for the remainder of 2024 will increase compared to 2023 aligned with capacity, partially offset by increases in the fuel efficiency of our fleet. The refinery generated an operating loss resulting in incremental cost of three cents per gallon compared to a benefit of 11 cents per gallon in the September 2023 quarter. We expect jet fuel prices to remain volatile throughout the remainder of 2024 and into 2025.

See "Refinery Segment" below for additional details on the refinery's operations.

Fuel expense and average price per gallon
Average Price Per Gallon
Three Months Ended September 30,
Increase (Decrease)
Three Months Ended September 30,
Increase (Decrease)
(in millions, except per gallon data)
2024202320242023
Fuel purchase cost(1)
$2,738 $3,076 $(338)$2.50 $2.89 $(0.39)
Fuel hedge impact(24)(21)(3)(0.02)(0.02)— 
Refinery segment impact33 (119)152 0.03 (0.11)0.14 
Total fuel expense$2,747 $2,936 $(189)$2.51 $2.76 $(0.25)
(1)Market price for jet fuel at airport locations, including related taxes and transportation costs.

Ancillary Businesses and Refinery. Ancillary businesses and refinery includes expenses associated with refinery sales to third parties, aircraft maintenance services we provide to third parties and our vacation wholesale operations. Refinery sales to third parties increased $148 million compared to the September 2023 quarter. See "Refinery Segment" below for additional details on the refinery's operations, including third party refinery sales.

Landing Fees and Other Rents. The increase in landing fees and other rents primarily resulted from higher rates charged by airports following extensive redevelopment projects at numerous facilities and more flights compared to the September 2023 quarter that contributed to our increased capacity.
Delta Air Lines, Inc. | September 2024 Form 10-Q
19
Item 2. MD&A - Results of Operations
Profit Sharing. Profit sharing decreased by $97 million compared to the September 2023 quarter due to lower projected profit for the year. Our profit sharing program pays 10% to all eligible employees for the first $2.5 billion of annual profit, as defined by the terms of the program, and 20% of annual profit above $2.5 billion.

Other. The increase in other is primarily due to the impact of service recovery costs including customer expense reimbursements from the CrowdStrike-caused outage and higher volume-related expenses associated with increased capacity, such as flight crew and other employee travel and incidental costs.
Delta Air Lines, Inc. | September 2024 Form 10-Q
20
Item 2. MD&A - Results of Operations
Results of Operations - Nine Months Ended September 30, 2024 and 2023

Total Operating Revenue
Nine Months Ended September 30,
 Increase (Decrease)% Increase (Decrease)
(in millions)(1)
20242023
Ticket - Main cabin$18,450 $18,538 $(88)— %
Ticket - Premium products15,377 14,263 1,114 8 %
Loyalty travel awards2,798 2,547 251 10 %
Travel-related services1,454 1,387 67 5 %
Passenger revenue$38,079 $36,735 $1,344 4 %
Cargo574 535 39 7 %
Other7,431 6,555 876 13 %
Total operating revenue$46,084 $43,825 $2,259 5 %
TRASM (cents)21.30 ¢21.53 ¢(0.23)¢(1)%
Third-party refinery sales
(1.63)(1.38)(0.25)18 %
TRASM, adjusted(2)
19.67 ¢20.14 ¢(0.47)¢(2)%
(1)Total amounts in the table above may not calculate exactly due to rounding.
(2)TRASM, adjusted is a non-GAAP financial measure. For additional information on adjustments to TRASM, see "Supplemental Information" below.

Unless otherwise discussed below, the changes in total revenue line items, as well as the underlying reasons for these changes, compared to the nine months ended September 30, 2023 are consistent with the discussion above under Results of Operations - Three Months Ended September 30, 2024 and 2023.

Compared to the nine months ended September 30, 2023, total revenue increased $2.3 billion, or 5%, due primarily to a 6% increase in capacity resulting from strength in travel demand, particularly for our premium products and increased revenue related to refinery sales to third parties, partially offset by a decrease in main cabin ticket revenue.

Passenger Revenue by Geographic Region
Increase (Decrease)
vs. Nine Months Ended September 30, 2023
(in millions)
Nine Months Ended September 30, 2024
Passenger Revenue
RPMs (Traffic)
ASMs (Capacity)
Passenger Mile YieldPRASMLoad Factor
Domestic$26,033 3 %5 %4 %(1)%(1)%— pts
Atlantic7,159 — %1 %1 %(1)%(1)%— pts
Latin America3,008 6 %17 %18 %(10)%(10)%— pts
Pacific1,879 23 %32 %34 %(7)%(9)%(2)pts
Total$38,079 4 %6 %6 %(3)%(2)%— pts

Domestic passenger revenue for the nine months ended September 30, 2024 increased on higher capacity compared to the nine months ended September 30, 2023. International passenger revenue for the nine months ended September 30, 2024 increased 4% on 10% higher capacity compared to the nine months ended September 30, 2023 due to strong demand for international travel, particularly to leisure destinations. The Pacific and Latin America regions accounted for the majority of international capacity growth on continued network restoration in the Pacific and the continued maturation of our joint venture with LATAM in South America.
Other Revenue
Nine Months Ended September 30,
Increase (Decrease)% Increase (Decrease)
(in millions)20242023
Refinery$3,520 $2,817 $703 25 %
Loyalty program2,451 2,291 160 7 %
Ancillary businesses554 657 (103)(16)%
Miscellaneous906 790 116 15 %
Other revenue$7,431 $6,555 $876 13 %
Delta Air Lines, Inc. | September 2024 Form 10-Q
21
Item 2. MD&A - Results of Operations
Operating Expense
Nine Months Ended September 30,
Increase (Decrease)
% Increase (Decrease)(1)
(in millions)20242023
Salaries and related costs$12,035 $10,838 $1,197 11 %
Aircraft fuel and related taxes8,157 8,128 29 — %
Ancillary businesses and refinery4,083 3,427 656 19 %
Contracted services3,134 3,009 125 4 %
Landing fees and other rents2,347 1,880 467 25 %
Aircraft maintenance materials and outside repairs1,990 1,860 130 7 %
Depreciation and amortization1,878 1,731 147 8 %
Passenger commissions and other selling expenses1,865 1,770 95 5 %
Regional carrier expense1,731 1,664 67 4 %
Passenger service1,339 1,307 32 2 %
Profit sharing 964 1,084 (120)(11)%
Aircraft rent411 395 16 4 %
Pilot agreement and related expenses— 864 (864)NM
Other1,872 1,669 203 12 %
Total operating expense$41,806 $39,626 $2,180 6 %
(1)Certain variances are labeled as not meaningful ("NM") throughout management's discussion and analysis.

Unless otherwise discussed below, the changes in operating expense line items, as well as the underlying reasons for these changes, compared to the nine months ended September 30, 2023 are consistent with the discussion above under Results of Operations - Three Months Ended September 30, 2024 and 2023.

Aircraft Fuel and Related Taxes. Aircraft fuel and related taxes increased $29 million compared to the nine months ended September 30, 2023 due to a 5% increase in consumption on a 6% increase in capacity partially offset by an 8% decrease in the market price per gallon of jet fuel. The refinery also provided a benefit of two cents per gallon compared to a benefit of 13 cents per gallon in the nine months ended September 30, 2023.

See "Refinery Segment" below for additional details on the refinery's operations.

Fuel expense and average price per gallon
Average Price Per Gallon
Nine Months Ended September 30,
 Increase (Decrease)
Nine Months Ended September 30,
Increase (Decrease)
(in millions, except per gallon data)
2024202320242023
Fuel purchase cost(1)
$8,229 $8,572 $(343)$2.66 $2.91 $(0.25)
Fuel hedge impact4 (59)63 — (0.02)0.02 
Refinery segment impact(76)(385)309 (0.02)(0.13)0.11 
Total fuel expense$8,157 $8,128 $29 $2.64 $2.76 $(0.12)
(1)Market price for jet fuel at airport locations, including related taxes and transportation costs.

Pilot Agreement and Related Expenses. In the March 2023 quarter, Delta pilots ratified a new four-year Pilot Working Agreement effective January 1, 2023. The agreement includes numerous work rule changes and pay rate increases during the four-year term, including an initial pay rate increase of 18%. The agreement also includes a provision for a one-time payment made upon ratification in the March 2023 quarter of $735 million. Additionally, we recorded adjustments to other benefit-related items of approximately $130 million.
Delta Air Lines, Inc. | September 2024 Form 10-Q
22
Item 2. MD&A - Non-Operating Results
Non-Operating Results
Three Months Ended September 30,
Favorable (Unfavorable)
Nine Months Ended September 30,
Favorable (Unfavorable)
(in millions)2024202320242023
Interest expense, net$(173)$(196)$23 $(567)$(627)$60 
Gain/(loss) on investments, net350 (206)556 (73)45 (118)
Loss on extinguishment of debt— (13)13 (36)(63)27 
Miscellaneous, net(13)(48)35 (146)(221)75 
Total non-operating expense, net$164 $(463)$627 $(822)$(866)$44 

Interest expense, net. Interest expense, net includes interest expense and interest income. This decreased compared to the prior year primarily due to reduced interest expense resulting from our debt reduction initiatives. During 2023, we made payments of approximately $4.1 billion related to our debt and finance lease obligations. We have continued to pay down our debt during the nine months ended September 30, 2024 with $2.4 billion of payments on debt and finance lease obligations, including approximately $900 million of early repayments. This included early extinguishment of $744 million in principal related to a portion of the SkyMiles Term Loan and various secured and unsecured notes, and approximately $150 million on finance leases that were scheduled to be paid later in 2024. We continue to seek opportunities to pre-pay our debt, in addition to periodic amortization and scheduled maturities.

Gain/(loss) on investments, net. Changes in the valuation of investments accounted for at fair value are recorded in gain/(loss) on investments, net and are driven by changes in stock prices, foreign currency fluctuations and other valuation techniques for investments in certain companies, particularly those without publicly-traded shares. See Note 4 of the Notes to the Condensed Consolidated Financial Statements for additional information on our equity investments measured at fair value on a recurring basis.

Loss on extinguishment of debt. Loss on extinguishment of debt reflects the losses incurred in the early repayment of certain loans and notes.

Miscellaneous, net. Miscellaneous, net primarily includes employee benefit plans net periodic cost, charitable contributions, our share of our equity method investments' results and foreign exchange gains/(losses).


Income Taxes

We project our annual effective tax rate for 2024 will be between 24% and 26%. In certain periods, we may have adjustments to our net deferred tax liabilities as a result of changes in prior year estimates, mark-to-market adjustments on our equity investments and tax laws enacted during the period, which will impact the effective tax rate for that period.


Delta Air Lines, Inc. | September 2024 Form 10-Q
23
Item 2. MD&A - Refinery Segment
Refinery Segment

The refinery operated by Monroe primarily produces gasoline, diesel and jet fuel. Monroe exchanges non-jet fuel products the refinery produces with third parties for jet fuel consumed in our airline operations. The jet fuel produced and procured through exchanging gasoline and diesel fuel produced by the refinery typically provides approximately 200,000 barrels per day, or approximately 75% of our consumption, for use in our airline operations. The refinery regularly optimizes its sales and exchange activities based on market conditions. The refinery generated lower operating income in the nine months ended September 30, 2024 compared to operating income in the nine months ended September 30, 2023, primarily as a result of lower pricing.

For more information regarding the refinery's results, see Note 9 of the Notes to the Condensed Consolidated Financial Statements.

Refinery segment financial information
Three Months Ended September 30,
Increase (Decrease)
Nine Months Ended September 30,
Increase (Decrease)
(in millions, except per gallon data)2024202320242023
Exchanged products $349 $519 $(170)$1,147 $1,848 $(701)
Sales of refined products 111 47 64 197 263 (66)
Sales to airline segment369 385 (16)1,147 1,346 (199)
Third party refinery sales1,083 935 148 3,520 2,817 703 
Operating revenue $1,912 $1,886 $26 $6,011 $6,274 $(263)
Operating (loss)/income$(33)$119 $(152)$76 $385 $(309)
Refinery segment impact on airline average price per fuel gallon $0.03 $(0.11)$0.14 $(0.02)$(0.13)$0.11 


Operating Statistics
Three Months Ended September 30,
% Increase (Decrease)
Nine Months Ended September 30,
% Increase (Decrease)
Consolidated(1)
2024202320242023
Revenue passenger miles (in millions) ("RPM")66,310 64,095 3 %185,757 174,586 6 %
Available seat miles (in millions) ("ASM")76,162 73,226 4 %216,360 203,571 6 %
Passenger mile yield19.77 ¢20.47 ¢(3)%20.50 ¢21.04 ¢(3)%
Passenger revenue per available seat mile ("PRASM")17.21 ¢17.92 ¢(4)%17.60 ¢18.05 ¢(2)%
Total revenue per available seat mile ("TRASM")20.58 ¢21.15 ¢(3)%21.30 ¢21.53 ¢(1)%
TRASM, adjusted(2)
19.16 ¢19.87 ¢(3.6)%19.67 ¢20.14 ¢(2)%
Cost per available seat mile ("CASM")18.75 ¢18.44 ¢2 %19.32 ¢19.47 ¢(1)%
CASM-Ex(2)
13.30 ¢12.59 ¢5.7 %13.48 ¢13.13 ¢3 %
Passenger load factor87  %88  %(1)pt86  %86  %— pts
Fuel gallons consumed (in millions)1,096 1,062 3 %3,093 2,947 5 %
Average price per fuel gallon(3)
$2.51 $2.76 (9)%$2.64 $2.76 (4)%
Average price per fuel gallon, adjusted(2)(3)
$2.53 $2.78 (9)%$2.64 $2.78 (5)%
(1)Includes the operations of our regional carriers under capacity purchase agreements.
(2)Non-GAAP financial measures defined and reconciled to TRASM, CASM and average fuel price per gallon, respectively, in "Supplemental Information" below.
(3)Includes the impact of fuel hedge activity and refinery segment results.

Delta Air Lines, Inc. | September 2024 Form 10-Q
24
Item 2. MD&A - Fleet Information
Fleet Information

Our operating aircraft fleet, purchase commitments and options at September 30, 2024 are summarized in the following table.

Mainline aircraft information by fleet type
Current Fleet(1)
Commitments
Fleet TypeOwnedFinance LeaseOperating LeaseTotalAverage Age (Years)PurchaseOptions
A220-10045 — — 45 4.8
A220-30026 — — 26 2.174 
A319-10057 — — 57 22.6
A320-20057 — — 57 28.8
A321-20070 15 42 127 5.8
A321-200neo64 — — 64 1.391 70 
A330-20011 — — 11 19.5
A330-30028 — 3 31 15.7
A330-900neo23 2 5 30 2.59 10 
A350-90022 — 11 33 5.011 10 
A350-1000— — — — —20 
B-717-20010 70 — 80 23.0
B-737-80073 4 — 77 23.0
B-737-900ER114 — 49 163 8.7
B-737-10— — — — —100 30 
B-757-20093 — — 93 26.8
B-757-30016 — — 16 21.6
B-767-300ER41 — — 41 28.2
B-767-400ER21 — — 21 23.7
Total771 91 110 972 14.9305 120 
(1)Excludes certain aircraft we own or lease that are operated by regional carriers on our behalf shown in the table below.

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.

The table below summarizes the aircraft operated by regional carriers on our behalf at September 30, 2024.

Regional aircraft information by fleet type and carrier
Fleet Type(1)(2)
CarrierCRJ-700CRJ-900Embraer 170Embraer 175Total
Endeavor Air, Inc.(3)
9 121 — — 130 
SkyWest Airlines, Inc.8 36 — 86 130 
Republic Airways, Inc.— — 11 46 57 
Total17 157 11 132 317 
(1)We own 194 and have operating leases for two of these regional aircraft. The remainder are owned or leased by SkyWest Airlines, Inc. or Republic Airways, Inc.
(2)Excluded from the total operating count above are nine CRJ-700 and two CRJ-900 aircraft which are owned and temporarily parked as of September 30, 2024.
(3)Endeavor Air, Inc. is a wholly owned subsidiary of Delta.
Delta Air Lines, Inc. | September 2024 Form 10-Q
25
Item 2. MD&A - Financial Condition and Liquidity
Financial Condition and Liquidity

As of September 30, 2024, we had $6.9 billion in cash, cash equivalents, short-term investments and aggregate undrawn principal amount available under our revolving credit facilities. We expect to meet our liquidity needs for the next twelve months with cash and cash equivalents and cash flows from operations. We expect to meet our long-term liquidity needs with cash flows from operations and financing arrangements.

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

Sources and Uses of Liquidity

Operating Activities

We generated cash flows from operations of $6.1 billion and $5.9 billion in the nine months ended September 30, 2024 and 2023, respectively. We expect to continue generating positive cash flows from operations during the remainder of 2024.

Our operating cash flow is impacted by the following factors:

Seasonality of Advance Ticket Sales. We sell tickets for air travel in advance of the customer's travel date. When we receive a cash payment at the time of sale, we record the cash received on advance sales as deferred revenue in air traffic liability. The air traffic liability typically increases during the winter and spring months as advance ticket sales grow prior to the summer peak travel season and decreases during the summer and fall months.

Fuel. Fuel expense represented approximately 20% and 21% of our total operating expense for the nine months ended September 30, 2024 and 2023, respectively. The market price for jet fuel is volatile, which can impact the comparability of our periodic cash flows from operations. For example, the market price for jet fuel was 13% lower in the September 2024 quarter compared to the September 2023 quarter after it was 5% higher in the June 2024 quarter compared to the June 2023 quarter. Fuel consumption was higher during the three and nine months ended September 30, 2024 compared to the prior year periods due to the increase in capacity. We continue to expect that fuel consumption for the remainder of 2024 will increase compared to 2023 aligned with capacity, partially offset by increases in the fuel efficiency of our fleet.

Profit Sharing. We paid $1.4 billion in profit sharing payments in February 2024 related to our 2023 pre-tax profit in recognition of our employees' contributions toward achieving the year's financial results. This is an increase compared to our profit sharing payment made in February 2023 of $563 million related to our 2022 pre-tax profit.

Our broad-based employee profit sharing program provides that for each year in which we have an annual pre-tax profit, as defined by the terms of the program, we will pay a specified portion of that profit to eligible employees. In determining the amount of profit sharing, the program defines profit as pre-tax profit adjusted for profit sharing and certain other items. During the nine months ended September 30, 2024, we accrued $964 million in profit sharing expense based on the year-to-date performance and current expectations for 2024 profit.

Sale of Miles to Participating Companies. Customers earn miles based on their spending with participating companies such as credit card, retail, ridesharing, car rental and hotel companies with which we have marketing agreements to sell miles. Payments are typically due to us monthly based on the volume of miles sold during the period. Our most significant contract to sell miles relates to our co-brand credit card relationship with American Express. Total cash sales to American Express were $5.4 billion in the nine months ended September 30, 2024, an increase of 6% compared to the prior year period. See Note 2 of the Notes to the Condensed Consolidated Financial Statements for further information regarding the cash sales from marketing agreements.


Delta Air Lines, Inc. | September 2024 Form 10-Q
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Item 2. MD&A - Financial Condition and Liquidity
Investing Activities

Short-Term Investments. During the nine months ended September 30, 2024, we redeemed a net of $1.1 billion in short-term investments. See Note 3 of the Notes to the Condensed Consolidated Financial Statements for further information on these investments.

Capital Expenditures. Our capital expenditures were $3.8 billion and $3.7 billion for the nine months ended September 30, 2024 and 2023, respectively. We have committed to future aircraft purchases and have obtained, but are under no obligation to use, long-term financing commitments for a substantial portion of the purchase price of the aircraft. Our expected 2024 capital spend of approximately $5.0 billion, excluding the New York-LaGuardia airport project discussed below, will be primarily for aircraft, including deliveries and advance deposit payments, as well as fleet modifications and technology enhancements.

New York-LaGuardia Redevelopment. As part of the terminal redevelopment project at LaGuardia Airport, we are partnering with the Port Authority of New York and New Jersey to replace Terminals C and D with a new state-of-the-art terminal facility. Construction is ongoing with completion expected by the end of 2024.

Using funding primarily provided by existing financing arrangements and other sources of funding, we expect to spend approximately $350 million on this project during 2024, of which $237 million was incurred in the nine months ended September 30, 2024.

Financing Activities

Debt and Finance Leases. In the nine months ended September 30, 2024, we had cash outflows of $2.4 billion related to repayments of our debt and finance lease obligations, including approximately $900 million of early repayments. This included early extinguishment of $744 million in principal related to a portion of the SkyMiles Term Loan and various secured and unsecured notes, and approximately $150 million on finance leases that were scheduled to be paid later in 2024. We continue to seek opportunities to pre-pay our debt, in addition to periodic amortization and scheduled maturities.

In February 2024, Moody's credit rating agency affirmed our credit rating and upgraded its outlook for Delta to positive. In July 2024, Fitch upgraded Delta's credit rating to BBB-, an investment-grade metric. See Note 5 of the Notes to the Condensed Consolidated Financial Statements for further information on the effect of these ratings changes on our debt agreements.

Capital Return to Shareholders. On August 20, 2024, we paid the dividend previously declared in the June 2024 quarter for total cash dividends of $96 million. Total cash dividends for the nine months ended September 30, 2024 were $225 million.

On September 19, 2024, the Board of Directors approved and we will pay a quarterly dividend of $0.15 per share on October 31, 2024 to shareholders of record as of October 10, 2024.

Covenants. We were in compliance with the covenants in our debt agreements at September 30, 2024.


Critical Accounting Estimates

There have been no material changes in our Critical Accounting Estimates from the information provided in the "Critical Accounting Estimates" section of "Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations" in our Form 10-K.
Delta Air Lines, Inc. | September 2024 Form 10-Q
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Item 2. MD&A - Supplemental Information
Supplemental Information

We sometimes use information (non-GAAP financial measures) that is derived from the Condensed Consolidated Financial Statements, but that is not presented in accordance with GAAP. Under the U.S. Securities and Exchange Commission rules, non-GAAP financial measures may be considered in addition to results prepared in accordance with GAAP, but should not be considered a substitute for or superior to GAAP results.

Included below are reconciliations of non-GAAP measures used within this Form 10-Q to the most directly comparable GAAP financial measures. Reconciliations below may not calculate exactly due to rounding. These reconciliations include certain adjustments to GAAP measures to provide comparability between the reported periods, if applicable, and for the reasons indicated below:

•Third-party refinery sales. Refinery sales to third parties, and related expenses, are not related to our airline segment. Excluding these sales therefore provides a more meaningful comparison of our airline operations to the rest of the airline industry.

•MTM adjustments and settlements on hedges. Mark-to-market ("MTM") adjustments are defined as fair value changes recorded in periods other than the settlement period. Such fair value changes are not necessarily indicative of the actual settlement value of the underlying hedge in the contract settlement period, and therefore we remove this impact to allow investors to better understand and analyze our core performance. Settlements represent cash received or paid on hedge contracts settled during the applicable period.

•Aircraft fuel and related taxes. The volatility in fuel prices impacts the comparability of year-over-year financial performance. The adjustment for aircraft fuel and related taxes allows investors to better understand and analyze our non-fuel costs and year-over-year financial performance.

•Profit sharing. We adjust for profit sharing because this adjustment allows investors to better understand and analyze our recurring cost performance and provides a more meaningful comparison of our core operating costs to the airline industry.

•One-time pilot agreement expenses. In the March 2023 quarter, Delta pilots ratified a new four-year Pilot Working Agreement effective January 1, 2023. The agreement included a provision for a one-time payment made upon ratification in the March 2023 quarter of $735 million. Additionally, we recorded adjustments to other benefit-related items of approximately $130 million. Adjusting for these expenses allows investors to better understand and analyze our core cost performance.

Total revenue, adjusted reconciliation
Three Months Ended September 30,
(in millions)20242023
Total revenue$15,677 $15,488 
Adjusted for:
Third-party refinery sales(1,083)(935)
Total revenue, adjusted$14,594 $14,553 

Operating expense, adjusted reconciliation
Three Months Ended September 30,
(in millions)20242023
Operating expense$14,280 $13,504 
Adjusted for:
Third-party refinery sales(1,083)(935)
MTM adjustments and settlements on hedges24 21 
Operating expense, adjusted$13,221 $12,590 

Delta Air Lines, Inc. | September 2024 Form 10-Q
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Item 2. MD&A - Supplemental Information
Fuel expense, adjusted reconciliation
Average Price Per Gallon
Three Months Ended September 30,
Three Months Ended September 30,
(in millions, except per gallon data) 2024202320242023
Total fuel expense $2,747 $2,936 $2.51 $2.76 
Adjusted for:
MTM adjustments and settlements on hedges24 21 0.02 0.02 
Total fuel expense, adjusted$2,771 $2,957 $2.53 $2.78 
Average Price Per Gallon
Nine Months Ended September 30,
Nine Months Ended September 30,
(in millions, except per gallon data)2024202320242023
Total fuel expense$8,157 $8,128 $2.64 $2.76 
Adjusted for:
MTM adjustments and settlements on hedges(4)59 — 0.02 
Total fuel expense, adjusted$8,153 $8,188 $2.64 $2.78 

TRASM, adjusted reconciliation
Three Months Ended September 30,
Nine Months Ended September 30,
2024202320242023
TRASM (cents)20.58 ¢21.15 ¢21.30 ¢21.53 ¢
Adjusted for:
Third-party refinery sales(1.42)(1.28)(1.63)(1.38)
TRASM, adjusted19.16 ¢19.87 ¢19.67 ¢20.14 ¢

CASM-Ex reconciliation
Three Months Ended September 30,
Nine Months Ended September 30,
2024202320242023
CASM (cents)18.75 ¢18.44 ¢19.32 ¢19.47 ¢
Adjusted for:
Aircraft fuel and related taxes(3.61)(4.01)(3.77)(4.00)
Third-party refinery sales(1.42)(1.28)(1.63)(1.38)
Profit sharing(0.42)(0.57)(0.45)(0.53)
One-time pilot agreement expenses— — — (0.42)
CASM-Ex13.30 ¢12.59 ¢13.48 ¢13.13 ¢

Delta Air Lines, Inc. | September 2024 Form 10-Q
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Item 2. MD&A - Supplemental Information
Free Cash Flow

The following table shows a reconciliation of net cash provided by operating and used in investing activities (GAAP measures) to free cash flow (a non-GAAP financial measure). We present free cash flow because management believes this metric is helpful to investors to evaluate the company's ability to generate cash that is available for use for debt service or general corporate initiatives. Adjustments include:

•Net redemptions of short-term investments. Net redemptions of short-term investments represent the net purchase and sale activity of investments and marketable securities in the period, including gains and losses. We adjust for this activity to provide investors a better understanding of the company's free cash flow generated by our operations.

•Net cash flows related to certain airport construction projects and other. Cash flows related to certain airport construction projects are included in our GAAP operating activities and capital expenditures. We have adjusted for these items because management believes investors should be informed that a portion of these capital expenditures from airport construction projects are either reimbursed by a third party or funded with restricted cash specific to these projects.

Free cash flow reconciliation
(in millions)
Three Months Ended September 30,
2024
Net cash provided by operating activities$1,274 
Net cash used in investing activities(1,123)
Adjusted for:
Net redemptions of short-term investments(117)
Net cash flows related to certain airport construction projects and other61 
Free cash flow$95 
Delta Air Lines, Inc. | September 2024 Form 10-Q
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Item 3. Market Risk
ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

There have been no material changes in market risk from the information provided in "Item 7A. Quantitative and Qualitative Disclosures About Market Risk" in our Form 10-K.


ITEM 4. CONTROLS AND PROCEDURES

Our management, including our Chief Executive Officer and Chief Financial Officer, performed an evaluation of our disclosure controls and procedures, which have been designed to permit us to identify and disclose important information timely and effectively. Our management, including our Chief Executive Officer and Chief Financial Officer, concluded that the controls and procedures were effective as of September 30, 2024 to ensure that material information was accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate to allow timely decisions regarding required disclosure.

During the three months ended September 30, 2024, we did not make any changes in our internal control over financial reporting that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.


PART II. OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

"Item 3. Legal Proceedings" of our Form 10-K includes a discussion of our legal proceedings. There have been no material changes from the legal proceedings described in our Form 10-K.


ITEM 1A. RISK FACTORS

“Item 1A. Risk Factors” of our Form 10-K includes a discussion of our known material risk factors, other than risks that could apply to any issuer or offering. The information presented below updates, and should be read in conjunction with, the risk factors and information disclosed in our Form 10-K. Except as presented below, there have been no material changes from the risk factors described in our Form 10-K.

Disruptions of our information technology infrastructure could interfere with our operations, possibly having a material adverse effect on our business.

Disruptions in our information technology capability could result from a technology error or failure impacting our internal systems, whether hosted internally at our data centers or externally at third-party locations, or large-scale external interruption in technology infrastructure support on which we depend, such as power, telecommunications or the internet. The operation of our technology systems and the use of related data may also be vulnerable to a variety of other sources of interruption, including natural disasters, terrorist attacks, computer viruses, hackers and other security issues. A significant individual, sustained or repeated failure of our information technology infrastructure, including third-party networks, software-as-a-service applications, cloud services, or technology that we utilize and on which we depend, could impact our operations and our customer service, result in loss of revenue, increased costs and damage our reputation. While we have initiatives and disaster recovery plans in place to prevent or mitigate disruptions, we recently experienced a global outage caused by a faulty update by cybersecurity vendor CrowdStrike in July 2024 that resulted in global information technology outages of Windows-based systems. The faulty software update significantly affected our information technology systems, disrupting our operations. The operational disruption resulted in flight delays and approximately 7,000 cancellations of Delta flights over five days, impacting 1.4 million customers. The CrowdStrike-caused outage and resulting operational disruption adversely impacted our results of operations as discussed in more detail in “Item 7. Management's Discussion and Analysis.” While we continue to invest in improvements to our preventative initiatives and disaster recovery plans, the measures we have in place may not be adequate to prevent future business disruptions and any material adverse financial and reputational consequences to our business.

Delta Air Lines, Inc. | September 2024 Form 10-Q
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Item 1A. Risk Factors
Failure of the technology we use to perform effectively could have a material adverse effect on our business.

We are dependent on technology initiatives and capabilities to provide customer service and operational effectiveness in order to compete in the current business environment. For example, substantially all of our tickets are issued to our customers as electronic tickets, and a growing number of our customers check in using our website, airport kiosks and our FlyDelta mobile application. We have made and continue to make significant investments in customer facing technology such as delta.com, the FlyDelta mobile application, in-flight wireless internet, check-in kiosks, customer service applications, application of biometric technology, airport information displays and related initiatives, including security for these initiatives. We are also investing in significant upgrades to technology infrastructure and other supporting systems and transitioning to cloud-based technologies. The performance, reliability and security of the technology we use are critical to our ability to serve customers. If this technology does not perform effectively, including as a result of the implementation or integration of new or upgraded technologies or systems, our business and operations can be negatively affected, which could be material. As discussed above, the faulty CrowdStrike software update that resulted in global information technology outages of Windows-based systems in July 2024 significantly affected our information technology systems, disrupting our operations. The operational disruption resulted in flight delays and approximately 7,000 cancellations of Delta flights over five days, impacting 1.4 million customers. Additional failures of the technology we use or depend on could expose us to liability, disrupt our business and damage our reputation in the future.


ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

The following table presents information with respect to purchases of common stock we made during the September 2024 quarter. The table reflects shares withheld from employees to satisfy certain tax obligations due in connection with grants of stock under the Delta Air Lines, Inc. Performance Compensation Plan (the "Plan"). The Plan provides for the withholding of shares to satisfy tax obligations. It does not specify a maximum number of shares that can be withheld for this purpose. The shares of common stock withheld to satisfy tax withholding obligations may be deemed to be "issuer purchases" of shares that are required to be disclosed pursuant to this Item.

Shares purchased / withheld from employee awards during the September 2024 quarter
PeriodTotal Number of Shares PurchasedAverage Price Paid Per ShareTotal Number of Shares Purchased as Part of Publicly Announced PlansApproximate Dollar Value (in millions) of Shares That May Yet be Purchased Under the Plan
July 202424,135 $44.52 24,135 $— 
August 20243,748 $40.74 3,748 $— 
September 202443,050 $42.79 43,050 $— 
Total70,933 70,933 


Delta Air Lines, Inc. | September 2024 Form 10-Q
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ITEM 6. EXHIBITS

(a) Exhibits

3.1 (a)
3.1 (b)
3.2
4.1
10.1
10.2(a)
10.2(b)
15
31.1
31.2
32
101.INSInline XBRL Instance Document - The instance document does not appear in the interactive data file because its XBRL tags are embedded within the Inline XBRL document.
101.SCHInline XBRL Taxonomy Extension Schema Document
101.CALInline XBRL Taxonomy Extension Calculation Linkbase Document
101.DEFInline XBRL Taxonomy Extension Definition Linkbase Document
101.LABInline XBRL Taxonomy Extension Labels Linkbase Document
101.PREInline XBRL Taxonomy Extension Presentation Linkbase Document
104
The cover page from this Quarterly Report on Form 10-Q for the quarter ended September 30, 2024, formatted in Inline XBRL (included in Exhibit 101)
                                         
*Incorporated by reference.
**Portions of this exhibit have been omitted as confidential information.


Delta Air Lines, Inc. | September 2024 Form 10-Q
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SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

Delta Air Lines, Inc.
(Registrant)
/s/ William C. Carroll
William C. Carroll
Senior Vice President - Controller
(Principal Accounting Officer)
October 10, 2024

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