8-K

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 8-K

CURRENT REPORT
Pursuant to Section 13 OR 15(d) of the

Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): September 3, 2014

DELTA AIR LINES, INC.

(Exact name of registrant as specified in its charter)

Delaware	001-05424	58-0218548
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification No.)

P.O. Box 20706, Atlanta, Georgia 30320-6001

(Address of principal executive offices)

Registrant’s telephone number, including area code: (404) 715-2600

Registrant’s Web site address: www.delta.com

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

[_]  Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

[_]  Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

[_]  Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

[_]  Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 7.01 Regulation FD Disclosure.

Paul A. Jacobson, Executive Vice President and Chief Financial Officer of Delta Air Lines, Inc. (“Delta”), today will present to the Cowen and Company 7^th Annual Global Transportation & Aerospace/Defense Conference. Materials to be used in conjunction with the presentation are furnished as Exhibit 99.1 to this Form 8-K.

Delta issued today a press release reporting August 2014 financial and operating results. The press release is attached as Exhibit 99.2 to this Form 8-K.

In accordance with general instruction B.2 of Form 8−K, the information in this report (including the exhibits) that is being furnished pursuant to Item 7.01 of Form 8−K shall not be deemed to be “filed” for the purposes of Section 18 of the Securities Exchange Act, as amended, or otherwise subject to liabilities of that section, nor shall they be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, except as expressly set forth in such filing. This report will not be deemed an admission as to the materiality of any information in the report that is required to be disclosed solely by Regulation FD.

Statements in this Form 8-K and the attached exhibits that are not historical facts, including statements regarding our estimates, expectations, beliefs, intentions, projections or strategies for the future, may be “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995.  All forward-looking statements involve a number of risks and uncertainties that could cause actual results to differ materially from the estimates, expectations, beliefs, intentions, projections and strategies reflected in or suggested by the forward-looking statements.  These risks and uncertainties include, but are not limited to, the cost of aircraft fuel; the availability of aircraft fuel; the impact of posting collateral in connection with our fuel hedge contracts; the impact of significant funding obligations with respect to defined benefit pension plans;  the restrictions that financial covenants in our financing agreements will have on our financial and business operations; labor issues; interruptions or disruptions in service at one of our hub airports; our dependence on technology in our operations; disruptions or security breaches of our information technology infrastructure; the ability of our credit card processors to take significant holdbacks in certain circumstances; the possible effects of accidents involving our aircraft; the effects of weather, natural disasters and seasonality on our business; the effects of an extended disruption in services provided by third party regional carriers; failure or inability of insurance to cover a significant liability at the Trainer refinery; the impact of environmental regulation on the Trainer refinery, including costs related to renewable fuel standard regulations; our ability to retain management and key employees; competitive conditions in the airline industry; the effects of extensive government regulation on our business; the effects of terrorist attacks; the effects of the rapid spread of contagious illnesses; and the costs associated with war risk insurance.  

Additional information concerning risks and uncertainties that could cause differences between actual results and forward-looking statements is contained in Delta’s Securities and Exchange Commission filings, including its Annual Report on Form 10-K for the fiscal year ended December 31, 2013. Caution should be taken not to place undue reliance on Delta’s forward-looking statements, which represent Delta’s views only as of September 3, 2014, and which Delta has no current intention to update.

Item 9.01 Financial Statements and Exhibits.

(d)  Exhibits.

Exhibit 99.1	Presentation
Exhibit 99.2	Press Release dated September 3, 2014 titled “Delta Reports Financial and Operating Performance for August 2014”

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SIGNATURES

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 hereunto duly authorized.

DELTA AIR LINES, INC.
By:	/s/ Paul A. Jacobson
	Paul A. Jacobson Executive Vice President and Chief Financial Officer

Date:  September 3, 2014

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EXHIBIT INDEX

Exhibit Number		Description
	Exhibit 99.1	Presentation
	Exhibit 99.2	Press Release dated September 3, 2014 titled “Delta Reports Financial and Operating Performance for August 2014”

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EX-99.1

Exhibit 99.1

Delta: Continuing Our Climb Cowen and Company Global Transportation Conference September 3, 2014

2 This presentation contains various projections and other forward-looking statements which represent Delta’s estimates or expectations regarding future events. All forward-looking statements involve a number of assumptions, risks and uncertainties, many of which are beyond Delta’s control, that could cause the actual results to differ materially from the projected results. Factors which could cause such differences include, without limitation, business, economic, competitive, industry, regulatory, market and financial uncertainties and contingencies, as well as the “Risk Factors” discussed in Delta’s SEC filings. Caution should be taken not to place undue reliance on Delta’s forward-looking statements, which represent Delta’s views only as of the date of this presentation, and which Delta has no current intention to update. In this presentation, we will discuss certain non-GAAP financial measures. You can find the reconciliations of those measures to comparable GAAP measures on our website at delta.com. Safe Harbor

3 Continuing Our Climb Sustaining our Momentum Setting the Foundation for Long-Term Success Balanced Capital Deployment Leveraging Delta’s strengths with initiatives to further our financial momentum and achieve long-term financial goals Building on a record setting 2013 with further earnings growth, margin expansion and free cash flow generation in 2014 Balanced cash deployment allows for reinvestment in the business, strengthening the balance sheet through debt and pension reduction, and returning cash to shareholders

4 Outpacing The Airline Industry $3,631 $3,256 $1,742 $1,306 $770 $306 • On track to produce more than $4 billion in pre-tax income in 2014, over $1.5 billion higher than 2013 • $3 billion+ of free cash flow, adjusted net debt below $8 billion, $900 million contributed to the pension plans, and more than $1 billion returned to shareholders • Industry-leading operational reliability with the highest customer satisfaction of the network carriers –More than 2,000 fewer cancellations and more than 22,000 fewer delays this summer –49 days this year without a mainline cancellation LTM 2Q14 Pre-Tax Income ($M) Expecting a Record 2014 Excludes special items

5 Sustaining Record Performance September 2014 Quarter Estimate Operatingmargin 15% -16% PRASMchangeyearoveryear Up 2%-3% Fuelprice $2.90 -$2.95 CASM–exfuelchangeyearoveryear Up 0%-1% Profit sharing $350 -$400 million System capacity changeyear over year Up ~3% Note: Fuel price includes taxes, settled hedges, refinery contribution and excludes MTM adjustments; CASM ex -fuel excludes special items and profit sharing •Producing a record September quarter with continued top line growth, margin expansion, and more than $850 million of free cash flow

6 Generating A Revenue Premium To The Industry •Investments in the network, product and operations have produced solid, sustainable revenue gains, with a pipeline of initiatives in place to keep the momentum going 100% 102% 106% 106% 2010 2011 2013 YTD 2014 Delta Passenger Unit Revenue vs. A4A Average • Operational performance • Corporate gains • Investments in New York and Seattle • International partnerships • Merchandising initiatives Keeping Our Momentum Strong

7 Managing The Network To Improve Profitability Pacific – Building out Seattle gateway – Recalibrating capacity with 17% reduction in beach flying and 10% reduction in intra-Asia – Building strong partnerships in the region Atlantic – Revenue environment remains strong with this summer’s RASM impacted by industry over-capacity and world events – Delta and JV partners combined winter capacity to increase 1% -3% Latin – Seeing solid return of demand post-World Cup – RASM pressure driven by service reductions to Venezuela

4.6% 3.7% 1.2% <1.0% 2012 1H13 2H13 2014E Long Term <2% Growth 8 Sustaining Our Cost Performance •Initiatives are keeping non-fuel unit costs below 2% Sustaining Our Cost Performance Non-Fuel Unit Cost Growth Excludes special items • A solid base of initiatives in 2013 established momentum for 2014 and beyond • Leveraging the strengths across the business to sustain this cost performance going forward –Domestic refleeting –Maintenance –Headcount / productivity –Supply chain –Technology

594 667 219 295 474 125 2009 2015E Small RJ Large RJ Mainline 9 Domestic Fleet Restructuring •Upgauging domestic fleet and retiring 50-seaters improves margins through higher revenues and improved cost efficiency Domestic Fleet Count 1,287 1,087 Avg gauge 102 122 • Fleet restructuring replaces small regional aircraft with fewer, larger aircraft –Fleet will have ~125 50-seat regionals by 2015, down from nearly 500 at the merger –Replacing with larger gauge 76-seaters and 110-seat 717s • Upgauged fleet improves cost efficiency by generating modest capacity growth with fewer departures and aircraft –Year to date have produced 2% higher domestic capacity on 4% fewer departures • Combination of new and used aircraft produces higher returns on invested capital

$3.07 $3.03 $2.93 $2.90 -$2.95 $3.12 $3.15 $3.07 $3.00 2013 1Q14 2Q14 3Q14E Delta Industry (ex DAL) 10 Industry-Leading Fuel Strategy •Combined benefits from hedges and refinery are helping to reduce Delta’s largest expense •Hedges are estimated to provide $75 million of benefit in 3Q14 and approximately $325 million of benefit for the year •Recent decline in Brent has not translated into lower jet fuel prices Average Jet Fuel Price Industry 3Q14E is weighted by consumption and based on most recent guidance

Reducing Risk Across the Business 11 •Maintaining disciplined capacity levels while generating strong earnings and returns •Diversifying the top line –nearly 20% of annual revenues are generated from non-ticket sources like ancillary products and services, cargo and third-party business services •Immunized joint ventures with AirFrance/KLM/Alitalia, Virgin Atlantic and Virgin Australia hedge currency and economic risk Business Risk Financial Risk Labor Risk •Keeping fixed cost base low, including aircraft ownership, allows for flexibility with capacity levels •Reducing fuel risk through hedging and ownership of Trainer Refinery •Stronger balance sheet –more than 50% reduction in debt since 2009 has lowered annual interest expense by $500+ million •Proactively addressing pension obligations •Partnering with employees produces the best relations in the industry •Profit sharing program aligns employees’ and shareholders’ interests •De-risking is key to driving better consistency of results throughout the business cycle

12 Debt Reduction Remains A Priority •Debt at lowest level in 20 years; targeting $5 billion of adjusted net debt by 2016 •Debt reduction provides earnings tailwind; at $5 billion target, interest expense will be nearly $1 billion lower than 2009 Adjusted Net Debt $17.0B $15.0B $12.9B $11.7B $9.4B $7.9B $5.0B 2009 2010 2011 2012 2013 2Q 2014 2016E

13 Increasing Shareholder Returns •Demonstrating a strong commitment to shareholders with return levels moving closer to averages of high quality industrial peer set •Plan to return more than $1 billion to shareholders in 2014 Regular Dividend $300 million per year $2 billion Share Repurchase Authorization •Dividend represents a long-term commitment to returning cash to our owners •Increased quarterly dividend by 50% to $0.09 per share •Share repurchase program provides flexibility to return additional cash to shareholders •New $2 billion share repurchase to be completed no later than December 31, 2016 -- $325 million already completed – May 2013 $500 million authorization completed two years ahead of its expiration date More Than $750 Million Returned Already in 2014 Through Dividends and Buybacks

7.2 9.8 Delta Ind. Transports •Execution of our long-term goals should help drive better valuation of our stock and compare favorably with other high quality industrial transports 14 The Path To Improved Valuation 14% Delta Ind. Transports ROIC Delta Ind. Transports EPS Growth $3.0B $1.5B Delta Ind. Transports Free Cash Flow Note: High quality industrial transports are companies with similar index characteristics to Delta –part of S&P 500 and Dow Transportation Index (CHRW, CSX, EXPD, FDX, KSU, NSC, R, UNP, UPS); For high quality industrial transports, ROIC is five year historical average and free cash flow and EPS growth are 2014-16 analyst consensus. Data source is Thomson One 10 –15% Forward Price to Earnings EV to EBITDA 15 –18% 14% Excludes special items; Forward price to earnings adjusted for net operating loss carryforwards 10.3 16.0 Delta Ind. Transports

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Non-GAAP Financial Measures

Delta sometimes uses information ("non-GAAP financial measures") that is derived from the Consolidated Financial Statements, but that is not presented in accordance with accounting principles generally accepted in the U.S. ("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. The tables below show reconciliations of non-GAAP financial measures used in this press release to the most directly comparable GAAP financial measures.

Forward Looking Projections. Delta is unable to reconcile certain forward-looking projections to GAAP as the nature or amount of special items cannot be estimated at this time.

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Pre-Tax Income

Delta excludes special items from pre-tax income because management believes the exclusion of these items is helpful to investors to evaluate the company's recurring core operational performance in the periods shown. Therefore, we adjust for these amounts to arrive at more meaningful financial measures. Special items excluded in the table below showing the reconciliation of pre-tax income are:

Mark-to-market adjustments on fuel hedges recorded in periods other than the settlement period ("MTM adjustments"). MTM adjustments are based on market prices at the end of the reporting period for contracts settling in future periods. Such market prices are not necessarily indicative of the actual future value of the underlying hedge in the contract settlement period. Therefore, excluding these adjustments allows investors to better understand and analyze the company's core operational performance in the periods shown.

Restructuring and other items. Because of the variability in restructuring and other items, the exclusion of this item is helpful to investors to analyze the company’s recurring core operational performance in the periods shown.

Loss on extinguishment of debt and other. Because of the variability in loss on extinguishment of debt and other, the exclusion of this item is helpful to investors to analyze the company’s recurring core operational performance in the periods shown.

	Last Twelve
	Months Ended
(in millions)	June 30, 2014
Pre-tax income	$	3,471
Items excluded:
MTM adjustments		(344	)
Restructuring and other items		345
Loss on extinguishment of debt and other		159
Pre-tax income, excluding special items	$	3,631

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Non-Fuel Unit Cost

Cost per Available Seat Mile or Non-Fuel Unit Cost ("CASM-Ex"): We exclude the following items from consolidated CASM to evaluate the company’s core cost performance:

Aircraft fuel and related taxes. The volatility in fuel prices impacts the comparability of year-over-year non-fuel financial performance. The exclusion of aircraft fuel and related taxes (including our regional carriers under capacity purchase arrangements) allows investors to better understand and analyze our non-fuel costs and our year-over-year financial performance.

Ancillary businesses. Our ancillary businesses include aircraft maintenance and staffing services we provide to third parties and our vacation wholesale operations. Because these businesses are not related to the generation of a seat mile, we exclude the costs related to these businesses to provide a more meaningful comparison of costs of our airline operations to the rest of the airline industry.

Profit sharing. We exclude profit sharing because this exclusion 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.

Restructuring and other items. We exclude restructuring and other items from CASM for the same reasons described previously under the heading Pre-Tax Income.

	Year Ended December 31,
	2012			2011
CASM (cents)		14.97			14.12
Items excluded:
Aircraft fuel and related taxes		(5.31	)		(5.01	)
Ancillary businesses		(0.38	)		(0.37	)
Profit sharing		(0.16	)		(0.11	)
Restructuring and other items		(0.20	)		(0.10	)
CASM-Ex		8.92			8.53
Year-over-year change		4.6%

	Six Months Ended
	June 30,			June 30,			December 31,			December 31,
	2013			2012			2013			2012
CASM (cents)		15.12			15.49			14.44			14.46
Items excluded:
Aircraft fuel and related taxes		(5.23	)		(5.78	)		(4.63	)		(4.85	)
Ancillary businesses		(0.31	)		(0.42	)		(0.34	)		(0.34	)
Profit sharing		(0.12	)		(0.12	)		(0.31	)		(0.20	)
Restructuring and other items		(0.12	)		(0.16	)		(0.22	)		(0.23	)
CASM-Ex		9.34			9.01			8.94			8.84
Year-over-year change		3.7%						1.2%

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Average jet fuel price per gallon, adjusted

The table below shows the components of fuel expense, including the impact of the refinery and hedging on the average price per gallon. We then exclude MTM adjustments from the average price per gallon because excluding these adjustments allows investors to better understand and analyze Delta's costs for the periods reported.

	Year Ended			Three Months Ended			Three Months Ended
	December 31, 2013			March 31, 2014			June 30, 2014
Fuel purchase cost	$	3.09		$	3.09		$	3.04
Airline segment fuel hedge (gains) losses		(0.12	)		(0.08	)		(0.10	)
Refinery segment impact		0.03			0.05			(0.01	)
Average jet fuel price per gallon	$	3.00		$	3.06		$	2.93
MTM adjustments		0.07			(0.03	)		–
Average jet fuel price per gallon, adjusted	$	3.07		$	3.03		$	2.93

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Adjusted Net Debt

Delta uses adjusted total debt, including aircraft rent, in addition to long-term adjusted debt and capital leases, to present estimated financial obligations. Delta reduces adjusted total debt by cash, cash equivalents and short-term investments resulting in adjusted net debt to present the amount of assets needed to satisfy the debt. Management believes this metric is helpful to investors in assessing the company’s overall debt profile.

	December 31,			December 31,			December 31,			December 31,			December 31,			December 31,
	2009			2010			2011			2012			2013			2014
Debt and capital lease obligations	$17.2			$15.3			$13.8			$12.7			$11.3			$10.3
Plus: unamortized discount, net from purchase accounting and fresh start reporting	1.1			0.6			0.6			0.5			0.4			0.3
Adjusted debt and capital lease obligations		$18.3			$15.9			$14.4			$13.2			$11.7			$10.6
Plus: 7x last twelve months' aircraft rent		3.4			2.7			2.1			1.9			1.5			1.4
Adjusted total debt		21.7			18.6			16.5			15.1			13.2			12.0
Less: cash, cash equivalents and short-term investments		(4.7	)		(3.6	)		(3.6	)		(3.4	)		(3.8	)		(4.1	)
Adjusted net debt		$17.0			$15.0			$12.9			$11.7			$9.4			$7.9

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EX-99.2

Exhibit 99.2

 

CONTACT:	Corporate Communications
	404-715-2554
	news archive at news.delta.com
	Investor Relations
	404-715-2170

Delta Reports Financial and Operating Performance for August 2014

ATLANTA, Sep. 3, 2014 – Delta Air Lines (NYSE: DAL) today reported financial and operating performance for August 2014.

Consolidated passenger unit revenue (PRASM) for the month of August increased 2.0 percent year over year driven by continued strength in domestic markets, which offset an estimated 1 point of negative PRASM pressure from the impact of events in Russia, the Middle East and Africa.

Delta’s solid operating performance continued through August, with a monthly completion factor of 99.6 percent and an on-time arrival rate of 84.3 percent.

The company’s financial and operating performance is detailed below.

Preliminary Financial and Operating Results
August consolidated PRASM change year over year	2.0%
Projected September quarter PRASM change year over year	2% – 3%
Projected September quarter fuel price per gallon, adjusted	$2.90 - $2.95
August mainline completion factor	99.6%
August on-time performance (preliminary DOT A14)	84.3%

Note: Fuel price includes taxes, transportation, settled hedges, hedge premiums and refinery impact, but excludes mark to market adjustments on open hedges.

Delta Air Lines serves nearly 165 million customers each year. This year, Delta was named the 2014 Airline of the Year by Air Transport World magazine and was named to FORTUNE magazine’s 50 Most Admired Companies, in addition to being named the most admired airline for the third time in four years.With an industry-leading global network, Delta and the Delta Connection carriers offer service to 323 destinations in 59 countries on six continents. Headquartered in Atlanta, Delta employs nearly 80,000 employees worldwide and operates a mainline fleet of more than 700 aircraft. The airline is a founding member of the SkyTeam global alliance and participates in the industry’s leading trans-Atlantic joint venture with Air France-KLM and Alitalia as well as a newly formed joint venture with Virgin Atlantic. Including its worldwide alliance partners, Delta offers customers more than 15,000 daily flights, with key hubs and markets including Amsterdam, Atlanta, Boston, Detroit, Los Angeles, Minneapolis-St. Paul, New York-JFK, New York-LaGuardia, Paris-Charles de Gaulle, Salt Lake City, Seattle and Tokyo-Narita. Delta has invested billions of dollars in airport facilities, global products, services and technology to enhance the customer experience in the air and on the ground. Additional information is available on delta.com, Twitter @Delta, Google.com/+Delta, Facebook.com/delta and Delta’s blog takingoff.delta.com.

1

Forward Looking Statements

Statements in this press release that are not historical facts, including statements regarding our estimates, expectations, beliefs, intentions, projections or strategies for the future, may be "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995. All forward-looking statements involve a number of risks and uncertainties that could cause actual results to differ materially from the estimates, expectations, beliefs, intentions, projections and strategies reflected in or suggested by the forward-looking statements.  These risks and uncertainties include, but are not limited to, the cost of aircraft fuel; the availability of aircraft fuel; the impact of posting collateral in connection with our fuel hedge contracts; the impact of significant funding obligations with respect to defined benefit pension plans;  the restrictions that financial covenants in our financing agreements will have on our financial and business operations; labor issues; interruptions or disruptions in service at one of our hub airports; our dependence on technology in our operations; disruptions or security breaches of our information technology infrastructure; the ability of our credit card processors to take significant holdbacks in certain circumstances; the possible effects of accidents involving our aircraft; the effects of weather, natural disasters and seasonality on our business; the effects of an extended disruption in services provided by third party regional carriers; failure or inability of insurance to cover a significant liability at the Trainer refinery; the impact of environmental regulation on the Trainer refinery, including costs related to renewable fuel standard regulations; our ability to retain management and key employees; competitive conditions in the airline industry; the effects of extensive government regulation on our business; the effects of terrorist attacks; the effects of the rapid spread of contagious illnesses; and the costs associated with war risk insurance.  

Additional information concerning risks and uncertainties that could cause differences between actual results and forward-looking statements is contained in our Securities and Exchange Commission filings, including our Annual Report on Form 10-K for the fiscal year ended Dec. 31, 2013. Caution should be taken not to place undue reliance on our forward-looking statements, which represent our views only as of Sep. 3, 2014, and which we have no current intention to update.

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	Monthly Traffic Results (a)							Year to Date Traffic Results (a)
	Aug 2014		Aug 2013		Change			Aug 2014		Aug 2013		Change
RPMs (000):
Domestic	11,430,396		11,007,019		3.8	%		81,271,683		77,839,334		4.4	%
Delta Mainline	9,502,651		8,957,877		6.1	%		66,814,234		63,037,203		6.0	%
Regional	1,927,745		2,049,142		(5.9	%)		14,457,449		14,802,131		(2.3	%)
International	8,604,080		8,430,946		2.1	%		56,667,115		54,882,114		3.3	%
Latin America	1,640,124		1,410,147		16.3	%		12,597,620		10,476,847		20.2	%
Delta Mainline	1,612,799		1,396,239		15.5	%		12,347,640		10,337,205		19.4	%
Regional	27,325		13,908		96.5	%		249,980		139,642		79.0	%
Atlantic	4,556,781		4,553,909		0.1	%		27,397,122		27,620,247		(0.8	%)
Pacific	2,407,175		2,466,890		(2.4	%)		16,672,373		16,785,020		(0.7	%)
Total System	20,034,476		19,437,965		3.1	%		137,938,799		132,721,448		3.9	%
ASMs (000):
Domestic	13,109,690		12,899,621		1.6	%		94,478,093		92,899,421		1.7	%
Delta Mainline	10,739,107		10,313,198		4.1	%		76,427,261		73,806,896		3.6	%
Regional	2,370,584		2,586,423		(8.3	%)		18,050,832		19,092,525		(5.5	%)
International	9,756,925		9,367,058		4.2	%		66,928,671		64,597,228		3.6	%
Latin America	1,909,225		1,602,845		19.1	%		14,984,554		12,425,855		20.6	%
Delta Mainline	1,874,524		1,586,070		18.2	%		14,656,258		12,245,033		19.7	%
Regional	34,701		16,775		106.9	%		328,296		180,822		81.6	%
Atlantic	5,136,100		4,974,839		3.2	%		32,275,541		32,422,265		(0.5	%)
Pacific	2,711,600		2,789,374		(2.8	%)		19,668,575		19,749,108		(0.4	%)
Total System	22,866,615		22,266,679		2.7	%		161,406,764		157,496,649		2.5	%
Load Factor:
Domestic	87.2	%	85.3	%	1.9		pts	86.0	%	83.8	%	2.2		pts
Delta Mainline	88.5	%	86.9	%	1.6		pts	87.4	%	85.4	%	2.0		pts
Regional	81.3	%	79.2	%	2.1		pts	80.1	%	77.5	%	2.6		pts
International	88.2	%	90.0	%	(1.8	)	pts	84.7	%	85.0	%	(0.3	)	pts
Latin America	85.9	%	88.0	%	(2.1	)	pts	84.1	%	84.3	%	(0.2	)	pts
Delta Mainline	86.0	%	88.0	%	(2.0	)	pts	84.2	%	84.4	%	(0.2	)	pts
Regional	78.7	%	82.9	%	(4.2	)	pts	76.1	%	77.2	%	(1.1	)	pts
Atlantic	88.7	%	91.5	%	(2.8	)	pts	84.9	%	85.2	%	(0.3	)	pts
Pacific	88.8	%	88.4	%	0.4		pts	84.8	%	85.0	%	(0.2	)	pts
Total System	87.6	%	87.3	%	0.3		pts	85.5	%	84.3	%	1.2		pts
Mainline Completion Factor	99.6	%	99.9	%	(0.3	)	pts
Passengers Boarded	16,117,881		15,664,509		2.9	%		115,618,836		111,449,948		3.7	%
Cargo Ton Miles (000):	213,647		202,739		5.4	%		1,559,806		1,542,332		1.1	%

^a Results include flights operated under contract carrier arrangements

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