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Delta Air Lines Inc. (DAL)

Adjustments to Financial Statements

Advanced level

Adjustments to Current Assets
Adjustments to Total Assets
Adjustments to Current Liabilities
Adjustments to Total Liabilities
Adjustments to Stockholders’ Equity
Adjustments to Capitalization Table
Adjustments to Revenues
Adjustments to Reported Income

Adjustments to Current Assets

Delta Air Lines Inc., adjusted current assets

US$ in millions

		Dec 31, 2018	Dec 31, 2017	Dec 31, 2016	Dec 31, 2015	Dec 31, 2014
	As Reported
	Current assets
	Adjustments
	Add: Allowance for uncollectible accounts
	Less: Current deferred tax assets, net¹
	After Adjustment
	Adjusted current assets

Based on: 10-K (filing date: 2019-02-15), 10-K (filing date: 2018-02-23), 10-K (filing date: 2017-02-13), 10-K (filing date: 2016-02-05), 10-K (filing date: 2015-02-11).

¹ Current deferred tax assets, net. See details »

Adjustments to Total Assets

Delta Air Lines Inc., adjusted total assets

US$ in millions

		Dec 31, 2018	Dec 31, 2017	Dec 31, 2016	Dec 31, 2015	Dec 31, 2014
	As Reported
	Total assets
	Adjustments
	Add: Operating lease right-of-use asset (before adoption of FASB Topic 842)¹
	Add: Allowance for uncollectible accounts
	Less: Current deferred tax assets, net²
	Less: Noncurrent deferred tax assets, net³
	After Adjustment
	Adjusted total assets

Based on: 10-K (filing date: 2019-02-15), 10-K (filing date: 2018-02-23), 10-K (filing date: 2017-02-13), 10-K (filing date: 2016-02-05), 10-K (filing date: 2015-02-11).

¹ Operating lease right-of-use asset (before adoption of FASB Topic 842). See details »

² Current deferred tax assets, net. See details »

³ Noncurrent deferred tax assets, net. See details »

Adjustments to Current Liabilities

Delta Air Lines Inc., adjusted current liabilities

US$ in millions

		Dec 31, 2018	Dec 31, 2017	Dec 31, 2016	Dec 31, 2015	Dec 31, 2014
	As Reported
	Current liabilities
	Adjustments
	Less: Current loyalty program deferred revenue
	After Adjustment
	Adjusted current liabilities

Based on: 10-K (filing date: 2019-02-15), 10-K (filing date: 2018-02-23), 10-K (filing date: 2017-02-13), 10-K (filing date: 2016-02-05), 10-K (filing date: 2015-02-11).

Adjustments to Total Liabilities

Delta Air Lines Inc., adjusted total liabilities

US$ in millions

		Dec 31, 2018	Dec 31, 2017	Dec 31, 2016	Dec 31, 2015	Dec 31, 2014
	As Reported
	Total liabilities
	Adjustments
	Add: Operating lease liability (before adoption of FASB Topic 842)¹
	Less: Noncurrent deferred tax liabilities (included in Other noncurrent liabilities)²
	Less: Loyalty program deferred revenue
	Less: Restructuring liability
	After Adjustment
	Adjusted total liabilities

Based on: 10-K (filing date: 2019-02-15), 10-K (filing date: 2018-02-23), 10-K (filing date: 2017-02-13), 10-K (filing date: 2016-02-05), 10-K (filing date: 2015-02-11).

¹ Operating lease liability (before adoption of FASB Topic 842). See details »

² Noncurrent deferred tax liabilities (included in Other noncurrent liabilities). See details »

Adjustments to Stockholders’ Equity

Delta Air Lines Inc., adjusted stockholders’ equity

US$ in millions

		Dec 31, 2018	Dec 31, 2017	Dec 31, 2016	Dec 31, 2015	Dec 31, 2014
	As Reported
	Stockholders’ equity
	Adjustments
	Less: Net deferred tax assets (liabilities)¹
	Add: Allowance for uncollectible accounts
	Add: Loyalty program deferred revenue
	Add: Restructuring liability
	After Adjustment
	Adjusted stockholders’ equity

Based on: 10-K (filing date: 2019-02-15), 10-K (filing date: 2018-02-23), 10-K (filing date: 2017-02-13), 10-K (filing date: 2016-02-05), 10-K (filing date: 2015-02-11).

¹ Net deferred tax assets (liabilities). See details »

Adjustments to Capitalization Table

Delta Air Lines Inc., adjusted capitalization table

US$ in millions

		Dec 31, 2018	Dec 31, 2017	Dec 31, 2016	Dec 31, 2015	Dec 31, 2014
	As Reported
	Current maturities of long-term debt and finance leases
	Long-term debt and finance leases, excluding current maturities
	Total reported debt
	Stockholders’ equity
	Total reported capital
	Adjustments to Debt
	Add: Operating lease liability (before adoption of FASB Topic 842)¹
	Add: Current maturities of operating leases²
	Add: Noncurrent operating leases³
	Adjusted total debt
	Adjustments to Equity
	Less: Net deferred tax assets (liabilities)⁴
	Add: Allowance for uncollectible accounts
	Add: Loyalty program deferred revenue
	Add: Restructuring liability
	Adjusted stockholders’ equity
	After Adjustment
	Adjusted total capital

Based on: 10-K (filing date: 2019-02-15), 10-K (filing date: 2018-02-23), 10-K (filing date: 2017-02-13), 10-K (filing date: 2016-02-05), 10-K (filing date: 2015-02-11).

¹ Operating lease liability (before adoption of FASB Topic 842). See details »

² Current maturities of operating leases. See details »

³ Noncurrent operating leases. See details »

⁴ Net deferred tax assets (liabilities). See details »

Adjustments to Revenues

Delta Air Lines Inc., adjusted operating revenue

US$ in millions

	12 months ended	Dec 31, 2018	Dec 31, 2017	Dec 31, 2016	Dec 31, 2015	Dec 31, 2014
	As Reported
	Operating revenue
	Adjustment
	Add: Increase (decrease) in loyalty program deferred revenue
	After Adjustment
	Adjusted operating revenue

Based on: 10-K (filing date: 2019-02-15), 10-K (filing date: 2018-02-23), 10-K (filing date: 2017-02-13), 10-K (filing date: 2016-02-05), 10-K (filing date: 2015-02-11).

Adjustments to Reported Income

Delta Air Lines Inc., adjusted net income

US$ in millions

	12 months ended	Dec 31, 2018	Dec 31, 2017	Dec 31, 2016	Dec 31, 2015	Dec 31, 2014
	As Reported
	Net income
	Adjustments
	Add: Deferred income tax expense (benefit)¹
	Add: Increase (decrease) in allowance for uncollectible accounts
	Add: Increase (decrease) in loyalty program deferred revenue
	Add: Increase (decrease) in restructuring liability
	Add: Other comprehensive income (loss)
	After Adjustment
	Adjusted net income

Based on: 10-K (filing date: 2019-02-15), 10-K (filing date: 2018-02-23), 10-K (filing date: 2017-02-13), 10-K (filing date: 2016-02-05), 10-K (filing date: 2015-02-11).

¹ Deferred income tax expense (benefit). See details »

	Delta Air Lines Inc.	Other companies (not purchased previously)
Financial Statements
Common-Size Financial Statements
Analysis of Financial Ratios
Relative Valuation
Discounted Cash Flow (DCF) Valuation
Economic Value Added (EVA)
Long-term Trends
Analysis of Components of Financial Statements
Financial Reporting Quality

	All companies
Financial Statements
Common-Size Financial Statements
Analysis of Financial Ratios
Relative Valuation
Discounted Cash Flow (DCF) Valuation
Economic Value Added (EVA)
Long-term Trends
Analysis of Components of Financial Statements
Financial Reporting Quality