Depreciation at Delta Air Lines: The “Fresh Start”

case_questions
 

Depreciation at Delta Air Lines: The “Fresh Start”

 

Case Questions

Respond to the Case Questions/Prompts listed below. These are also found in the Depreciation at Delta Airlines and Singapore Airlines (A) PDF on p. 4.

1. Calculate the annual depreciation expense that Delta and Singapore would record for each $100 gross value of aircraft.For Delta, what was its annual depreciation expense (per $100 of gross aircraft value) prior to July 1, 1986; from July 1, 1986 through March 31, 1993; and from April 1, 1993 on?For Singapore, what was its annual depreciation expense (per $100 of gross aircraft value) prior to April 1, 1989; and from April 1, 1989 on?
2. Are the differences in the ways that the two airlines account for depreciation expense significant? Why would companies depreciate aircraft using different depreciable lives and salvage values? What reasons could be given to support these differences? Is different treatment proper?
3. Assuming the average value of flight equipment that Delta had in 1993, how much of a difference do the depreciation assumptions it adopted on April 1, 1993 make? How much more or less will its annual depreciation expense be compared to what it would be were it using Singapore’s depreciation assumptions?
4. Singapore Airlines maintains depreciation assumptions that are very different from Delta’s. What does it gain or lose by doing so? How does this relate to the company’s overall strategy?
5. Does the difference in the average age of Delta’s and Singapore’s aircraft fleets have any impact on the amount of depreciation expense that they record? If so, how much?

  

_____________________________________________________________________________________________________________________

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discussion and not as an endorsement, a source of primary data, or an illustration of effective or ineffective management.

The key information in the
case has been taken from publicly available sources.

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W I L L I A M J . B R U N S

Depreciation at Delta Air Lines:
The “Fresh Start”

Plant, property and equipment is one of the largest asset categories for airline companies. Flight
equipment and ground property and equipment are often more than half of the total assets of an airline,
and depreciation of those assets is a major operating expense. Depreciation is an exercise in cost
allocation undertaken to match the cost of assets with the revenues earned during the periods that assets
are used. Depreciation is not an attempt to measure the current value of assets. The amount of
depreciation estimated by an airline company for each operating period is based on the cost of assets,
estimates of asset lives, and assumptions about residual values at the end of the asset lives. These
estimates and assumptions have changed through the years for almost all airlines. Delta Air Lines is no
exception.

Delta Air Lines filed for reorganization under Chapter 11 of the U.S. Bankruptcy Code in September
2005 and emerged from bankruptcy as a new company one year ahead of schedule on April 30, 2007.
(Bankruptcy is a process providing protection of the court during a period when a company tries to
restructure itself and its operations to return to viability.) Upon emergence from bankruptcy Delta
adopted “fresh start” accounting in accordance with American Institute of Certified Public Accountants’
Statement of Position 90-7, “Financial Reporting by Entities in Reorganization under the Bankruptcy
Code” (SOP 90-7).

Fresh start accounting requires resetting the historic net book value of assets and liabilities to fair
value and becoming a new entity for financial reporting purposes. Delta’s consolidated financial
statements after May 1, 2007, are not comparable to consolidated financial statements before that date.
On May 1, 2007, Delta adopted policies regarding estimated lives and residual values for aircraft, but it
was far from the first time it had changed its estimates. Depreciation practices had been changed several
times before as flight equipment and industry conditions changed.

Delta Air Lines began 2008 with more worldwide destinations than any other airline, with 321
destinations in 58 countries. Delta added more international capacity during 2006 and 2007 than any
other major U.S. airline. In 2008 Delta merged with Northwest Airlines to become the largest airline in
the world.

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The “Fresh Start”

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Depreciation at Delta Air Lines

A significant number of factors can be considered in estimating the economic life of a commercial
aircraft—physical or economic life, corporate strategy, planned uses, expected technological changes all
come to mind. Delta Air Lines has changed assumptions of economic life of aircraft four times since 1986,
each time extending the expected life by five years. Intense competition and deregulation during this
period invite consideration of regular extension of aircraft lives. This is at least partly motivated by the
desire to reduce annual depreciation amounts in order to report higher net income or reduce losses, but
there may have been other factors that make extended lives make sense in the industry.

Consider the issue of physical life of the modern jet-powered aircraft. The first commercial jet
passenger planes were sold in 1957. Before that year the majority of commercial aircraft were powered by
piston engines, which subjected airframes to destructive vibrations. Ten-year lives were the norm in
airline depreciation policies and had been for some time. With no real experience with turbofan-powered
planes, management was reasonable in assuming that the new generation of aircraft would be similar in
life span to the old generation. Experience showed that the turbofan engines offered considerably less
wear and tear on the airframes and that the physical life of aircraft powered by jet engines was
considerably longer than that of piston-engine powered planes.

Furthermore, as the passenger airline industry converted fleets to jet-powered aircraft, the
replacement cycle lengthened because of production and delivery backlogs. From a competitive strategy
point of view, it was important for an airline to offer jet planes, but whether those planes were new or
considerably older became less important. Size of planes and economy of operation became more
important factors in fleet selection as experience with new aircraft showed that their physical lives were
going to be longer than those of prior generations of airplanes. Passengers sought out jet planes whether
they were new or older models.

Other changes were also taking place in the airline industry. Deregulation brought competitive pricing
and the introduction of “hub and spoke” route systems. Discount airlines emerged to challenge legacy
carriers. All airlines experienced more pressure on profitability, and longer depreciable lives meant lower
depreciation and the possibility of higher incomes. All airlines extended lives of aircraft. Delta Air Lines
was more conservative than some in extending lives but more aggressive than others.

Exhibit 1 summarizes the depreciable life estimates and policies used by Delta Air Lines for flight
equipment from before 1986 to 2008. The extension of estimated lives was typical of other airline
companies during these periods as experience was gained with modern jet aircraft technologies. Other
airlines used longer estimated lives than Delta—as long ago as 30 years earlier—as pressures to report
profits caused them to report less depreciation than in the early years of jet powered flight. All major U.
S. airlines use straight-line depreciation.

Exhibit 2 summarizes the active fleet of Delta Air Lines’ flight equipment at December 31, 2007.
Aircraft owned or leased on capital leases are all subject to depreciation. In addition, at the end of

2007

Delta had 76 aircraft on order for delivery in the 2008 to 2010 period and options on 160 more in the 2009
through 2012 period. The magnitude of these commitments can be appreciated in the summary of jet
airplane prices quoted by Boeing shown in Exhibit 3.

The “Fresh Start”

Delta Air Lines adopted fresh start accounting on April 30, 2007, becoming a new entity for financial
reporting purposes. Consolidated Financial Statements on or after May 1, 2007, are not comparable to
financial statements prior to that date. Management did combine the results of operations for the eight
months ended December 31, 2007, of the Successor; the four months ended April 30, 2007, of the
Predecessor; and the years ended December 31, 2006, and 2005, of the Predecessor. In their Form 10-K

Depreciation at Delta Air Lines: The “Fresh Start” | 4013

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(Form 10-K is an annual report which must be filed with the U. S. Securities and Exchange Commission
each year) discussion of these combined financial results, they wrote as follows:

For purposes of management’s discussion and analysis of the results of operations for the
year ended December 31, 2007 in this Form 10-K, we combined the results of operations for
the four months ended April 30, 2007 of the Predecessor with the eight months ended
December 31, 2007 of the Successor. We then compared the combined results of operations
for the year ended December 31, 2007 with the corresponding period in the prior year of the
Predecessor and discussed significant fresh start reporting adjustments (“Fresh Start
Adjustments”) which impacted comparability. (page 26, Form 10-K)

We believe the combined results of operation for the year ended December 31, 2007
provide management and investors with a more meaningful perspective of Delta’s ongoing
financial and operational performance and trends than if we did not combine the results of
operations of the Predecessor and Successor in this manner.

Exhibits 4 and 5 show the resulting Consolidated Balance Sheets and Consolidated
Statements of Operations shown in the Form 10-K for 2007 and prior years.

The Fresh Start adjustments for property and equipment and flight equipment were
described in notes to the consolidated financial statements as follows:

Depreciation We revalued property and equipment to fair value, which reduced the
net book value of these assets by $1.0 billion. In addition, we adjusted the depreciable lives
of flight equipment to reflect revised estimated useful lives. As a result, depreciation expense
decreased by $127 million for the year ended December 31, 2007. (Fresh Start Adjustments, p.
28, Form 10-K)

Fresh Start Reporting xx As previously noted, upon emergence of Chapter 11, we
adopted fresh start reporting, which required us to revalue our assets and liabilities to fair
value. In estimating fair value, we based our estimates and assumptions on the guidance
prescribed by SFAS No. 157, “Fair Value Measurements” (SFAS 157), which we were required
to adopt in connection with our adoption of fresh start reporting. SFAS 157, among other
things, defines fair value, established a framework for measuring fair value and expands
disclosure about fair value measurements. (p. 42, Form 10-K)

Long-Lived Assets Our flight equipment and other long-lived assets have a recorded
value of $11.7 billion on our Consolidated Balance Sheet at December 31, 2007. This value is
based on various factors, including the assets’ estimated useful lives and their estimated
salvage values. In accordance with SFAS No. 144, “Accounting for Impairment or Disposal of
Long-Lived Assets” (“SFAS 144”), we record impairment losses on long-lived assets used in
operations when events and circumstances indicate the assets might be impaired and the
estimated future cash flows generated by those assets are less than their carrying amounts.
The impairment loss recognized is the amount by which the asset’s carrying amount exceeds
its estimated fair value.

In order to evaluate potential impairment as required by SFAS 144, we group assets at
the fleet type level (the lowest level for which there are identifiable cash flows) and then
estimate future cash flows based on projections of passenger yield, fuel costs, labor costs and
other relevant factors. We estimate aircraft fair values using published sources, appraisals
and bids received from third parties, as available. (page 44, Form 10-K )

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4 BRIEFCASES | HARVARD BUSINESS PUBLISHING

Exhibit 1 Delta Air Lines Depreciation Estimates and Policies
for Flight Equipment Using Straight-line Depreciation

Estimated Useful Lives of
Flight Equipment

Residual Values

1985 and prior 10 Years 10% of Cost
1986 to 1992 15 Years 10% of Cost
1993 to 1997 20 Years 5% of Cost
1998 to 2006 25 Years Between 5% and

10% of Cost

2007 21 – 30 Years 10% of Cost

Source: Note to Delta Airlines financial statements 1987, 1993, 2007

Exhibit 2 Delta Air Lines Active Aircraft Fleet at December 31, 2007

Current Fleet

Owned
Capital
Lease

Operating
Lease *

Total

Average
Age

B-737-800 71 – – 71 7.2
B-757-200 68 34 18 120 16.3
B-757-200ER – 2 11 13 10.0
B767-300 4 – 17 21 16.9
B767-300ER 50 – 9 59 11.9
B767-400ER 21 – – 21 6.8
B777-200ER 8 – – 8 7.9
MD-88 63 33 21 117 17.5
MD-90 16 – – 16 12.1
CRJ-100 28 13 49 90 10.3
CRJ-200 5 – 12 17 5.2
CRJ-700 17 – – 17 4.2
CRJ-900 8 – – 8 0.2
Total 359 82 137 578 12.4

Source: Note to Delta Air Lines financial statements, 2007

*Aircraft on operating leases are not included in the balance sheet or in depreciation in the income
statement.

Depreciation at Delta Air Lines: The “Fresh Start” | 4013

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Exhibit 3 Commercial Airline Prices of Boeing
Airplane Families (millions of dollars)

Airplane Families 2007

737 Family

737-600 50.0 – 57.0
737-700 57.0 – 67.5
737-800 70.5 – 79.0
737-900ER 74.0 – 85.0

747 Family

747-400/400ER 228.0 – 260.0
747-400/400ER Freighter 232.0 – 261.0
747-8 285.5 – 300.0
747-8 Freighter 294.0 – 297.0

767 Family

767-200ER 124.5 – 135.0
767-300ER 141.0 – 157.5
767-300 Freighter 151.0 – 162.0
767-400ER 154.0 – 169.0

777 Family

777-200ER 200.0 – 225.0
777-200LR 231.0 – 258.5
777-300ER 250.0 – 279.0
777 Freighter 246.0 – 254.0

787 Family

787-3 146.0 – 151.5
787-8 157.0 – 167.0
787-9 189.0 – 200.0

Source: Boeing Aircraft Prices on Internet

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Exhibit 4 Delta Air Lines, Inc., Consolidated Balance Sheets

ASSETS (in millions)

Successor
December 31,

2007

Predecessor

December 31,

2006

CURRENT ASSETS:
Cash and cash equivalents $ 2,648 $ 2,034
Short-term investments 138 614
Restricted cash 520 750

Accounts receivable, net of allowance for uncollectible accounts of $26 at
December 31, 2007 and $21 at December 2006

1,066

915

Expendable parts and supplies inventories, net of an allowance for
obsolescence of $11 at December 31, 2007 and $161 at December 31, 2006

262

181

Deferred income taxes, net 142 402
Prepaid expenses and other 464 489

Total current assets 5,240 5,385

PROPERTY AND EQUIPMENT:
Flight equipment 9,525 17,641
Accumulated depreciation (299) (6,800)

Flight equipment, net 9,226 10,841
Ground property and equipment 1,943 4,575
Accumulated depreciation (246) (2,838)

Ground property and equipment, net 1,697 1,737
Flight and ground equipment under capital leases 602 474
Accumulated amortization (63) (136)

Flight and ground equipment under capital leases, net 539 338
Advance payment for equipment 239 57

Total property and equipment, net 11,701 12,973

OTHER ASSETS:
Goodwill 12,104 227
Identifiable intangibles, net of accumulated amortization of $147 at

December 31, 2007 and $190 at December 31,

2006

2,806

89
Other noncurrent assets 572 948
Total other assets 15,482 1,264
Total assets $32,423 $19,622

(Exhibit 4 continues on next page)

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Exhibit 4 (continued) Delta Air Lines, Inc., Consolidated Balance Sheets

LIABILITIES AND SHAREHOLDERS’ EQUITY (DEFICIT)
($ in millions, except share data)

Successor
December 31,

2007
Predecessor
December 31,
2006

CURRENT LIABILITIES:
Current maturities of long-term debt and capital leases $ 1,014 $ 1,503
Air traffic liability 1,982 1,797
Deferred revenue 1,100 363
Accounts payable 1,045 936
Accrued salaries and related benefits 734 405
Taxes payable 320 500
Note payable 295 –
Other accrued liabilities 115 265

Total current liabilities 6,605 5,769

NONCURRENT LIABILITIES:
Long-term debt and capital leases 7,986 6,509
Pension and related benefits 3,002 –
Deferred revenue 2,532 346
Post-retirement benefits 865 –
Deferred income taxes, net 855 406
Other noncurrent liabilities 465 368

Total noncurrent liabilities 15,705 7,629
LIABILITIES SUBJECT TO COMPROMISE – 19,817

COMMITMENTS AND CONTINGENCIES
SHAREOWNERS’ EQUITY (DEFICIT):
Common stock:

Predecessor common stock at $0.001 per value; 900,000,000 shares authorized,
202,081,648 shares issued at December 31, 2006

–

2

Successor common stock at 50.0001 par value; 1,500,000,000 shares
authorized, 299,464,669 shares issued at December 31, 2007

–

–

Additional paid-in capital 9,512 1,561
Retained earnings (accumulated deficit) 314 (14,414)
Accumulated other comprehensive income (loss) 435 (518)
Predecessor stock held in treasury, at cost, 4,745,710 shares at December 31,

2006

–

(224)
Successor stock held in treasury, at cost, 7,238,973 shares at December 31,

2007

(148)

–
Total shareowners’ equity (deficit) 10,113 (13,593)
Total liabilities and shareowners’ equity (deficit) $32,423 $19,622

Source: Annual Report, Form 10-K

4013 | Depreciation at Delta Air Lines: The “Fresh Start”

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Exhibit 5 Delta Air Lines, Inc., Consolidated Statements of Operations ($ in millions)

Successor Predecessor

Eight Months
Ended

December 31,

Four Months
Ended

April 30,

Year Ended

December 31,
2007 2007 2006 2005

OPERATING REVENUE:
Passenger:

Mainline $8,929 $3,829 $11,640 $11,367
Regional affiliates 2,874 1,296 3,853 3,225

Cargo 334 148 498 524
Other net 1,221 523 1,541 1,364

Total operating revenue 13,358 5,796 17,532 16,480

OPERATING EXPENSES:
Aircraft and related taxes 3,416 1,270 4,433 4,466
Salaries and related costs 2,887 1,302 4,365 5,290
Contract carrier arrangements 2,196 956 2,656 1,318
Depreciation and amortization 778 386 1,276 1,273
Contracted services 670 326 918 936
Aircraft maintenance and outside repairs 663 320 921 893
Passenger commissions and other selling expenses 635 298 888 948
Landing fees and other rents 475 250 881 878
Passenger service 243 95 332 348
Aircraft rent 156 90 316 543
Profit sharing 144 14 – –
Restructuring, asset write-downs, pension

settlements and related items, net

–

–

13

888
Other 299 189 475 700

Total operating expense 12,562 5,496 17,474 18,481
OPERATING INCOME (LOSS) 796 300 58 (2,001)

OTHER (EXPENSE) INCOME:
Interest expense (contractual interest expense

totaled $366 for the four months ended April 30,
2007, and $1,210 and $1,169 for the years ended
December 31, 2006 and 2005, respectively)

(390)

(262)

(870)

(1,032)
Interest income 114 14 69 59
Miscellaneous, net 5 27 (19) (1)

Total other expense, net (271) (221) (820) (974)
INCOME (LOSS) BEFORE REORGANIZATION

ITEMS, NET

525

79

(762)

(2,975)
REORGANIZATION ITEMS, NET – 1,215 (6,206) (884)
INCOME (LOSS) BEFORE INCOME TAXES 525 1,294 (6,968 (3,859)
INCOME TAX (PROVISION) BENEFIT (211) 4 765 41
NET INCOME (LOSS) 314 1,298 (6,203) (3,818)
PREFERRED STOCK DIVIDENDS – – (2) (18)
NET INCOME (LOSS) ATTRIBUTABLE TO

COMMON SHAREOWNERS

$ 314

$1,298

$(6,205)

$(3,836)
BASIC INCOME (LOSS) PER SHARE $ 0.80 $ 6.58 $(31.58) $(23.75)
DILUTED INCOME (LOSS) PER SHARE $ 0.79 $ 4.63 $(31.58) $(23.75)

Source: Annual Report, Form 10-K

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