Depreciation At Delta Air Lines: The “Fresh Start”
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.
- 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?
- 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?
- 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?
- 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?
- 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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Professor William J. Bruns prepared this case specifically for the Harvard Business Publishing Brief Case Collection, solely as a basis for class 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. Copyright © 2009 Harvard Business School Publishing. To order copies or request permission to reproduce materials, call 1-800-545-7685, write Harvard Business Publishing, Boston, MA 02163, or go to http://www.hbsp.harvard.edu. No part of this publication may be reproduced, stored in a retrieval system, used in a spreadsheet, or transmitted in any form or by any means—electronic, mechanical, photocopying, recording, or otherwise— without the permission of Harvard Business Publishing. Harvard Business Publishing is an affiliate of Harvard Business School.
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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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
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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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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.
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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 $19,622
Source: Annual Report, Form 10-K
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Exhibit 5 Delta Air Lines, Inc., Consolidated Statements of Operations ($ 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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