DAL » Topics » Issuer Purchases of Equity Securities

These excerpts taken from the DAL 10-K filed Mar 2, 2009.

Issuer Purchases of Equity Securities

The following shares of Common Stock were withheld to satisfy tax withholding obligations during the December 2008 quarter from the distributions described below. These shares may be deemed to be “issuer purchases” of shares that are required to be disclosed pursuant to this Item.

 

Period    Total
Number of
Shares
Purchased(1)
   Average
Price Paid
Per Share
   Total Number of Shares
Purchased as Part of
Publicly Announced
Plans or Programs(1)
   Maximum Number of
Shares (or Approximate
Dollar Value) of Shares
That May Yet Be
Purchased Under the
Plan or Programs
 

October 1-31, 2008

   5,142,826    $ 7.99    5,142,826                 (1)

November 1-30, 2008

   13,037,499      11.52    13,037,499                 (1)

December 1-31, 2008

   22,775      7.98    22,775                 (1)
    

Total

   18,203,100    $ 10.52    18,203,100   
    

 

(1)

Shares were withheld from employees to satisfy certain tax obligations due in connection with grants of stock under our 2007 Performance Compensation Plan and in connection with bankruptcy claims under Delta’s Plan of Reorganization. The 2007 Performance Compensation Plan and Delta’s Plan of Reorganization both provide for the withholding of shares to satisfy tax obligations. Neither specify a maximum number of shares that can be withheld for this purpose. See Note 11 and Note 12 of the Notes to the Consolidated Financial Statements elsewhere in this Form 10-K for more information about Delta’s Plan of Reorganization and the 2007 Performance Compensation Plan, respectively.

 

27


Table of Contents
Index to Financial Statements
ITEM 6. SELECTED FINANCIAL DATA

On October 29, 2008, we completed our merger with Northwest Airlines Corporation. Our Consolidated Financial Statements include the results of operations of Northwest and its wholly-owned subsidiaries for the period from October 30 to December 31, 2008. For additional information regarding purchase accounting, see Note 2 of the Notes to the Consolidated Financial Statements.

In September 2005, we and substantially all of our subsidiaries (the “Delta Debtors”) filed voluntary petitions for reorganization under Chapter 11 of the U.S. Bankruptcy Code (the “Bankruptcy Code”). On April 30, 2007 (the “Effective Date”), the Delta Debtors emerged from bankruptcy. Upon emergence from Chapter 11, we adopted fresh start reporting in accordance with American Institute of Certified Public Accountants’ Statement of Position 90-7, “Financial Reporting by Entities in Reorganization under the Bankruptcy Code.” The adoption of fresh start reporting resulted in our becoming a new entity for financial reporting purposes. Accordingly, consolidated financial data on or after May 1, 2007 is not comparable to the consolidated financial data prior to that date.

References in this Form 10-K to “Successor” refer to Delta on or after May 1, 2007, after giving effect to (1) the cancellation of Delta common stock issued prior to the Effective Date, (2) the issuance of new Delta common stock and certain debt securities in accordance with the Delta Debtors’ Joint Plan of Reorganization (“Delta’s Plan of Reorganization”), and (3) the application of fresh start reporting. References to “Predecessor” refer to Delta prior to May 1, 2007.

The following table presents selected financial and operating data. We derived the Consolidated Summary of Operations and Other Financial and Statistical Data for (1) the year ended December 31, 2008 of the Successor (2) the eight months ended December 31, 2007 of the Successor and (3) the four months ended April 30, 2007 and the years ended December 31, 2006, 2005 and 2004 of the Predecessor from our audited consolidated financial statements.

Issuer Purchases of Equity Securities

STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%">The following shares of Common Stock were withheld to satisfy tax withholding obligations during the December 2008 quarter from the distributions
described below. These shares may be deemed to be “issuer purchases” of shares that are required to be disclosed pursuant to this Item.

 





















































































Period  Total
Number of
Shares
Purchased(1)
  Average
Price Paid
Per Share
  Total Number of Shares
Purchased as Part of
Publicly Announced
Plans or
Programs(1)
  Maximum Number of
Shares (or Approximate
Dollar Value) of Shares
That May Yet Be
Purchased Under
the
Plan or Programs
 

October 1-31, 2008

  5,142,826  $7.99  5,142,826              SIZE="2">(1)

November 1-30, 2008

  13,037,499   11.52  13,037,499              SIZE="2">(1)

December 1-31, 2008

  22,775   7.98  22,775              SIZE="2">(1)
   

Total

  18,203,100  $10.52  18,203,100  
   

 





(1)

Shares were withheld from employees to satisfy certain tax obligations due in connection with grants of stock under our
2007 Performance Compensation Plan and in connection with bankruptcy claims under Delta’s Plan of Reorganization. The 2007 Performance Compensation Plan and Delta’s Plan of Reorganization both provide for the withholding of shares to
satisfy tax obligations. Neither specify a maximum number of shares that can be withheld for this purpose. See Note 11 and Note 12 of the Notes to the Consolidated Financial Statements elsewhere in this Form 10-K for more information about
Delta’s Plan of Reorganization and the 2007 Performance Compensation Plan, respectively.

 


27







Table of Contents


Index to Financial Statements






ITEM 6.SELECTED FINANCIAL DATA

On October 29, 2008,
we completed our merger with Northwest Airlines Corporation. Our Consolidated Financial Statements include the results of operations of Northwest and its wholly-owned subsidiaries for the period from October 30 to December 31, 2008. For
additional information regarding purchase accounting, see Note 2 of the Notes to the Consolidated Financial Statements.

In September 2005,
we and substantially all of our subsidiaries (the “Delta Debtors”) filed voluntary petitions for reorganization under Chapter 11 of the U.S. Bankruptcy Code (the “Bankruptcy Code”). On April 30, 2007 (the “Effective
Date”), the Delta Debtors emerged from bankruptcy. Upon emergence from Chapter 11, we adopted fresh start reporting in accordance with American Institute of Certified Public Accountants’ Statement of Position 90-7, “Financial
Reporting by Entities in Reorganization under the Bankruptcy Code.” The adoption of fresh start reporting resulted in our becoming a new entity for financial reporting purposes. Accordingly, consolidated financial data on or after May 1,
2007 is not comparable to the consolidated financial data prior to that date.

References in this Form 10-K to “Successor” refer
to Delta on or after May 1, 2007, after giving effect to (1) the cancellation of Delta common stock issued prior to the Effective Date, (2) the issuance of new Delta common stock and certain debt securities in accordance with the Delta Debtors’
Joint Plan of Reorganization (“Delta’s Plan of Reorganization”), and (3) the application of fresh start reporting. References to “Predecessor” refer to Delta prior to May 1, 2007.

STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%">The following table presents selected financial and operating data. We derived the Consolidated Summary of Operations and Other Financial and Statistical
Data for (1) the year ended December 31, 2008 of the Successor (2) the eight months ended December 31, 2007 of the Successor and (3) the four months ended April 30, 2007 and the years ended December 31, 2006, 2005
and 2004 of the Predecessor from our audited consolidated financial statements.

This excerpt taken from the DAL 10-K filed Feb 15, 2008.

Issuer Purchases of Equity Securities

The following shares of Common Stock were withheld in 2007 from the distributions described below. These shares may be deemed to be “issuer purchases” of shares that are required to be disclosed pursuant to this Item.

 

Period    Total
Number of
Shares
Purchased(1)
   Average
Price Paid
Per Share
   Total Number of Shares
Purchased as Part of
Publicly Announced
Plans or Programs(1)
   Maximum Number of
Shares (or Approximate
Dollar Value) of Shares
That May Yet Be
Purchased Under the
Plan or Programs
 

May 1-31, 2007

   5,913,542    $ 20.61    5,913,542                 (2)

June 1-30, 2007

   279,869      20.35    279,869                 (2)

July 1-31, 2007

   29,444      17.93    29,444                 (2)

August 1-31, 2007

   19,748      17.36    19,748                 (2)

September 1-30, 2007

   96,617      17.05    96,617                 (2)

October 1-31, 2007

   848,028      20.65    848,028                 (2)

November 1-30, 2007

   15,950      18.86    15,950                 (2)

December 1-31, 2007

   35,775      18.21    35,775                 (2)
    

Total

   7,238,973    $ 20.52    7,238,973   
    

 

(1)

Shares were withheld from employees to satisfy certain tax obligations due in connection with grants of stock under our Performance Compensation Plan and in connection with bankruptcy claims. The Company disclosed these matters generally in its Disclosure Statement dated February 7, 2007, as amended, and the Plan of Reorganization, which were filed with the Securities and Exchange Commission under Form 8-K.

(2)

The Performance Compensation Plan and the Plan of Reorganization provides for the withholding of shares to satisfy tax obligations. Neither specify a maximum number of shares that can be withheld for this purpose. See Note 1 and Note 12 of the Notes to the Consolidated Financial Statements elsewhere in this Form 10-K for more information about the Plan of Reorganization and the Performance Compensation Plan, respectively.

 

22


Table of Contents
Index to Financial Statements
ITEM 6. SELECTED FINANCIAL DATA

The following table presents selected financial and operating data. We derived the Statement of Operations Data for (1) the eight months ended December 31, 2007 of the Successor and (2) the four months ended April 30, 2007 and the years ended December 31, 2006, 2005, 2004 and 2003 of the Predecessor and we derived the Balance Sheet for (1) the year ended December 31, 2007 of the Successor and (2) the years ended December 31, 2006, 2005, 2004 and 2003 of the Predecessor from our audited consolidated financial statements and the related notes thereto.

Upon emergence from Chapter 11 on April 30, 2007 the Effective Date, we adopted fresh start reporting in accordance with SOP 90-7. The adoption of fresh start reporting resulted in our becoming a new entity for financial reporting purposes. Accordingly, consolidated financial data on or after May 1, 2007 is not comparable to the consolidated financial data prior to that date.

Due to Delta’s adoption of fresh start reporting on April 30, 2007, the following table includes selected summary financial and operating data for (1) the eight months ended December 31, 2007 of the Successor and (2) the four months ended April 30, 2007 and the years ended December 31, 2006, 2005, 2004 and 2003 of the Predecessor.

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