Investor Presentaiton
Non-GAAP Reconciliations
Pre-Tax Income, Adjusted – Annual
-
We adjust pre-tax income for the following items to determine pre-tax income, adjusted for the reasons described below.
MTM adjustments and settlements on hedges. Mark-to-market ("MTM") adjustments are defined as fair value changes recorded in periods other than the settlement period. Such fair value
changes are not necessarily indicative of the actual settlement value of the underlying hedge in the contract settlement period. Settlements represent cash received or paid on hedge contracts
settled during the period.
Equity investment MTM adjustments. We record our proportionate share of earnings/loss from our equity investments in Virgin Atlantic and Aeroméxico in non-operating expense. We adjust for
our equity method investees' MTM adjustments to allow investors to understand and analyze our core financial performance in the periods shown.
Restructuring and other and Loss on extinguishment of debt. Because of the variability from period to period, the adjustments for these items are helpful to investors to analyze the company's
core operational performance in the periods shown.
(in billions)
GAAP
Adjusted for:
Year Ended
December 31, 2017
Year Ended
December 31, 2014
$
5.5
1.1
Year Ended
December 31, 2010
$
Year Ended
December 31, 2009
0.6
$
(1.6)
MTM adjustments and settlements on hedges
Equity investment MTM adjustments
Restructuring and other
Loss on extinguishment of debt
Total adjustments
Non-GAAP
(0.3)
0.1
2.3
0.1
0.7
0.5
0.4
0.3
0.4
0.1
(0.2)
3.5
0.9
0.5
$
5.3
$
4.5
$
1.5
$
(1.1)
A DELTA
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