Delta Air Lines Inc., Atlanta, said it will post a second-quarter $117 million non-cash settlement charge related to the Delta Pilots Retirement Plan resulting from "higher than average pilot retirements," specifically related to lump-sum distributions. The charge does not affect Delta's short-term pension funding obligations under the pension plan, the airline said.
Delta had total pension plan assets of $6.8 billion and plan liabilities of about $12.5 billion as of Dec. 31, according to the company's annual report. Delta spokeswoman Catherine Stengel said Delta does not break down assets and liabilities for the pilots plan. The airline recorded a similar charge in December 2003.