Delta Air Lines Inc., Atlanta, will make no voluntary contributions to its pension plans in 2020 because of the impact of the COVID-19 pandemic, the airline said Wednesday in a 10-Q filing with the SEC.
Delta originally said in a Feb. 13 10-K filing it planned to make $500 million in voluntary contributions this year. Delta already did not have any minimum funding requirements for the year.
The decision to delay the planned $500 million in voluntary contributions comes as part of a series of actions the airline has undertaken to "increase liquidity and strengthen our financial position," according to the new 10-Q filing. The planned timing of the contributions could not be immediately learned.
Delta contributed $1.02 billion and $523 million, respectively, to the plans in 2019 and 2018.
As of Dec. 31, the company's defined benefit plan assets totaled $15.845 billion, while projected benefit obligations totaled $21.199, for a funding ratio of 74.7%, up from 67.9% a year earlier, according to the 10-K filing.