Delta Air Lines (NYSE: DAL) has contributed USD350 million in shares of its common stock to its pension plans, the company said.
This is in addition to the USD825 million in cash contributions the company has already made to the plans this year.
To accomplish this contribution, the company issued 7.85 million shares from treasury. To avoid diluting existing shareholders with this contribution, the company has entered into a USD350 million accelerated share repurchase (ASR) agreement. The ASR is part of Delta´s existing USD5 billion share repurchase authorization and is in addition to the company´s previous guidance of USD425 million of share repurchases for the March quarter under this authorization.
Delta Air Lines serves nearly 180 million customers each year. Headquartered in Atlanta, it employs nearly 80,000 employees worldwide and operates a mainline fleet of more than 800 aircraft.