Financial Analysis

"COMMITMENTS AND CONTINGENCIES Aircraft Purchase Commitments Our future aircraft purchase commitments totaled approximately $15.4 billion at December 31, 2025: Aircraft purchase commitments (1) (in millions) Total 2026 $ 3,650 2027 5,860 2028 4,150 2029 1,290 2030 480 Thereafter Total $ 15,430 (1) The timing of these commitments is based on our contractual agreements with the aircraft manufacturers and remains uncertain due to supply chain, manufacturing and regulatory constraints. Our future aircraft purchase commitments included the following aircraft at December 31, 2025: Aircraft purchase commitments by fleet type Fleet Type Purchase Commitments A220-300 64 A321-200neo 68 A350-900 4 A350-1000 20 B-737-10 100 Total 256 In addition to the aircraft purchase commitments above, on January 12, 2026, we entered into a definitive agreement with The Boeing Company to acquire 30 Boeing 787-10 aircraft, with an option to purchase up to an additional 30 of the same aircraft. The B-787-10 aircraft will include GEnx engines manufactured by General Electric. Deliveries of the B-787-10 aircraft will begin in 2031. On January 27, 2026, we entered into a definitive agreement with Airbus S.A.S. to purchase 16 Airbus A330-900 aircraft and 15 Airbus A350-900 aircraft, with an option to purchase up to an additional 20 widebody aircraft. The A330-900 aircraft will be powered by the Trent 7000 engine and the A350-900 aircraft will utilize the Trent XWB-84 EP engine, both manufactured by Rolls-Ro …

CommitmentsAndContingenciesDisclosureTextBlock · excerpt; the full note is in the filing

"DEBT The following table summarizes our debt as of the dates indicated below: Summary of outstanding debt by category Maturity Dates Interest Rate(s) Per Annum at December 31, 2025 December 31, (in millions) 2025 2024 Unsecured notes 2028 to 2030 3.75% to 5.30% $ 2,884 $ 1,575 Unsecured Payroll Support Program Loans (1) 2031 1.00% 1,848 3,496 Financing arrangements secured by SkyMiles assets: SkyMiles Notes (2) 2026 to 2028 4.75% 3,422 3,970 SkyMiles Term Loan (2)(3) 2026 to 2028 5.38% 588 784 NYTDC Special Facilities Revenue Bonds (2) 2026 to 2045 4.00% to 6.00% 3,522 3,591 Financing arrangements secured by aircraft: Certificates (2) 2026 to 2028 2.00% to 8.00% 894 992 Notes (2)(3) 2026 to 2033 5.96% to 7.18% 78 87 Financing arrangements secured by slots, gates and/or routes: Senior Secured Notes 2025 % 812 Other financings (2) 2030 5.00% 66 66 Corporate Revolving Credit Facility 2026 to 2028 Undrawn Other revolving credit facilities (3) 2026 Undrawn Total secured and unsecured debt 13,302 15,373 Unamortized (discount)/premium and debt issuance cost, net and other 6 (26) Total debt 13,308 15,347 Less: current maturities (1,372) (1,801) Total long-term debt $ 11,936 $ 13,546 (1) Interest rates on the Payroll Support Program (""PSP"") loans are 1.00% for the first five years and the applicable SOFR plus 2.00% in the final five years. The applicable interest rates will begin to adjust for each loan in January 2026 and April 2026. (2) Due in installments during the years shown …

DebtDisclosureTextBlock · excerpt; the full note is in the filing

Passenger revenue is composed of passenger ticket sales, loyalty travel awards and travel-related services performed in conjunction with a passengers flight. Passenger revenue by category Year Ended December 31, (in millions) 2025 2024 2023 Ticket $ 45,488 $ 45,096 $ 43,596 Loyalty travel awards 4,237 3,841 3,462 Travel-related services 2,043 1,957 1,851 Total passenger revenue $ 51,768 $ 50,894 $ 48,909 Other Revenue Year Ended December 31, (in millions) 2025 2024 2023 Refinery $ 5,077 $ 4,642 $ 3,379 Loyalty program 3,362 3,297 3,093 Ancillary businesses 937 772 840 Miscellaneous 1,320 1,216 1,104 Total other revenue $ 10,696 $ 9,927 $ 8,416 …

DisaggregationOfRevenueTableTextBlock · excerpt; the full note is in the filing

"FAIR VALUE MEASUREMENTS Fair value is defined as an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. Fair value is a market-based measurement that is determined based on assumptions that market participants would use in pricing an asset or liability. Each fair value measurement is classified into one of the following levels based on the information used in the valuation: Level 1. Observable inputs such as quoted prices in active markets. Level 2. Inputs, other than quoted prices in active markets, that are observable either directly or indirectly. Level 3. Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions. Assets and liabilities measured at fair value are based on the valuation techniques identified in the tables below. The valuation techniques are as follows: (a) Market Approach. Prices and other relevant information generated by observable transactions involving identical or comparable assets or liabilities. (b) Income Approach. Techniques to convert future amounts to a single present value amount based on market expectations (including present value techniques and option-pricing models). Assets (Liabilities) Measured at Fair Value on a Recurring Basis (1) December 31, 2025 Valuation Technique (in millions) Total Level 1 Level 2 Level 3 Cash equivalents $ 2,868 $ 2,868 $ $ (a) Restr …

FairValueDisclosuresTextBlock · excerpt; the full note is in the filing

GOODWILL AND INTANGIBLE ASSETS Goodwill and Indefinite-Lived Intangible Assets Our goodwill and identifiable intangible assets relate to the airline segment. We apply a fair value-based impairment test to the carrying value of goodwill and indefinite-lived intangible assets on an annual basis (as of October 1) and, if certain events or circumstances indicate that an impairment loss may have been incurred, on an interim basis. We assess the value of our goodwill and indefinite-lived assets under either a qualitative or quantitative approach. Under a qualitative approach, we consider various market factors, including certain of the key assumptions listed below. We analyze these factors to determine if events and circumstances have affected the fair value of goodwill and indefinite-lived intangible assets. If we determine that it is more likely than not that the asset may be impaired, we use the quantitative approach to assess the asset's fair value and the amount of the impairment. Under a quantitative approach, we calculate the fair value of the asset incorporating the key assumptions listed below into our calculation. We value goodwill and indefinite-lived intangible assets primarily using market and income approach valuation techniques. These measurements include the following key assumptions (1) forecasted revenues, expenses and cash flows, (2) current discount rates, (3) observable market transactions and (4) anticipated changes to the regulatory environment (e.g., changes …

GoodwillAndIntangibleAssetsDisclosureTextBlock · excerpt; the full note is in the filing

"INCOME TAXES Income Tax Provision Components of income tax provision Year Ended December 31, (in millions) 2025 2024 2023 Current tax provision: Federal $ (10) $ $ State and local (17) (35) (8) International (44) (11) (11) Deferred tax provision: Federal (970) (1,038) (896) State and local (139) (117) (84) Income tax provision $ (1,180) $ (1,201) $ (999) The following table presents the principal reasons for the difference between the effective tax rate and the U.S. federal statutory income tax rate: Reconciliation of statutory federal income tax rate to the effective income tax rate Year Ended December 31, 2025 2024 2023 (in millions, except for percentages) Amount Percent Amount Percent Amount Percent U.S. federal statutory income tax rate $ 1,299 21.0 % $ 978 21.0 % $ 1,178 21.0 % State and local income tax, net of federal income tax effect (1) 123 2.0 115 2.5 112 2.0 Nontaxable or nondeductible items 41 0.7 59 1.3 46 0.8 Changes in valuation allowances (272) (4.4) 89 1.9 (274) (4.9) Other (11) (0.2) (40) (0.9) (63) (1.1) Effective income tax rate $ 1,180 19.1 % $ 1,201 25.8 % $ 999 17.8 % (1) New York City, New York, Georgia and California make up the majority (greater than 50%) of the tax effect in this category in 2024 and 2025. Georgia, New York City, New York and New Jersey make up the majority (greater than 50%) of the tax effect in this category in 2023. Taxes paid across all jurisdictions were immaterial for all periods presented. Deferred Taxes We account for def …

IncomeTaxDisclosureTextBlock · excerpt; the full note is in the filing

"LEASES We lease property and equipment under finance and operating leases. For leases with terms greater than 12 months, we record the related asset and obligation at the present value of the fixed minimum lease payments over the term. Many of our leases include rental escalation clauses, renewal options and/or termination options that are factored into our determination of lease payments when appropriate. We do not separate lease and nonlease components of contracts, except for regional aircraft and information technology (""IT"") assets as discussed below. We use the rate implicit in the lease to discount lease payments to present value, when readily determinable. When the rate implicit in the lease is not readily determinable, we use our incremental borrowing rate, which is based on the estimated interest rate for collateralized borrowing over a similar term of the lease at commencement date. Some of our aircraft lease agreements include provisions for residual value guarantees. These guarantees represent an immaterial portion of our lease liability. Aircraft As of December 31, 2025, including aircraft operated by our regional carriers, we leased 122 aircraft, of which 20 were under finance leases and 102 were operating leases. Our aircraft leases had remaining lease terms of two months to 10 years. In addition, we have regional aircraft leases that are embedded within our capacity purchase agreements and included in the ROU asset and lease liability. We allocated the con …

LesseeOperatingLeasesTextBlock · excerpt; the full note is in the filing

"Recent Accounting Standards Recently Adopted Standards Income Taxes. In December 2023, the Financial Accounting Standards Board (""FASB"") issued Accounting Standards Update (""ASU"") No. 2023-09, ""Income Taxes (Topic 740): Improvements to Income Tax Disclosures."" This standard enhances disclosures related to income taxes, including the rate reconciliation and information on income taxes paid. We adopted this standard effective January 1, 2025. See Note 10, ""Income Taxes,"" for our income tax disclosures. Standards Effective in Future Years Disaggregation of Income Statement Expenses. In November 2024, the FASB issued ASU No. 2024-03, ""Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40)."" This standard requires disclosure of specific information about costs and expenses and becomes effective January 1, 2027. We are assessing the impact of this ASU and, upon adoption, may be required to include certain additional disclosures in the footnotes to our Consolidated Financial Statements. Internal Use Software. In September 2025, the FASB issued ASU No. 2025-06, ""Targeted Improvements to the Accounting for Internal-Use Software."" This standard is intended to improve the operability and application of guidance related to capitalized software development costs and becomes effective January 1, 2028. We are assessing the potential impact this ASU may have on our Consolidated Financial Statements upon adoption. Interim Reportin …

NewAccountingPronouncementsPolicyPolicyTextBlock · excerpt; the full note is in the filing

"EMPLOYEE BENEFIT PLANS We sponsor defined benefit and defined contribution pension plans, healthcare plans and disability and survivorship plans for eligible employees and retirees and their eligible family members. Defined Benefit Pension Plans. We sponsor defined benefit pension plans for eligible employees and retirees. These plans are generally closed to new entrants and frozen for future benefit accruals. Our funding obligations for qualified defined benefit plans are governed by the Employee Retirement Income Security Act and any additional applicable legislation. Under current legislation, any required funding would be amortized over a rolling 15-year period and calculated using a discount rate of no less than 4.75% through 2030. We estimate that there will be approximately $5 million of minimum funding requirements under these plans in 2026. We also sponsor a market based cash balance plan, a defined benefit pension plan for eligible pilots that is funded by company contributions in excess of IRS limits in the 401(k) plan. We fund this plan with cash contributions as benefits are earned and invest those assets. The participants benefit is the sum of the contributions made on their behalf plus any positive return on the invested contributions. In estimating the related benefit obligation and net benefit cost, the expected long-term rate of return on plan assets is used in determining the interest crediting rate. Defined Contribution Pension Plans. We sponsor several d …

PensionAndOtherPostretirementBenefitsDisclosureTextBlock · excerpt; the full note is in the filing

"REVENUE RECOGNITION Passenger Revenue Passenger revenue is composed of passenger ticket sales, loyalty travel awards and travel-related services performed in conjunction with a passengers flight. Passenger revenue by category Year Ended December 31, (in millions) 2025 2024 2023 Ticket $ 45,488 $ 45,096 $ 43,596 Loyalty travel awards 4,237 3,841 3,462 Travel-related services 2,043 1,957 1,851 Total passenger revenue $ 51,768 $ 50,894 $ 48,909 Ticket Passenger Tickets. We defer sales of passenger tickets to be flown by us or that we sell on behalf of other airlines in our air traffic liability. Passenger revenue is recognized when we provide transportation. For tickets that we sell on behalf of other airlines, we reduce the air traffic liability when consideration is remitted to those airlines. The air traffic liability primarily includes sales of passenger tickets with scheduled departure dates in the future and travel credits, which can be applied as payment toward the cost of a ticket. We periodically evaluate the estimated air traffic liability and may record adjustments in our income statement. These adjustments relate primarily to tickets that expire unused (""ticket breakage"") and items for which final settlement occurs in periods subsequent to the sale of the related tickets such as refunds, exchanges and transactions with other airlines. We recognized approximately $6.4 billion, $6.5 billion and $7.4 billion in passenger revenue during the years ended December 31, 20 …

RevenueFromContractWithCustomerTextBlock · excerpt; the full note is in the filing

"SEGMENTS Operating segments are defined as components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision maker (""CODM"") and is used in resource allocation and performance assessments. Our executive leadership team, the Delta Leadership Committee (DLC), is our CODM. The DLC regularly reviews information for our two operating segments: our airline segment and our refinery segment. The DLC uses operating income to evaluate segment performance. The DLC is involved in determining and reviewing projected operating income as part of the annual plan process. Throughout the year, the DLC considers forecast to actual results and variances on a monthly and quarterly basis to allocate resources for the airline segment's fleet and network and to optimize the refinery segment's operations. The DLC also considers this information in strategic decisions related to capital allocations, including investments in fleet, ground, information technology and refinery assets, route and network development, and human capital. Airline Segment Our airline segment is managed as a single business unit that provides scheduled air transportation for passengers and cargo throughout the U.S. and around the world and includes our loyalty program, as well as other ancillary businesses. This allows us to benefit from an integrated revenue pricing and route network. Our flight equipment forms one fleet, which is deployed through …

SegmentReportingDisclosureTextBlock · excerpt; the full note is in the filing

COMMITMENTS AND CONTINGENCIES Aircraft Purchase Commitments Our future aircraft purchase commitments totaled approximately $27.6 billion at June 30, 2026. Aircraft purchase commitments (1) (in millions) Total Six months ending December 31, 2026 $ 1,810 2027 5,180 2028 5,550 2029 4,650 2030 2,270 Thereafter 8,140 Total $ 27,600 (1) The timing of these commitments is based on our contractual agreements with the aircraft manufacturers and remains uncertain due to supply chain, manufacturing and regulatory constraints. Our future aircraft purchase commitments included the following aircraft at June 30, 2026: Aircraft purchase commitments by fleet type Aircraft Type Purchase Commitments A220-300 58 A321-200neo 90 A330-900neo 16 A350-900 18 A350-1000 20 B-737-10 100 B-787-10 30 Total 332 Aircraft Orders In the March 2026 quarter, we entered into a definitive agreement with The Boeing Company to acquire 30 Boeing 787-10 aircraft, with an option to purchase up to an additional 30 of the same aircraft. Deliveries of the B-787-10 aircraft are scheduled to begin in 2031. In the March 2026 quarter, we entered into a definitive agreement with Airbus S.A.S. to purchase 16 Airbus A330-900 aircraft and 15 Airbus A350-900 aircraft, with an option to purchase up to an additional 20 widebody aircraft. Deliveries of the aircraft are scheduled to begin in 2029. In the March 2026 quarter, we exercised options for 34 Airbus A321neo aircraft. Deliveries from this order are scheduled to begin in 2029 …

CommitmentsAndContingenciesDisclosureTextBlock · excerpt; the full note is in the filing

"DEBT Summary of outstanding debt by category (in millions) Maturity Dates Interest Rate(s) Per Annum at June 30, 2026 June 30, 2026 December 31, 2025 Unsecured Notes 2028 to 2030 3.75% to 5.25% $ 2,884 $ 2,884 Unsecured Payroll Support Program Loans (1) 2031 5.62% 891 1,848 Financing arrangements secured by SkyMiles assets: SkyMiles Notes (2) 2026 to 2028 4.75% 2,852 3,422 SkyMiles Term Loan (1)(2) 2026 to 2028 4.93% 585 588 NYTDC Special Facilities Revenue Bonds (2) 2026 to 2045 4.00% to 6.00% 3,448 3,522 2026 Term Loan 2026 4.76% 1,250 Financing arrangements secured by aircraft: Certificates (2) 2026 to 2028 2.00% to 8.00% 845 894 Notes (1)(2) 2026 to 2033 5.91% to 5.93% 72 78 Other financings 2030 5.00% 66 66 2026 Corporate Revolving Credit Facility (2) 2029 to 2031 Undrawn Other revolving credit facilities (2) 2026 to 2027 Undrawn Total secured and unsecured debt $ 12,893 $ 13,302 Unamortized (discount)/premium and debt issue cost, net and other 12 6 Total debt $ 12,905 $ 13,308 Less: current maturities (2,804) (1,372) Total long-term debt $ 10,101 $ 11,936 (1) Certain financings are comprised of variable rate debt. All variable rates are equal to SOFR (generally subject to a floor) or another index rate, plus a specified margin. (2) Due in installments during the years shown above. 2026 Term Loan In January 2026, we entered into a $1.25 billion term loan issued by a group of lenders due December 2026. The proceeds of the term loan were used to repay $957 million of Payr …

DebtDisclosureTextBlock · excerpt; the full note is in the filing

Passenger Revenue Three Months Ended June 30, Six Months Ended June 30, (in millions) 2026 2025 2026 2025 Ticket $ 13,771 $ 12,246 $ 24,538 $ 22,314 Loyalty travel awards 1,247 1,092 2,277 2,033 Travel-related services 589 529 1,094 1,000 Passenger revenue $ 15,607 $ 13,867 $ 27,909 $ 25,347 Other Revenue Three Months Ended June 30, Six Months Ended June 30, (in millions) 2026 2025 2026 2025 Refinery $ 2,091 $ 1,141 $ 3,745 $ 2,203 Loyalty and related 1,344 1,127 2,565 2,209 MRO 315 239 695 390 Miscellaneous 106 62 176 118 Other revenue $ 3,856 $ 2,569 $ 7,181 $ 4,920

DisaggregationOfRevenueTableTextBlock

"FAIR VALUE MEASUREMENTS Assets/(Liabilities) Measured at Fair Value on a Recurring Basis (in millions) June 30, 2026 Level 1 Level 2 Level 3 Cash equivalents $ 3,010 $ 3,010 $ $ Restricted cash equivalents 108 108 Long-term investments and related 3,572 3,238 306 28 Fuel hedge contracts 29 29 (in millions) December 31, 2025 Level 1 Level 2 Level 3 Cash equivalents $ 2,868 $ 2,868 $ $ Restricted cash equivalents 191 191 Long-term investments and related 3,644 3,366 217 61 Fuel hedge contracts 1 1 Cash Equivalents and Restricted Cash Equivalents. Cash equivalents generally consist of money market funds. Restricted cash equivalents generally consist of money market funds, time deposits, commercial paper and negotiable certificates of deposit. Restricted cash equivalents primarily relate to certain self-insurance obligations, debt related reserves and airport commitments. Restricted cash equivalents are recorded in prepaid expenses and other noncurrent assets on our Consolidated Balance Sheet (""balance sheet""). The fair value of these cash equivalents is based on a market approach using prices generated by market transactions involving identical or comparable assets. Long-Term Investments and Related. Our long-term investments measured at fair value primarily consist of equity investments, which are valued based on market prices or other observable transactions and inputs, and are recorded in equity investments on our balance sheet. Our equity investments in private companies …

FairValueDisclosuresTextBlock · excerpt; the full note is in the filing

"Recent Accounting Standards Standards Effective in Future Years Environmental Credits. In May 2026, the Financial Accounting Standards Board issued Accounting Standards Update No. 2026-02 ""Environmental Credits and Environmental Credit Obligations (Topic 818)."" This standard provides specific guidelines for the recognition, measurement, presentation and disclosure of tradable environmental assets and regulatory compliance liabilities. This standard becomes effective January 1, 2028 and we are assessing the potential impact on our Consolidated Financial Statements."

NewAccountingPronouncementsPolicyPolicyTextBlock

EMPLOYEE BENEFIT PLANS We sponsor defined benefit and defined contribution pension plans, healthcare plans, and disability and survivorship plans for eligible employees and retirees and their eligible family members. Employee benefit plans net periodic (benefit)/cost Pension Benefits (1) Other Postretirement and Postemployment Benefits (in millions) 2026 2025 2026 2025 Three Months Ended June 30, Service cost $ 51 $ 26 $ 36 $ 33 Interest cost 203 208 43 45 Expected return on plan assets (289) (267) (1) Amortization of prior service credit (1) (1) Recognized net actuarial loss 35 50 8 5 Net periodic (benefit)/cost $ $ 17 $ 85 $ 82 Six Months Ended June 30, Service cost $ 57 $ 29 $ 73 $ 66 Interest cost 405 416 85 90 Expected return on plan assets (578) (534) (1) (1) Amortization of prior service credit (2) (2) Recognized net actuarial loss 70 101 15 10 Net periodic (benefit)/cost $ (46) $ 12 $ 170 $ 163 (1) Service cost relates to the market based cash balance plan. Our traditional benefit plans are frozen and there is no service cost. Service cost is recorded in salaries and related costs in our income statement, while all other components are recorded within miscellaneous, net under non-operating expense. We also sponsor defined benefit pension plans for eligible employees in certain foreign countries which have immaterial obligations. These plans are not included in the net periodic cost table above. …

PensionAndOtherPostretirementBenefitsDisclosureTextBlock · excerpt; the full note is in the filing

"REVENUE RECOGNITION Passenger Revenue Three Months Ended June 30, Six Months Ended June 30, (in millions) 2026 2025 2026 2025 Ticket $ 13,771 $ 12,246 $ 24,538 $ 22,314 Loyalty travel awards 1,247 1,092 2,277 2,033 Travel-related services 589 529 1,094 1,000 Passenger revenue $ 15,607 $ 13,867 $ 27,909 $ 25,347 Ticket We recognized approximately $5.8 billion and $5.7 billion in passenger revenue during the six months ended June 30, 2026 and 2025, respectively, that had been recorded in our air traffic liability balance at the beginning of those periods. Loyalty Travel Awards Loyalty travel awards revenue is related to the redemption of mileage credits (""miles"") for air travel. Our SkyMiles loyalty program allows customers to earn miles by flying on Delta, Delta Connection carriers and other airlines that participate in the loyalty program. Customers can also earn miles through participating companies, such as credit card, retail, ridesharing, car rental and hotel companies, who purchase miles from us under their respective marketing agreements. Our most significant contract to sell miles relates to our co-brand credit card relationship with American Express. During the six months ended June 30, 2026 and 2025, total cash sales from marketing agreements related to our loyalty program were $4.5 billion and $4.0 billion, respectively, which are allocated to travel and other performance obligations. Current Activity of the Loyalty Program. Miles are combined in one homogeneous …

RevenueFromContractWithCustomerTextBlock · excerpt; the full note is in the filing

SEGMENTS Refinery Operations The refinery operated by Monroe typically produces approximately 200,000 barrels of refined products (primarily, gasoline, diesel and jet fuel) per day and operates for the benefit of the airline segment by providing jet fuel to the airline. Non-jet fuel production is sold to or exchanged with third parties, which enables us to procure additional jet fuel for consumption in our airline operations. The exchange agreements for non-jet fuel products ended during the second half of 2025. Segment Reporting Segment results are prepared based on our internal accounting methods described below, with reconciliations to consolidated amounts in accordance with GAAP. Our segments are not designed to measure operating income or loss directly related to the products and services included in each segment on a stand-alone basis. Financial information by segment (in millions) Airline Refinery Intersegment Sales/Other Consolidated Three Months Ended June 30, 2026 Operating revenue $ 17,666 $ 2,611 $ (520) (1) $ 19,757 Airline salaries and related costs 4,762 Aircraft fuel and related costs 4,109 Refinery cost of goods sold (2) 2,099 Depreciation and amortization 656 29 Other segment items (3) 6,626 132 Operating income (4) 1,513 351 1,864 Interest expense/(income), net 144 (4) 4 144 Other non-operating income (289) (289) Income before income taxes 1,658 355 (4) 2,009 Total assets, end of period 82,878 3,634 (191) 86,321 Capital expenditures 1,442 16 1,458 Three Mon …

SegmentReportingDisclosureTextBlock · excerpt; the full note is in the filing