Assuming payroll is $3B annually and we get 20% raises. The retro payout would be $600M. To put that in perspective, Capex was just increased $500M per year. Debt reduction was $1B per year but has now slowed do to diminishing returns. Delta is on the hook for a $300M dollar loan guarantee for GOL. Pension funding is at $1.2B. 2016 dividends will be $625M. Share repurchases in the first half of 2016 alone will be $1.8B.



It's all about priorities.