Delta Air Lines pilots ratified an interim agreement that provides for a 14 percent hourly wage reduction and reductions in other pilot pay and cost items equivalent to approximately an additional 1 percent in pilot pay. The interim agreement will result in pilot cost reductions of approximately $143 million on an annualized basis. The agreement is effective as of Dec. 15, 2005, and will remain in effect while the parties seek to reach a comprehensive agreement. Under the terms of the interim agreement, the company and ALPA have pledged to commit their full resources to negotiate a tentative comprehensive agreement by March 1, 2006, with pilot membership ratification by March 22, 2006. Delta has said that achieving additional annual pilot labor cost reductions is an important element of its restructuring plan. The restructuring plan calls for an additional $3 billion in annual cost reductions and revenue improvements to be realized by the end of 2007. The $3 billion improvement target is in addition to the approximately $5 billion in annual financial benefits the company says it is on track to deliver by the end of 2006, as compared to 2002.