Alaska Airlines and Horizon Air 2013 Annual Report Download - page 145

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ALASKA AIR GROUP, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
Year Ended December 31 (in millions) 2013 2012 2011
Cash flows from operating activities:
Net income .................................................... $ 508 $ 316 $ 245
Adjustments to reconcile net income to net cash provided by operating
activities:
Special mileage plan accounting adjustment ...................... (192) ——
Depreciation and amortization ................................. 270 264 247
Stock-based compensation and other ........................... 32 10 17
Changes in certain assets and liabilities:
Changes in fair values of open fuel hedge contracts ................ 45 43 14
Changes in deferred tax provision .............................. 146 94 145
Increase (decrease) in other current liabilities ..................... 70 34 (20)
Increase (decrease) in air traffic liability .......................... 29 45 67
Increase (decrease) in deferred revenue ......................... 84 33 7
Increase (decrease) in other long-term liabilities ................... (14) 470
Increase (decrease) in pension and other medical liabilities .......... 62 71 36
Other—net ................................................ 28 (47) 9
Pension contribution ......................................... (87) (114) (141)
Net cash provided by operating activities ............................ 981 753 696
Cash flows from investing activities:
Property and equipment additions:
Aircraft and aircraft purchase deposits ........................... (487) (455) (318)
Other flight equipment ....................................... (41) (24) (35)
Other property and equipment ................................. (38) (39) (34)
Total property and equipment additions ............................. (566) (518) (387)
Assets constructed for others (Terminal 6 at LAX) ..................... —(56) (109)
Purchases of marketable securities ................................. (1,218) (1,130) (884)
Sales and maturities of marketable securities ........................ 1,089 1,048 956
Proceeds from disposition of assets and changes in restricted deposits .... (3) 11 21
Net cash used in investing activities ................................ (698) (645) (403)
Cash flows from financing activities:
Proceeds from issuance of long-term debt ........................... —— 107
Proceeds from sale-leaseback transactions, net ....................... —49 —
Long-term debt payments ......................................... (161) (275) (334)
Common stock repurchases ...................................... (159) (60) (80)
Cash dividend paid .............................................. (28) ——
Proceeds and tax benefit from issuance of common stock ............... 24 31 19
Terminal 6 at LAX reimbursement .................................. 2178 4
Other financing activities ......................................... (3) (11) 3
Net cash used in financing activities ................................ (325) (88) (281)
Net increase (decrease) in cash and cash equivalents .................. (42) 20 12
Cash and cash equivalents at beginning of year ....................... 122 102 90
Cash and cash equivalents at end of year ........................... $80$ 122 $ 102
Supplemental disclosure:
Cash paid during the year for:
Interest (net of amount capitalized) ............................. $35$46$74
Income taxes ............................................... 149 78 8
See accompanying notes to consolidated financial statements.
59
ŠForm 10-K