Delta Airlines 2002 Annual Report Download - page 134

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Consolidated Statements of Cash Flows
For the years ended December 31, 2002, 2001 and 2000
(in millions) 2002 2001 2000
-------------- -------- -------- --------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss) $ (1,272) $ (1,216) $ 828
Adjustments to reconcile net income (loss) to cash provided by
operating activities:
Cumulative effect of change in accounting principle -- -- 100
Asset and other writedowns 287 339 --
Depreciation and amortization 1,181 1,283 1,187
Deferred income taxes (411) (648) 396
Fair value adjustments of SFAS 133 derivatives 39 (68) 159
Pension, postretirement and postemployment expense in excess of
(less than) payments 177 419 (17)
Loss on extinguishment of ESOP Notes 42 -- --
Dividends (less than) in excess of equity income (3) 51 (28)
Loss (gain) from sale of investments, net 3 (127) (301)
Income tax benefit from exercise of stock options -- -- 5
Changes in certain current assets and liabilities:
(Increase) decrease in receivables (243) 47 86
Increase in restricted cash (134) -- --
(Increase) decrease in prepaid expenses and other current assets (35) 60 92
Increase (decrease) in air traffic liability 46 (215) (49)
Increase in other payables, deferred credits and accrued liabilities 675 274 395
Other, net (67) 37 45
-------- -------- --------
Net cash provided by operating activities 285 236 2,898
CASH FLOWS FROM INVESTING ACTIVITIES:
Property and equipment additions:
Flight equipment, including advance payments (922) (2,321) (3,426)
Ground property and equipment, including technology (364) (472) (634)
Decrease (increase) in restricted investments related to the Boston
airport terminal project 58 (485) --
Decrease in short-term investments, net 5 238 456
Proceeds from sales of flight equipment 100 66 384
Proceeds from sales of investments 24 286 73
Acquisitions of companies, net of cash acquired -- -- (232)
Other, net (10) (8) (17)
-------- -------- --------
Net cash used in investing activities (1,109) (2,696) (3,396)
CASH FLOWS FROM FINANCING ACTIVITIES:
Payments on long-term debt and capital lease obligations (734) (173) (853)
Prepayment of long-term lease obligations -- -- (215)
Cash dividends (39) (40) (40)
Issuance of long-term obligations 2,554 2,335 1,867
Issuance of long-term debt by Massachusetts Port Authority -- 498 --
(Payments on) proceeds from short-term obligations and notes payable, net (1,144) 701 (51)
Issuance of common stock -- 2 33
Repurchase of common stock -- -- (502)
Payments on extinguishment of ESOP Notes (42) -- --
Other, net (12) (17) --
-------- -------- --------
Net cash provided by financing activities 583 3,306 239
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS (241) 846 (259)
Cash and cash equivalents at beginning of year 2,210 1,364 1,623
-------- -------- --------
Cash and cash equivalents at end of year $ 1,969 $ 2,210 $ 1,364
-------- -------- --------
SUPPLEMENTAL DISCLOSURE OF CASH PAID (REFUNDED) FOR:
Interest, net of amounts capitalized $ 569 $ 490 $ 410
Income taxes $ (649) $ (103) $ 131
NON-CASH TRANSACTIONS:
Aircraft delivered under seller-financing $ 705 $ 77 $ --
Aircraft capital leases from sale and leaseback transactions $ 52 $ -- $ --
The accompanying notes are an integral part of these Consolidated Financial
Statements.
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