Delta Airlines 2011 Annual Report Download - page 56

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DELTA AIR LINES, INC.
Consolidated Statements of Cash Flows
Year Ended December 31,
(in millions) 2011 2010 2009
Cash Flows From Operating Activities:
Net income (loss) $ 854 $ 593 $ (1,237)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization 1,523 1,511 1,536
Amortization of debt discount, net 193 216 370
Loss on extinguishment of debt 68 391 83
Fuel hedge derivative contracts 135 (136) (148)
Deferred income taxes (2) 9 (329)
Pension, postretirement and postemployment expense (less than) in excess of payments (308) (301) 307
Equity-based compensation expense 72 89 108
Restructuring and other items 142 182 —
Changes in certain assets and liabilities:
Receivables (76) (141) 147
Hedge margin receivables (24) — 1,132
Restricted cash and cash equivalents 153 16 79
Prepaid expenses and other current assets (16) (7) (61)
Air traffic liability 174 232 (286)
Frequent flyer deferred revenue 82 (345) (298)
Accounts payable and accrued liabilities 303 516 143
Other assets and liabilities (373) (98) (138)
Other, net (66) 105 (29)
Net cash provided by operating activities $ 2,834 $ 2,832 $ 1,379
Cash Flows From Investing Activities:
Property and equipment additions:
Flight equipment, including advance payments (907) (1,055) (951)
Ground property and equipment, including technology (347) (287) (251)
Purchase of investments (1,078) (815) —
Redemption of investments 844 149 256
Other, net (10) (18) (62)
Net cash used in investing activities (1,498) (2,026) (1,008)
Cash Flows From Financing Activities:
Payments on long-term debt and capital lease obligations (4,172) (3,722) (2,891)
Proceeds from long-term obligations 2,395 1,130 2,966
Fuel card obligation 318 — —
Debt issuance costs (63) (19) —
Restricted cash and cash equivalents (51) — —
Other, net 2 90 (94)
Net cash used in financing activities (1,571) (2,521) (19)
Net (Decrease) Increase in Cash and Cash Equivalents (235) (1,715) 352
Cash and cash equivalents at beginning of period 2,892 4,607 4,255
Cash and cash equivalents at end of period $ 2,657 $ 2,892 $ 4,607
Supplemental disclosure of cash paid for interest $ 925 $ 1,036 $ 867
Non-cash transactions:
Flight equipment under capital leases $ 117 $ 329 $ 57
JFK redevelopment project funded by third parties 126 — —
Debt relief through vendor negotiations — 160 —
Debt discount on American Express agreements — 110 —
Aircraft delivered under seller financing — 20 139