Delta Airlines 2012 Annual Report Download - page 60

DELTA AIR LINES, INC.
Consolidated Statements of Cash Flows
54
Year Ended December 31,
(in millions) 2012
2011 2010
Cash Flows From Operating Activities:
Net income
$
1,009
$
854
$
593
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization
1,565
1,523
1,511
Amortization of debt discount, net
193
193
216
Loss on extinguishment of debt
56
68
391
Fuel hedge derivative contracts
(209
)
135
(136
)
Deferred income taxes
17
(2
)
9
Pension, postretirement and postemployment expense less than payments
(208
)
(308
)
(301
)
Equity-based compensation expense
54
72
89
Restructuring and other items
184
142
182
SkyMiles used pursuant to advance purchase under American Express Agreements
(333
)
—
—
Changes in certain assets and liabilities:
Receivables
(116
)
(76
)
(141
)
Restricted cash and cash equivalents
(51
)
153
16
Fuel inventory
(451
)
(8
)
(36
)
Prepaid expenses and other current assets
(134
)
(8
)
29
Air traffic liability
216
174
232
Frequent flyer deferred revenue
(115
)
82
(345
)
Accounts payable and accrued liabilities
899
303
516
Other assets and liabilities
(66
)
(373
)
(98
)
Other, net
(34
)
(90
)
105
Net cash provided by operating activities
2,476
2,834
2,832
Cash Flows From Investing Activities:
Property and equipment additions:
Flight equipment, including advance payments
(1,196
)
(907
)
(1,055
)
Ground property and equipment, including technology
(772
)
(347
)
(287
)
Purchase of investments
(958
)
(1,078
)
(815
)
Redemption of investments
1,019
844
149
Other, net
(55
)
(10
)
(18
)
Net cash used in investing activities
(1,962
)
(1,498
)
(2,026
)
Cash Flows From Financing Activities:
Payments on long-term debt and capital lease obligations
(2,864
)
(4,172
)
(3,722
)
Proceeds from long-term obligations
1,965
2,395
1,130
Fuel card obligation
137
318
—
Debt issuance costs
(41
)
(63
)
(19
)
Other, net
48
(49)
90
Net cash used in financing activities
(755
)
(1,571
)
(2,521
)
Net Decrease in Cash and Cash Equivalents
(241
)
(235
)
(1,715
)
Cash and cash equivalents at beginning of period
2,657
2,892
4,607
Cash and cash equivalents at end of period
$
2,416
$
2,657
$
2,892
Supplemental Disclosure of Cash Paid for Interest
$
834
$
925
$
1,036
Non-Cash Transactions:
Flight equipment under capital leases
$
28
$
117
$
329
Built-to-suit leased facilities
214
126
—
Debt relief through vendor negotiations
—
—
160
Debt discount on American Express agreements
—
—
110
The accompanying notes are an integral part of these Consolidated Financial Statements.