JetBlue Airlines 2010 Annual Report Download - page 56

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JETBLUE AIRWAYS CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In millions)
2010 2009 2008
Year Ended
December 31,
CASH FLOWS FROM OPERATING ACTIVITIES
Net income (loss) .......................................................... $ 97 $ 61 $ (84)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Deferred income taxes ..................................................... 62 42 (6)
Depreciation ........................................................... 194 190 189
Amortization ........................................................... 36 44 21
Stock-based compensation . ................................................. 17 16 16
Gains on sale of flight equipment and extinguishment of debt . . . ........................ — (3) (45)
Collateral returned (deposits) for derivative instruments . . ............................. (13) 132 (149)
Auction rate securities impairment, net . . . ....................................... — — 53
Restricted cash returned by (paid for) business partners . . ............................. 5 65 (70)
Changes in certain operating assets and liabilities:
Decrease (Increase) in receivables ............................................ (4) 3 4
Decrease (Increase) in inventories, prepaid and other . . ............................. (4) (43) (10)
Increase in air traffic liability . . . ............................................ 70 4 15
Increase (Decrease) in accounts payable and other accrued liabilities . . ................... 27 (66) 15
Other, net . . ........................................................... 36 41 34
Net cash provided by (used in) operating activities . . ............................. 523 486 (17)
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures . . ...................................................... (249) (434) (654)
Predelivery deposits for flight equipment . . . ....................................... (50) (32) (49)
Refund of predelivery deposits for flight equipment . .................................. — 5 —
Proceeds from sale of flight equipment ............................................ — 58 299
Assets constructed for others . ................................................. (14) (47) (142)
Purchase of held-to-maturity investments . . . ....................................... (866) (22) —
Proceeds from maturities of held-to-maturity investments . . . ............................. 414 — —
Purchase of available-for-sale securities ........................................... (1,069) (636) (69)
Sale of available-for-sale securities . . ............................................ 1,052 486 —
Sale of auction rate securities . ................................................. 85 175 397
Return of (deposits for) security deposits . . . ....................................... 1 (10) 1
Increase in restricted cash and other assets, net ...................................... — — (30)
Net cash used in investing activities . . ....................................... (696) (457) (247)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from:
Issuance of common stock . ................................................. 9 120 320
Issuance of long-term debt . ................................................. 116 446 716
Aircraft sale and leaseback transactions . . . ....................................... — — 26
Short-term borrowings ..................................................... — 10 17
Borrowings collateralized by ARS . ............................................ 20 3 163
Construction obligation . . . ................................................. 15 49 138
Repayment of:
Long-term debt and capital lease obligations ...................................... (333) (180) (673)
Short-term borrowings ..................................................... — (20) (52)
Borrowings collateralized by ARS . ............................................ (76) (110) —
Construction obligation . . . ................................................. (5) — —
Other, net ............................................................... (4) (12) (20)
Net cash provided by (used in) financing activities . . ............................. (258) 306 635
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS ........................ (431) 335 371
Cash and cash equivalents at beginning of period ....................................... 896 561 190
Cash and cash equivalents at end of period ........................................... $ 465 $896 $561
See accompanying notes to consolidated financial statements.
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