JetBlue Airlines 2011 Annual Report Download - page 63

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JETBLUE AIRWAYS CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In millions)
Year Ended December 31,
2011 2010 2009
CASH FLOWS FROM OPERATING ACTIVITIES
Net income .......................................................................... $ 86 $ 97 $ 61
Adjustments to reconcile net income to net cash provided by operating activities:
Deferred income taxes ............................................................... 58 62 42
Depreciation ....................................................................... 213 194 190
Amortization ....................................................................... 34 36 44
Stock-based compensation ............................................................ 13 17 16
Losses (Gains) on sale of flight equipment and extinguishment of debt ......................... 6 — (3)
Collateral returned (deposits) for derivative instruments ..................................... 10 (13) 132
Restricted cash returned by (paid for) business partners ..................................... — 5 65
Changes in certain operating assets and liabilities:
Decrease (Increase) in receivables .................................................... (10) (4) 3
Decrease (Increase) in inventories, prepaid and other ..................................... 4 (4) (43)
Increase in air traffic liability ........................................................ 113 70 4
Increase (Decrease) in accounts payable and other accrued liabilities ......................... 26 27 (66)
Other, net ......................................................................... 61 36 41
Net cash provided by operating activities ............................................. 614 523 486
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures ................................................................... (480) (249) (434)
Predelivery deposits for flight equipment .................................................. (45) (50) (32)
Refund of predelivery deposits for flight equipment .......................................... 1 — 5
Proceeds from sale of flight equipment .................................................... — — 58
Assets constructed for others ............................................................ (3) (14) (47)
Purchase of held-to-maturity investments .................................................. (450) (866) (22)
Proceeds from maturities of held-to-maturity investments ..................................... 573 414 —
Purchase of available-for-sale securities ................................................... (602) (1,069) (636)
Sale of available-for-sale securities ....................................................... 503 1,052 486
Sale of auction rate securities ............................................................ — 85 175
Return of (deposits for) security deposits ................................................... 1 1 (10)
Net cash used in investing activities ................................................. (502) (696) (457)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from:
Issuance of common stock ............................................................ 10 9 120
Issuance of long-term debt ............................................................ 245 116 446
Short-term borrowings ............................................................... 128 — 10
Borrowings collateralized by ARS ...................................................... — 20 3
Construction obligation .............................................................. 6 15 49
Repayment of:
Long-term debt and capital lease obligations .............................................. (238) (333) (180)
Short-term borrowings ............................................................... (40) — (20)
Borrowings collateralized by ARS ...................................................... — (76) (110)
Construction obligation .............................................................. (10) (5) —
Other, net ........................................................................... (5) (4) (12)
Net cash provided by (used in) financing activities ..................................... 96 (258) 306
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS ............................ 208 (431) 335
Cash and cash equivalents at beginning of period .............................................. 465 896 561
Cash and cash equivalents at end of period ................................................... $673 $ 465 $896
See accompanying notes to consolidated financial statements.
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