Southwest Airlines 1998 Annual Report Download - page 44

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44
SOUTHWEST AIRLINES CO. ยค SIX STORIES OF FREEDOM
CONSOLIDATED STATEMENT OF CASH FLOWS
YEARS ENDED DECEMBER 31,
(In thousands) 1998 1997 1996
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $433,431 $317,772 $207,337
Adjustments to reconcile net income to net cash
provided by operating activities:
Depreciation 225,212 195,568 183,470
Deferred income taxes 108,335 81,711 67,253
Amortization of deferred gains on sale and
leaseback of aircraft (15,251) (15,414) (18,263)
Amortization of scheduled airframe overhauls 22,763 20,540 20,539
Changes in certain assets and liabilities:
Accounts receivable (12,269) (3,090) 6,341
Other current assets 1,589 6,243 (19,534)
Accounts payable and accrued liabilities 53,194 8,751 132,096
Air traffic liability 46,737 (4,757) 26,942
Other current liabilities 19,293 (4,204) 5,334
Other 3,101 7,468 3,713
Net cash provided by operating activities 886,135 610,588 615,228
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property and equipment (947,096) (688,927) (677,431)
Net cash used in investing activities (947,096) (688,927) (677,431)
CASH FLOWS FROM FINANCING ACTIVITIES:
Issuance of long-term debt -98,764 -
Proceeds from aircraft sale and leaseback transactions
- - 330,000
Payment of long-term debt and capital lease
obligations (118,859) (12,665) (12,695)
Payment of cash dividends (9,284) (6,593) (6,216)
Proceeds from Employee stock plans 44,272 40,335 15,592
Repurchase of common stock (100,000) - -
Net cash provided by (used in) financing
activities (183,871) 119,841 326,681
NET INCREASE (DECREASE) IN CASH AND CASH
EQUIVALENTS (244,832) 41,502 264,478
CASH AND CASH EQUIVALENTS AT BEGINNING OF
PERIOD 623,343 581,841 317,363
CASH AND CASH EQUIVALENTS AT END OF
PERIOD $378,511 $623,343 $581,841
CASH PAYMENTS FOR:
Interest, net of amount capitalized $33,384 $42,372 $36,640
Income taxes 147,447 107,066 66,447
See accompanying notes.