US Airways 2003 Annual Report Download - page 54

Table of Contents
US Airways, Inc.
Consolidated Statements of Cash Flows
(in millions)
Successor Company Predecessor Company
Nine Months
Ended
December 31, 2003
Three Months Ended
March 31,
2003
Year Ended
December 31,
2002
2001
Cash flows from operating activities
Net income (loss) $ (160) $ 1,613 $(1,659) $(1,989)
Adjustments to reconcile net income (loss) to net cash provided by (used for) operating activities
Gain on debt discharge — (3,655) — —
Fresh-start adjustments — 1,106 — —
Non-cash impairments and other special items — 555 442 927
Depreciation and amortization 153 63 275 372
Deferred income tax provision — — — 514
Gains on dispositions of property — (4) (2) (3)
Amortization of deferred gains and credits (66) (10) (45) (47)
Cumulative effect of accounting change — — — (7)
Other 136 91 182 (30)
Changes in certain assets and liabilities
Decrease (increase) in receivables 40 (10) 66 (2)
Decrease (increase) in materials and supplies, prepaid expenses, pension assets and other assets 28 (7) 420 (25)
Increase (decrease) in traffic balances payable and unused tickets (89) 140 (34) (73)
Increase (decrease) in accounts payable and accrued expenses 6 (100) (50) 151
Increase in postretirement benefits other than pensions, noncurrent 60 29 90 66
Net cash provided by (used for) operating activities before reorganization items 108 (189) (315) (146)
Reorganization items, net — (90) (62) —
Net cash provided by (used for) operating activities 108 (279) (377) (146)
Cash flows from investing activities
Capital expenditures (201) (7) (135) (1,067)
Proceeds from dispositions of property 19 2 99 49
Decrease (increase) in short-term investments (290) (19) 430 280
Decrease (increase) in restricted cash and investments 24 (57) (370) (72)
Proceeds from repayment of parent company loans — 237 — —
Funding of parent company's aircraft purchase deposits — — — (37)
Merger of USLM Corporation — — 54 —
Other 32 (8) 8 7
Net cash provided by (used for) investing activities (416) 148 86 (840)
Cash flows from financing activities
Proceeds from issuance of long-term debt 52 1,081 167 973
Proceeds from issuance of Debtor-in-Possession financings — 131 375 —
Proceeds from the sale-leaseback of aircraft — — — 344
Advance from parent company 34 — — —
Principal payments on long-term debt and capital lease obligations (50) (35) (133) (290)
Principal payments on Debtor-in-Possession financings — (431) (75) —
Net cash provided by (used for) financing activities 36 746 334 1,027
Net increase (decrease) in Cash and Cash equivalents (272) 615 43 41
Cash and Cash equivalents at beginning of period 1,195 580 537 496
Cash and Cash equivalents at end of period $ 923 $ 1,195 $ 580 $ 537
Noncash investing and financing activities
Reduction of parent company receivable-assignment of purchase rights by parent company $ — $ — $ — $ 152
Flight equipment acquired through issuance of debt $ 30 $ — $ 77 $ —
Capital lease obligation incurred $ — $ — $ — $ 32