US Airways 2004 Annual Report Download - page 48

Table of Contents
AMERICA WEST HOLDINGS CORPORATION
Consolidated Statements of Cash Flows
For the Years Ended December 31, 2004, 2003 and 2002
(in thousands)
2004 2003 2002
Cash flows from operating activities:
Net income (loss) $ (89,023) $ 57,420 (387,909)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization 54,354 66,865 75,894
Amortization of capitalized maintenance 85,590 105,076 111,576
Amortization of deferred credits (8,208) (10,970) (10,077)
Amortization of deferred rent 6,189 9,514 11,452
Amortization of warrants 7,155 8,100 7,708
Amortization of debt issue costs and guarantee fees 35,752 35,977 24,978
Amortization of bond discount 3,826 3,366 2,894
Amortization of investment discount and premium, net 1,435 899 —
Special charges, net (15,432) 14,370 19,055
Gain on sale of investment — (3,287) —
Cumulative effect of change in accounting principle — — 208,223
Other 28,374 7,770 16,746
Changes in operating assets and liabilities:
Decrease (increase) in restricted cash 1,636 (42,900) —
Decrease (increase) in accounts receivable, net (13,337) (5,408) 21,445
Decrease (increase) in expendable spare parts and supplies, net 1,012 (2,681) (4,061)
Increase in prepaid expenses (49,286) (45,932) (64,726)
Decrease (increase) in other assets, net 82 183 5,634
Increase (decrease) in accounts payable (35,417) 17,945 (71,488)
Increase (decrease) in air traffic liability 20,232 4,395 (6,894)
Increase (decrease) in accrued compensation and vacation benefits (18,347) 19,796 (3,050)
Increase (decrease) in accrued taxes (4,050) 1,687 (24,647)
Increase (decrease) in other accrued liabilities 6,938 (1,689) 28,348
Increase in other liabilities 1,299 1,294 16,022
Net cash provided by (used in) operating activities 20,774 241,790 (22,877)
Cash flows from investing activities:
Purchases of property and equipment (219,383) (154,365) (157,202)
Sale of property and equipment 74 — —
Purchases of short-term investments (487,505) (633,711) (69,987)
Sales of short-term investments 707,774 364,332 45,249
Purchases of investments in debt securities (35,000) (80,436) —
Sales of investments in debt securities 20,000 10,300 —
Decrease (increase) in restricted cash (2,215) (23,908) —
Proceeds from sales of aircraft — — 175,478
Proceeds from sales of other property and equipment 32,372 25,826 122
Proceeds from sale of NLG investment — 348 —
Net cash provided by (used in) investing activities 16,117 (491,614) (6,340)
Cash flows from financing activities:
Proceeds from issuance of debt 141,354 86,828 435,386
Repayment of debt (175,640) (16,832) (192,596)
Payment of debt issue costs (1,152) (3,236) (36,987)
Other (5,719) 671 2,299
Net cash provided by (used in) financing activities (41,157) 67,431 208,102
Net increase (decrease) in cash and cash equivalents (4,266) (182,393) 178,885
Cash and cash equivalents at beginning of year 153,357 335,750 156,865
Cash and cash equivalents at end of year $ 149,091 $ 153,357 $ 335,750
See accompanying notes to consolidated financial statements.
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