US Airways 2009 Annual Report Download - page 117
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Table of Contents
US Airways, Inc.
Consolidated Statements of Cash Flows
For the Years Ended December 31, 2009, 2008 and 2007
2009 2008 2007
(In millions)
Cash flows from operating activities:
Net income (loss) $ (140) $ (2,148) $ 478
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization 251 224 198
Loss on dispositions of property and equipment 60 7 —
Gain on forgiveness of debt — (8) —
Gain on sale of investments — (1) (17)
Goodwill impairment — 622 —
Auction rate security impairment 10 214 10
Asset impairment 18 13 —
Non-cash tax benefits (24) — —
Utilization of acquired net operating loss carryforwards — — 7
Change in fair value of fuel hedging instruments, net (375) 496 (187)
Amortization of deferred credits and rent (49) (40) (40)
Amortization of debt discount and issuance costs 23 15 13
Amortization of actuarial gains (6) (2) —
Debt extinguishment costs 6 6 —
Other (8) — —
Changes in operating assets and liabilities:
Decrease (increase) in restricted cash 186 (184) (1)
Decrease in accounts receivable, net 9 68 17
Decrease (increase) in materials and supplies, net (25) 35 (2)
Decrease (increase) in prepaid expenses and other 164 (270) (55)
Decrease (increase) in other assets, net (13) 3 (5)
Increase (decrease) in accounts payable (79) 114 (26)
Increase (decrease) in payables to related parties, net 257 (31) (28)
Increase (decrease) in air traffic liability 80 (134) (22)
Increase (decrease) in accrued compensation and vacation 24 (67) (36)
Decrease in accrued taxes — (16) (22)
Increase (decrease) in other liabilities (43) 59 151
Net cash provided by (used in) operating activities 326 (1,025) 433
Cash flows from investing activities:
Purchases of property and equipment (677) (1,041) (566)
Purchases of marketable securities — (299) (2,591)
Sales of marketable securities 52 505 3,203
Proceeds from sale of other investments — 4 56
Decrease (increase) in long-term restricted cash 60 (74) 200
Proceeds from sale-leaseback transactions and dispositions of property and equipment 76 16 4
Net cash provided by (used in) investing activities (489) (889) 306
Cash flows from financing activities:
Repayments of debt and capital lease obligations (391) (318) (105)
Proceeds from issuance of debt 747 1,386 198
Deferred financing costs (10) (17) (3)
Decrease in payables to related parties, net — (51) —
Net cash provided by financing activities 346 1,000 90
Net increase (decrease) in cash and cash equivalents 183 (914) 829
Cash and cash equivalents at beginning of year 1,026 1,940 1,111
Cash and cash equivalents at end of year $ 1,209 $ 1,026 $ 1,940
See accompanying notes to consolidated financial statements.
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