US Airways 2011 Annual Report Download - page 80
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Table of Contents
US Airways Group, Inc.
Consolidated Statements of Cash Flows
For the Years Ended December 31, 2011, 2010 and 2009
(In millions)
2011 2010 2009
Cash flows from operating activities:
Net income (loss) $ 71 $ 502 $ (205)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization 262 273 267
Loss on dispositions of property and equipment 10 8 61
Loss (gain) on sale of investments 2 (53) —
Auction rate security impairment — — 10
Asset impairment — 6 21
Non-cash tax provision (benefit) 21 — (24)
Change in fair value of fuel hedging instruments, net — — (375)
Amortization of deferred credits and rent (63) (63) (62)
Amortization of debt discount and issuance costs 63 61 56
Amortization of actuarial gains (3) (4) (6)
Stock-based compensation 7 13 20
Debt extinguishment costs 3 5 6
Other — — (8)
Changes in operating assets and liabilities:
Decrease in restricted cash — — 186
Decrease (increase) in accounts receivable, net (16) (34) 8
Increase in materials and supplies, net (4) (10) (29)
Decrease (increase) in prepaid expenses and other (32) (57) 162
Decrease (increase) in other assets, net (2) 18 (14)
Increase (decrease) in accounts payable — 55 (78)
Increase in air traffic liability 49 83 80
Increase (decrease) in accrued compensation and vacation (69) 67 20
Increase (decrease) in accrued taxes 14 8 (1)
Increase (decrease) in other liabilities 159 (74) (36)
Net cash provided by operating activities 472 804 59
Cash flows from investing activities:
Purchases of property and equipment (593) (201) (683)
Purchases of marketable securities (30) (180) —
Sales of marketable securities 82 325 52
Net cash proceeds from slot transaction 63 — —
Decrease (increase) in long-term restricted cash (1) 116 60
Proceeds from sale-leaseback transactions and dispositions of property and equipment 7 3 76
Net cash provided by (used in) investing activities (472) 63 (495)
Cash flows from financing activities:
Repayments of debt and capital lease obligations (675) (764) (407)
Proceeds from issuance of debt 764 467 919
Deferred financing costs (14) (10) (14)
Proceeds from issuance of common stock, net — — 203
Other 13 — —
Net cash provided by (used in) financing activities 88 (307) 701
Net increase in cash and cash equivalents 88 560 265
Cash and cash equivalents at beginning of year 1,859 1,299 1,034
Cash and cash equivalents at end of year $ 1,947 $ 1,859 $ 1,299
See accompanying notes to consolidated financial statements.
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