United Airlines 2007 Annual Report Download - page 74

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UAL Corporation and Subsidiary Companies
Statements of Consolidated Cash Flows
(In millions)
Successor
Predecessor
Period from
February 1 to
December 31,
2006
Period from
January 1 to
January 31,
2006
Year Ended
December 31,
2007
Year Ended
December 31,
2005
Cash flows provided (used) by operating activities:
Net income (Successor Company) $ 403 $ 25 $ — $ —
Loss before reorganization items (Predecessor Company) — — (83) (575)
Adjustments to reconcile to net cash provided (used) by operating
activities—
Depreciation and amortization 925 820 68 873
Deferred income taxes 310 21 — —
Mileage Plus deferred revenue and advanced purchase of miles 170 269 14 329
Share-based compensation 49 159 — —
Special items and debt discount amortization (48) 47 — 18
Gain on sale of investments (41) — — (2)
Postretirement benefit expense, net of contributions 7 76 (9) (41)
Pension expense (benefit), net of contributions (5) (4) 8 143
Amortization of deferred gains — — (6) (81)
Other operating activities 54 56 (1) 54
Changes in assets and liabilities—
Decrease (increase) in other current assets (269) 14 (24) (75)
Increase in advance ticket sales 249 4 109 214
Increase (decrease) in accounts payable 200 40 19 (40)
Increase (decrease) in accrued liabilities 189 (257) 154 153
Decrease (increase) in receivables (59) 131 (88) 109
2,134 1,401 161 1,079
Cash flows provided (used) by reorganization activities:
Reorganization items, net — — 22,934 (20,601)
Discharge of claims and liabilities — — (24,628) —
Revaluation of Mileage Plus frequent flyer deferred revenue — — 2,399 —
Revaluation of other assets and liabilities — — (2,106) —
Increase in aircraft rejection liability — — — 2,898
Impairment on lease certificates — — — 134
Increase (decrease) in other liabilities — — 37 120
Increase in non-aircraft claims accrual — — 429 1,220
Pension curtailment, settlement and employee claims — — 912 16,079
Loss on disposition of property — — — 10
— — (23) (140)
Cash flows provided (used) by investing activities:
Net (purchases) sales of short-term investments (1,983) (237) 2 1
Additions to property and equipment (658) (332) (30) (470)
Proceeds on sale of investments 128 56 — 4
Purchases of EETC securities (96) — — —
(Increase) decrease in restricted cash 91 313 (203) (80)
Proceeds on disposition of property and equipment 19 40 (1) 330
Decrease in segregated funds — 200 — —
Other, net (61) (52) (6) (76)
(2,560) (12) (238) (291)
Cash flows provided (used) by financing activities:
Proceeds from Credit Facility — 2,961 — —
Repayment of Credit Facility (1,495) (175) — —
Proceeds from DIP financing — — — 310
Repayment of DIP financing — (1,157) — (16)
Repayment of other long-term debt (1,257) (664) (24) (285)
Proceeds from issuance of long-term debt 694 — — —
Principal payments under capital leases (177) (99) (5) (94)
Decrease in aircraft lease deposits 80 — — —
Proceeds from exercise of stock options 35 10 — —
Payment of deferred financing costs (18) (66) (1) (26)
Purchases of treasury stock (11) (4) — —
Other, net 2 6 — 1
(2,147) 812 (30) (110)
Increase (decrease) in cash and cash equivalents during the period (2,573) 2,201 (130) 538
Cash and cash equivalents at beginning of period 3,832 1,631 1,761 1,223
Source: UNITED AIR LINES INC, 10-K, February 29, 2008