United Airlines 2007 Annual Report Download - page 82

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United Air Lines, Inc. 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) $ 402 $ 32 $ — $ —
Loss before reorganization items (Predecessor Company) — — (83) (604)
Adjustments to reconcile to net cash provided (used) by
operating activities—
Depreciation and amortization 925 820 68 871
Deferred income taxes 318 29 — (12)
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 — 5
Gain on sale of investment (41) — — —
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 46 62 9 49
Changes in assets and liabilities—
Decrease (increase) in other current assets (269) 13 (26) (83)
Increase in advance ticket sales 249 4 109 214
Increase (decrease) in accounts payable 210 50 25 (39)
Increase (decrease) in accrued liabilities 172 (263) 152 154
Decrease (increase) in receivables (58) 131 (98) 145
2,127 1,425 163 1,050
Cash flows provided (used) by reorganization activities:
Reorganization items, net — — 22,709 (20,432)
Discharge of claims and liabilities — — (24,389) —
Revaluation of Mileage Plus frequent flyer deferred
revenue — —
2,399 —
Revaluation of other assets and liabilities — — (2,111) —
Increase in aircraft rejection liability — — — 2,860
Increase (decrease) in other liabilities — — 38 124
Increase in non-aircraft claims accrual — — 421 1,220
Pension curtailment, settlement and termination — — 912 16,079
Loss on disposition of property — — — 10
— — (21) (139)
Cash flows provided (used) by investing activities:
Net (purchases) sales of short-term investments (1,951) (233) 2 —
Additions to property and equipment (658) (332) (30) (469)
Proceeds on sale of investments 128 — — —
Purchases of EETC securities (96) — — —
(Increase) decrease in restricted cash 87 322 (203) (72)
Proceeds on disposition of property and equipment 18 40 (1) 331
Decrease in segregated funds — 200 — —
Other, net (61) (52) (6) (77)
(2,533) (55) (238) (287)
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 (1,255) (663) (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)
Other, net 2 2 — 6
(2,134) 813 (30) (105)
Increase (decrease) in cash and cash equivalents during the
period (2,540) 2,183
(126) 519
Cash and cash equivalents at beginning of period 3,779 1,596 1,722 1,203
Source: UNITED AIR LINES INC, 10-K, February 29, 2008