United Airlines 2008 Annual Report Download - page 89

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United Air Lines, Inc. and Subsidiary Companies
Statements of Consolidated Cash Flows
(In millions)
2008 2007
Period from
February 1 to
December 31,
2006
Period from
January 1 to
January 31,
2006
Year Ended
December 31,
Successor Predecessor
Cash flows provided (used) by operating activities:
Net income (loss) before reorganization items . . . ............................ $(5,306) $ 402 $ 32 $ (83)
Adjustments to reconcile to net cash provided (used) by operating activities—
Goodwill impairment . . . .......................................... 2,277 — — —
Otherimpairmentsandspecialitems ................................... 339 (89) (36) —
Depreciation and amortization . . ..................................... 932 925 820 68
Mileage Plus deferred revenue and advanced purchase of miles .................. 738 170 269 14
Debt and lease discount amortization . . . ................................ 49 41 83 —
Share-based compensation .......................................... 31 49 159 —
Deferred income taxes . . .......................................... (26) 318 29 —
Pensionexpense(benefit),netofcontributions............................. (13) (5) (4) 8
Postretirement benefit expense, net of contributions . . . ....................... 1 7 76 (9)
Gain on sale of investment .......................................... — (41) — —
Other operating activities . .......................................... (27) 46 62 3
Changes in assets and liabilities—
Increase in fuel hedge collateral . ..................................... (965) — — —
Increase in fuel derivative payables..................................... 858 — — —
Increase (decrease) in accrued liabilities . ................................ (128) 172 (263) 152
Increase (decrease) in advance ticket sales ................................ (388) 249 4 109
Decrease (increase) in other current assets................................ 257 (269) 13 (26)
Decrease (increase) in receivables ..................................... 197 (58) 131 (98)
Increase (decrease) in accounts payable. . ................................ (49) 210 50 25
(1,223) 2,127 1,425 163
Cash flows provided (used) by reorganization activities:
Reorganization items, net. .......................................... — — — 22,709
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 (decrease) in other liabilities . . . ................................ — — — 38
Increase in non-aircraft claims accrual. . . ................................ — — — 421
Pension curtailment, settlement and termination ............................ — — — 912
— — — (21)
Cash flows provided (used) by investing activities:
Net (purchases) sales of short-term investments ............................ 2,259 (1,951) (233) 2
(Increase) decrease in restricted cash . . . ................................ 455 87 322 (203)
Additions to property and equipment . . . ................................ (415) (658) (332) (30)
Additions to deferred software costs .................................... (60) (65) (46) —
Proceeds from asset sale-leasebacks .................................... 274 — — —
Proceeds on disposition of property and equipment . . . ....................... 93 18 40 (1)
Proceeds from litigation on advanced deposits . ............................ 41 — — —
Proceeds on sale of investments . . ..................................... — 128 — —
Purchases of EETC securities . . . ..................................... — (96) — —
Decrease in segregated funds . . . ..................................... — — 200 —
Other,net .................................................... 9 4 (6) (6)
2,656 (2,533) (55) (238)
Cash flows provided (used) by financing activities:
Proceeds from Credit Facility . . . ..................................... — — 2,961 —
Repayment of Credit Facility . . . ..................................... (18) (1,495) (175) —
Repayment of other long-term debt .................................... (664) (1,255) (663) (24)
Proceeds from issuance of long-term debt ................................ 337 694 — —
Dividend to parent ............................................... (257) — — —
Capital contributions from parent ..................................... 163 — — —
Principal payments under capital leases . . ................................ (235) (177) (99) (5)
Decrease in aircraft lease deposits ..................................... 155 80 — —
Payment of deferred financing costs .................................... (120) (18) (66) (1)
RepaymentofDIPfinancing......................................... — — (1,157) —
Proceeds from exercise of stock options . . ................................ — 35 10 —
Other,net .................................................... — 2 2 —
(639) (2,134) 813 (30)
Increase (decrease) in cash and cash equivalents during the period . .................. 794 (2,540) 2,183 (126)
Cash and cash equivalents at beginning of period . . ............................ 1,239 3,779 1,596 1,722
Cash and cash equivalents at end of period . . ................................ $2,033 $1,239 $3,779 $ 1,596
See accompanying Combined Notes to Consolidated Financial Statements.
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