United Airlines 2009 Annual Report Download - page 86
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Table of Contents
United Air Lines, Inc. and Subsidiary Companies
Statements of Consolidated Cash Flows
(In millions)
Year Ended December 31,
2009 2008 2007
Cash flows provided (used) by operating activities:
Net income (loss) $ (628) $ (5,354) $ 359
Adjustments to reconcile to net cash provided (used) by operating activities—
Depreciation and amortization 902 932 925
Goodwill impairment — 2,277 —
Other impairments and special items 374 339 (89)
Proceeds from lease amendment 160 — —
Mileage Plus deferred revenue and advanced purchase of miles 123 738 170
Debt and lease discount amortization 97 97 84
Deferred income taxes (16) (26) 318
Share-based compensation 21 31 49
Gain on sale of investment — — (41)
Other operating activities 63 (39) 48
Changes in assets and liabilities -
Net change in fuel derivative instruments and related pending settlements (1,007) 858 —
Decrease (increase) in fuel hedge collateral 955 (965) —
Increase (decrease) in accrued liabilities (213) (128) 172
Decrease (increase) in receivables 110 197 (58)
Increase (decrease) in accounts payable 94 (49) 210
Increase (decrease) in advance ticket sales (38) (388) 249
Decrease (increase) in other current assets (19) 257 (269)
978 (1,223) 2,127
Cash flows provided (used) by investing activities:
Additions to property, equipment and deferred software (317) (475) (723)
Proceeds from asset sale-leasebacks 175 274 —
Proceeds on disposition of property and equipment 77 93 18
(Increase) decrease in restricted cash (24) 455 87
Sales (purchases) of EETC investments 10 — (96)
Net (purchases) sales of short-term investments — 2,259 (1,951)
Proceeds from litigation on advanced deposits — 41 —
Proceeds on sale of investments — — 128
Other, net (7) 9 4
(86) 2,656 (2,533)
Cash flows provided (used) by financing activities:
Repayment of Credit Facility (18) (18) (1,495)
Repayment of other long-term debt (775) (664) (1,255)
Proceeds from issuance of long-term debt 562 337 694
Capital contributions from parent 559 163 —
Principal payments under capital leases (190) (235) (177)
Payment of deferred financing costs (49) (120) (18)
Decrease in aircraft lease deposits 23 155 80
Proceeds from exercise of stock options — — 35
Dividend to parent — (257) —
Other, net (1) — 2
111 (639) (2,134)
Increase (decrease) in cash and cash equivalents 1,003 794 (2,540)
Cash and cash equivalents at beginning of year 2,033 1,239 3,779
Cash and cash equivalents at end of year $ 3,036 $ 2,033 $ 1,239
See accompanying Combined Notes to Consolidated Financial Statements.
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