United Airlines 2010 Annual Report Download - page 85
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UNITED CONTINENTAL HOLDINGS, INC.
STATEMENTS OF CONSOLIDATED CASH FLOWS
(In millions)
Year Ended December 31,
2010 2009 2008
Cash Flows from Operating Activities:
Net income (loss) ................................................... $ 253 $ (651) $(5,396)
Adjustments to reconcile net income (loss) to net cash provided (used) by
operating activities -
Depreciation and amortization ..................................... 1,079 917 946
Goodwill impairment (credit) ..................................... (64) — 2,277
Merger-related and special charges, non-cash portion ................... 230 374 339
Proceeds from lease amendment ................................... — 160 —
Debt and lease discount amortization ............................... 36 97 97
Deferred income taxes ........................................... 6 (16) (26)
Share-based compensation ........................................ 14 21 31
Other operating activities ......................................... 62 74 1
Changes in operating assets and liabilities, net of Merger -
Unrealized (gain)/loss on fuel derivatives and change in related
pending settlements ....................................... 10 (1,007) 858
(Increase) decrease in fuel hedge collateral ....................... 10 955 (965)
Increase (decrease) in accrued liabilities ......................... 264 (217) (155)
(Increase) decrease in receivables .............................. (2) 105 195
Decrease in advance ticket sales ............................... (205) (38) (388)
Increase (decrease) in frequent flyer deferred revenue and advanced
purchase of miles ......................................... (67) 123 738
(Increase) decrease in other assets .............................. 26 (25) 257
Increase (decrease) in accounts payable ......................... 255 94 (48)
Net cash provided by (used in) operating activities ............................. 1,907 966 (1,239)
Cash Flows from Investing Activities:
Increase in cash from acquisition of Continental ........................... 3,698 — —
Capital expenditures ................................................. (371) (317) (475)
Proceeds from asset sale-leasebacks .................................... — 175 274
Proceeds from sale of property and equipment ............................ 48 77 94
(Increase) decrease in restricted cash .................................... 68 (19) 484
Aircraft purchase deposits paid ........................................ (45) — —
Proceeds on litigation of advanced deposits .............................. — — 41
(Increase) decrease in short-term and other investments ..................... (84) — 2,295
Other, net .........................................................648
Net cash provided by (used in) investing activities ............................. 3,320 (80) 2,721
Cash Flows from Financing Activities:
Proceeds from issuance of long-term debt ................................ 2,086 907 337
Payments of long-term debt ........................................... (2,023) (794) (684)
Proceeds from sale of common stock .................................... — 222 107
Principal payments under capital leases .................................. (484) (190) (235)
Decrease in aircraft lease deposits ...................................... 236 23 155
Increase in deferred financing costs ..................................... (33) (49) (120)
Proceeds from exercise of stock options ................................. 21 — —
Purchases of treasury stock ........................................... (3) (2) (11)
Special distribution to common stockholders ............................. — — (253)
Other, net ......................................................... — — 2
Net cash provided by (used in) financing activities ............................. (200) 117 (702)
Net increase in cash and cash equivalents .................................... 5,027 1,003 780
Cash and cash equivalents at beginning of year ................................ 3,042 2,039 1,259
Cash and cash equivalents at end of year ..................................... $8,069 $ 3,042 $ 2,039
The accompanying Combined Notes to Consolidated Financial Statements are an integral part of these statements.
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