United Airlines 2011 Annual Report Download - page 77
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Table of Contents
Cash Flows from Operating Activities:
Net income (loss) $840 $ 253 $(651)
Adjustments to reconcile net income (loss) to net cash provided (used) by operating activities—
Depreciation and amortization 1,547 1,079 917
Special charges, non-cash portion 46 166 374
Proceeds from lease amendment — — 160
Debt and lease discount amortization (186) 28 97
Deferred income taxes (6) (10) (16)
Share-based compensation 17 14 21
Other operating activities 77 86 74
Changes in operating assets and liabilities, net of Merger—
Increase (decrease) in other liabilities 220 265 (217)
(Increase) decrease in other assets (181) 59 (25)
Increase in accounts payable 177 255 94
Increase (decrease) in advance ticket sales 115 (205) (38)
Increase (decrease) in frequent flyer deferred revenue and advanced purchase of miles (110) (67) 123
(Increase) decrease in receivables (87) (33) 105
(Increase) decrease in fuel hedge collateral (59) 10 955
Unrealized (gain) loss on fuel derivatives and change in related pending settlements (2) 7 (1,007)
Net cash provided by operating activities 2,408 1,907 966
Cash Flows from Investing Activities:
Increase in short-term and other investments, net (898) (84) —
Capital expenditures (700) (371) (317)
(Increase) decrease in restricted cash, net (185) 68 (19)
Aircraft purchase deposits paid, net (140) (45) —
Proceeds from sale of property and equipment 123 48 77
Increase in cash from acquisition of Continental — 3,698 —
Proceeds from asset sale-leasebacks — — 175
Other, net 1 6 4
Net cash provided by (used in) investing activities (1,799) 3,320 (80)
Cash Flows from Financing Activities:
Payments of long-term debt (2,367) (2,023) (794)
Principal payments under capital leases (250) (484) (190)
Proceeds from issuance of long-term debt 152 2,086 907
Proceeds from exercise of stock options 26 21 —
Decrease in aircraft lease deposits 15 236 23
Increase in deferred financing costs (8) (33) (49)
Purchases of treasury stock — (3) (2)
Proceeds from sale of common stock — — 222
Net cash provided by (used in) financing activities (2,432) (200) 117
Net increase (decrease) in cash and cash equivalents (1,823) 5,027 1,003
Cash and cash equivalents at beginning of year 8,069 3,042 2,039
Cash and cash equivalents at end of year $6,246 $8,069 $3,042
The accompanying Combined Notes to Consolidated Financial Statements are an integral part of these statements.
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