United Airlines 2011 Annual Report Download - page 89
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Table of Contents
Cash Flows from Operating Activities:
Net income (loss) $569 $(95) $441 $(282)
Adjustments to reconcile net income (loss) to net cash provided by
operating activities—
Depreciation and amortization 626 177 380 494
Special charges, non-cash portion 10 — 18 145
Debt and lease discount amortization (242) (64) 8 15
Deferred income taxes (6) (6) — (158)
Share-based compensation 9 1 10 9
Other operating activities 25 (10) 10 11
Changes in operating assets and liabilities, net of Merger—
Increase in frequent flyer deferred revenue and advanced
purchase of miles 125 59 141 24
(Increase) decrease in other current assets (71) 56 (176) 71
(Increase) decrease in receivables (54) 5 (188) 442
Increase (decrease) in other liabilities 40 1 230 (275)
Unrealized (gain) loss on fuel derivatives and change in
related pending settlements (29) 4 (11) (81)
Increase (decrease) in accounts payable (12) 213 44 (3)
Increase (decrease) in advance ticket sales (1) (248) 400 (50)
Net cash provided by operating activities 989 93 1,307 362
Cash Flows from Investing Activities:
(Increase) decrease in short-term and other investments, net (629) (102) (171) 180
Capital expenditures (236) (54) (246) (381)
Aircraft purchase deposits refunded (paid), net (134) (2) 10 29
Proceeds from sale of property and equipment 108 20 32 64
Decrease in restricted cash, net 25 — 3 26
Proceeds from sale of investments, net — — — 30
Expenditures for airport operating rights — — — (22)
Other, net — — — (4)
Net cash used in investing activities (866) (138) (372) (78)
Cash Flows from Financing Activities:
Payments of long-term debt and capital lease obligations (915) (358) (836) (610)
Proceeds from issuance of long-term debt, net 152 90 1,025 538
Proceeds from issuance of common stock pursuant to stock plans 24 13 28 11
Proceeds from public offering of common stock, net — — — 158
Net cash provided by (used in) financing activities (739) (255) 217 97
Net increase (decrease) in cash and cash equivalents (616) (300) 1,152 381
Cash and cash equivalents at beginning of period 3,398 3,698 2,546 2,165
Cash and cash equivalents at end of period $2,782 $ 3,398 $3,698 $2,546
The accompanying Combined Notes to Consolidated Financial Statements are an integral part of these statements.
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