Alaska Airlines and Horizon Air 2010 Annual Report Download - page 175

Download and view the complete annual report

Please find page 175 of the 2010 Alaska Airlines and Horizon Air annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 222

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122
  • 123
  • 124
  • 125
  • 126
  • 127
  • 128
  • 129
  • 130
  • 131
  • 132
  • 133
  • 134
  • 135
  • 136
  • 137
  • 138
  • 139
  • 140
  • 141
  • 142
  • 143
  • 144
  • 145
  • 146
  • 147
  • 148
  • 149
  • 150
  • 151
  • 152
  • 153
  • 154
  • 155
  • 156
  • 157
  • 158
  • 159
  • 160
  • 161
  • 162
  • 163
  • 164
  • 165
  • 166
  • 167
  • 168
  • 169
  • 170
  • 171
  • 172
  • 173
  • 174
  • 175
  • 176
  • 177
  • 178
  • 179
  • 180
  • 181
  • 182
  • 183
  • 184
  • 185
  • 186
  • 187
  • 188
  • 189
  • 190
  • 191
  • 192
  • 193
  • 194
  • 195
  • 196
  • 197
  • 198
  • 199
  • 200
  • 201
  • 202
  • 203
  • 204
  • 205
  • 206
  • 207
  • 208
  • 209
  • 210
  • 211
  • 212
  • 213
  • 214
  • 215
  • 216
  • 217
  • 218
  • 219
  • 220
  • 221
  • 222

ALASKA AIR GROUP, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
Year Ended December 31 (in millions) 2010 2009 2008
Cash flows from operating activities:
Net income (loss) ............................................ $ 251.1 $ 121.6 $(135.9)
Adjustments to reconcile net income (loss) to net cash provided by
operating activities:
Non-cash impact of pilot contract transition costs ............... —15.5 —
Restructuring charges ..................................... 13.2 8.8 84.1
Depreciation and amortization .............................. 230.5 219.2 204.6
Stock-based compensation ................................. 13.7 11.9 13.4
Changes in fair values of open fuel hedge contracts ............. (14.3) (88.7) 84.2
Changes in deferred income taxes ........................... 145.3 84.1 (61.0)
(Increase) decrease in receivables—net ...................... (8.3) 4.9 21.3
Increase in prepaid expenses and other current assets .......... (9.7) (10.3) (8.6)
Increase (decrease) in air traffic liability ....................... 56.1 (6.4) 8.2
Increase (decrease) in other current liabilities .................. 25.1 8.1 (40.7)
Increase (decrease) in deferred revenue and other-net ........... (149.0) (76.2) 2.9
Net cash provided by operating activities .......................... 553.7 292.5 172.5
Cash flows from investing activities:
Property and equipment additions:
Aircraft and aircraft purchase deposits ........................ (138.6) (367.2) (317.1)
Other flight equipment .................................... (27.2) (30.6) (56.5)
Other property and equipment .............................. (17.2) (40.6) (39.2)
Total property and equipment additions ........................... (183.0) (438.4) (412.8)
Proceeds from disposition of assets ............................. 7.2 6.7 9.6
Purchases of marketable securities .............................. (1,022.0) (942.6) (766.0)
Sales and maturities of marketable securities ..................... 931.0 725.0 579.6
Restricted deposits and other .................................. (28.4) (8.1) 8.3
Net cash used in investing activities ............................. (295.2) (657.4) (581.3)
Cash flows from financing activities:
Proceeds from issuance of long-term debt ......................... —275.0 883.9
Proceeds from sale-leaseback transactions, net .................... —230.0 —
Long-term debt payments ...................................... (321.0) (261.0) (343.2)
Purchase of treasury stock ..................................... (45.1) (23.8) (48.9)
Proceeds and tax benefit from issuance of common stock ............ 36.5 13.0 4.0
Other financing activities ...................................... (3.6) 12.8 (8.2)
Net cash (used in) provided by financing activities .................. (333.2) 246.0 487.6
Net change in cash and cash equivalents ......................... (74.7) (118.9) 78.8
Cash and cash equivalents at beginning of year .................... 164.2 283.1 204.3
Cash and cash equivalents at end of year ........................ $ 89.5 $ 164.2 $ 283.1
Supplemental disclosure of cash paid (refunded) during the year for:
Interest (net of amount capitalized) .......................... $ 106.0 $ 94.6 $ 71.0
Income taxes ............................................ 0.4 (8.8) (0.6)
See accompanying notes to consolidated financial statements.
63
ŠForm 10-K