Alaska Airlines and Horizon Air 2012 Annual Report Download - page 143

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ALASKA AIR GROUP, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
Year Ended December 31 (in millions) 2012 2011 2010
Cash flows from operating activities:
Net income .................................................... $ 316 $ 245 $ 251
Adjustments to reconcile net income to net cash provided by operating
activities:
Fleet transition and restructuring related charges .................. —39 13
Depreciation and amortization ................................. 264 247 230
Stock-based compensation and other ........................... 10 17 9
Changes in certain assets and liabilities:
Changes in fair values of open fuel hedge contracts ................ 43 14 (14)
Changes in deferred income taxes .............................. 94 145 145
Increase (decrease) in air traffic liability .......................... 45 67 56
Increase (decrease) in deferred revenue ......................... 33 7 (32)
Increase (decrease) in other long-term liabilities ................... 470 29
Pension contribution ......................................... (114) (141) (151)
Other—net ................................................ 58 (14) 17
Net cash provided by operating activities ............................ 753 696 553
Cash flows from investing activities:
Property and equipment additions:
Aircraft and aircraft purchase deposits ........................... (455) (318) (139)
Other flight equipment ....................................... (24) (35) (27)
Other property and equipment ................................. (39) (34) (19)
Total property and equipment additions ............................. (518) (387) (185)
Assets constructed for others (Terminal 6 at LAX) ..................... (56) (109) (29)
Purchases of marketable securities ................................. (1,130) (884) (1,022)
Sales and maturities of marketable securities ........................ 1,048 956 931
Proceeds from disposition of assets and changes in restricted deposits .... 11 21 10
Net cash used in investing activities ................................ (645) (403) (295)
Cash flows from financing activities:
Proceeds from issuance of long-term debt ........................... —107 —
Proceeds from sale-leaseback transactions, net ....................... 49 ——
Long-term debt payments ......................................... (275) (334) (321)
Common stock repurchases ...................................... (60) (80) (45)
Proceeds and tax benefit from issuance of common stock ............... 31 19 37
Terminal 6 at LAX reimbursement .................................. 178 4—
Other financing activities ......................................... (11) 3 (3)
Net cash used in financing activities ................................ (88) (281) (332)
Net increase (decrease) in cash and cash equivalents .................. 20 12 (74)
Cash and cash equivalents at beginning of year ....................... 102 90 164
Cash and cash equivalents at end of year ........................... $ 122 $ 102 $ 90
Supplemental disclosure:
Cash paid during the year for:
Interest (net of amount capitalized) ............................. $46$ 74 $ 106
Income taxes ............................................... 78 8—
Non-cash transactions:
Relocation credit and assets constructed related to Terminal 6 at
LAX .................................................... —16 7
See accompanying notes to consolidated financial statements.
55
ŠForm 10-K