Delta Airlines 2014 Annual Report Download - page 60

DELTA AIR LINES, INC.
Consolidated Statements of Cash Flows
Year Ended December 31,
(in millions) 2014
2013 2012
Cash Flows From Operating Activities:
Net income
$
659
$
10,540
$
1,009
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization
1,771
1,658
1,565
Amortization of debt discount, net
59
154
193
Hedge derivative contracts
2,186
(86
)
(209
)
Deferred income taxes
414
(7,991
)
17
Pension, postretirement and postemployment expense less than payments
(723
)
(624
)
(208
)
Restructuring and other items
758
285
184
Extinguishment of debt
268
—
118
Equity investment loss (earnings)
106
(24
) —
SkyMiles used pursuant to advance purchase under American Express Agreements
—
(
333
)
(333
)
Changes in certain assets and liabilities:
Receivables
(302
)
90
(116
)
Restricted cash and cash equivalents
62
231
(51
)
Fuel inventory
172
(87
)
(451
)
Hedge margin
(922
)
14
14
Prepaid expenses and other current assets
58
28
(134
)
Air traffic liability
174
426
216
Frequent flyer deferred revenue
(238
)
(121
)
(115
)
Accounts payable and accrued liabilities
228
213
899
Other, net
217
131
(122
)
Net cash provided by operating activities
4,947
4,504
2,476
Cash Flows From Investing Activities:
Property and equipment additions:
Flight equipment, including advance payments
(1,662
)
(2,117
)
(1,196
)
Ground property and equipment, including technology
(587
)
(451
)
(772
)
Purchase of Virgin Atlantic shares
—
(
360
) —
Purchase of short-term investments
(1,795
)
(959
)
(958
)
Redemption of short-term investments
1,533
1,117
1,019
Other, net
48
14
(55
)
Net cash used in investing activities
(2,463
)
(2,756
)
(1,962
)
Cash Flows From Financing Activities:
Payments on long-term debt and capital lease obligations
(2,928
)
(1,461
)
(2,864
)
Repurchase of common stock
(1,100
)
(250
) —
Cash dividends
(251
)
(102
) —
Proceeds from long-term obligations
1,020
268
1,965
Other, net
19
225
144
Net cash used in financing activities
(3,240
)
(1,320
)
(755
)
Net (Decrease) Increase in Cash and Cash Equivalents
(756
)
428
(241
)
Cash and cash equivalents at beginning of period
2,844
2,416
2,657
Cash and cash equivalents at end of period
$
2,088
$
2,844
$
2,416
Supplemental Disclosure of Cash Paid for Interest
$
560
$
698
$
834
Non-Cash Transactions:
Flight equipment under capital leases
$
28
$
67
$
28
Built-to-suit leased facilities
7
114
214