Southwest Airlines 1995 Annual Report Download - page 30

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30
CONSOLIDATED STATEMENT OF CASH FLOWS
(in thousands) Years ended
December 31,
1995 1994 1993
CASH FLOWS FROM OPERATING
ACTIVITIES:
Net income $182,626 $179,331 $169,543
Cumulative effect of accounting changes
(Note 3) --(15,259)
Income before cumulative effect of accounting
changes
182,626 179,331 154,284
Adjustments to reconcile net income to cash
provided by operating activities:
Depreciation 156,771 139,045 119,338
Deferred income taxes 48,147 49,887 53,200
Amortization of deferred gains on sale and
leaseback of aircraft
(24,286) (30,341) (32,509)
Amortization of scheduled airframe overhauls 17,337 14,216 11,630
Changes in certain assets and liabilities:
Increase in accounts receivable (4,089) (5,208) (14,253)
(Increase) decrease in other current assets (11,857) 648 (9,641)
Increase in accounts payable and accrued
liabilities 61,937 52,679 67,585
Increase in air traffic liability 25,017 9,993 30,212
Increase (decrease) in other current liabilities 1,050 (4,690) 2,393
Other 3,789 7,106 10,440
Net cash provided by operating activities 456,442 412,666 392,679
CASH FLOWS FROM INVESTING
ACTIVITIES:
Purchases of property and equipment (728,643) (788,649) (524,169)
Net cash used in investing activities (728,643) (788,649) (524,169)
CASH FLOWS FROM FINANCING
ACTIVITIES:
Issuance of long-term debt 98,811 -17,810
Proceeds from aircraft sale and leaseback
transactions 321,650 315,000 90,000
Payment of long-term debt and capital lease
obligations (10,379) (63,071) (120,098)
Payment of cash dividends (5,749) (5,722) (5,376)
Proceeds from Employee stock plans 10,693 8,743 6,743
Other --(7)
Net cash provided by (used in) financing
activities 415,026 254,950 (10,928)
NET INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS 142,825 (121,033) (142,418)
CASH AND CASH EQUIVALENTS AT
BEGINNING OF PERIOD 174,538 295,571 437,989
CASH AND CASH EQUIVALENTS AT END
OF PERIOD $317,363 $174,538 $295,571
CASH PAYMENTS FOR:
Interest, net of amount capitalized $25,277 $26,598 $ 43,161
Income taxes 73,928 80,461 45,292
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
December 31, 1995