Southwest Airlines 1996 Annual Report Download - page 34

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34
CONSOLIDATED STATEMENT OF CASH FLOWS
(in thousands)
Years ended December 31,
1996 1995 1994
Cash flows from operating activities:
Net income ..................................................... $207,337 $182,626 $179,331
Adjustments to reconcile net income to cash
provided by operating activities:
Depreciation ............................................ 183,470 156,771 139,045
Deferred income taxes ............................. 67,253 48,147 49,887
Amortization of deferred gains on
sale and leaseback of aircraft............. (18,263) (24,286) (30,341)
Amortization of scheduled airframe
overhauls .......................................... 20,539 17,337 14,216
Changes in certain assets and
liabilities:
Accounts receivable .......................... 6,341 (4,089) (5,208)
Other current assets .......................... (19,534) (11,857) 648
Accounts payable and accrued
liabilities .................................... 132,096 61,937 52,679
Air traffic liability............................. 26,942 25,017 9,993
Other current liabilities..................... 5,334 1,050 (4,690)
Other ................................................ 3,713 3,789 7,106
Net cash provided by operating
activities..................................... 615,228 456,442 412,666
Cash flows from investing activities:
Purchases of property and equipment.............. (677,431) (728,643) (788,649)
Net cash used in investing
activities..................................... (677,431) (728,643) (788,649)
Cash flows from financing activities:
Issuance of long-term debt .............................. 98,811
Proceeds from aircraft sale and leaseback
transactions 330,000 321,650 315,000
Payment of long-term debt and capital lease
obligations (12,695) (10,379) (63,071)
Payment of cash dividends.............................. (6,216) (5,749) (5,722)
Proceeds from Employee stock plans............... 15,592 10,693 8,743
Net cash provided by financing
activities..................................... 326,681 415,026 254,950
Net increase (decrease) in cash and cash
equivalents 264,478 142,825 (121,033)
Cash and cash equivalents at beginning of period .. 317,363 174,538 295,571
Cash and cash equivalents at end of period $581,841 $317,363 $174,538
Cash payments for:
Interest, net of amount capitalized .................. $36,640 $25,277 $26,598
Income taxes................................................... 66,447 73,928 80,461
See accompanying notes.