Southwest Airlines 1997 Annual Report Download - page 39

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39
SOUTHWEST AIRLINES CO. ♥ FIVE SYMBOLS OF FREEDOM
CONSOLIDATED STATEMENT OF CASH FLOWS
YEARS ENDED DECEMBER 31,
(IN THOUSANDS) 1997 1996 1995
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $317,772 $207,337 $182,626
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation 195,568 183,470 156,771
Deferred income taxes 81,711 67,253 48,147
Amortization of deferred gains on sale and leaseback of aircraft (15,414) (18,263) (24,286)
Amortization of scheduled airframe overhauls 20,540 20,539 17,337
Changes in certain assets and liabilities:
Accounts receivable (3,090) 6,341 (4,089)
Other current assets 6,243 (19,534) (11,857)
Accounts payable and accrued liabilities 8,751 132,096 61,937
Air traffic liability (4,757) 26,942 25,017
Other current liabilities (4,204) 5,334 1,050
Other 7,468 3,713 3,789
Net cash provided by operating activities 610,588 615,228 456,442
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property and equipment (688,927) (677,431) (728,643)
Net cash used in investing activities (688,927) (677,431) (728,643)
CASH FLOWS FROM FINANCING ACTIVITIES:
Issuance of long-term debt 98,764 –98,811
Proceeds from aircraft sale
and leaseback transactions –330,000 321,650
Payment of long-term debt and
capital lease obligations (12,665) (12,695) (10,379)
Payment of cash dividends (6,593) (6,216) (5,749)
Proceeds from Employee stock plans 40,335 15,592 10,693
Net cash provided by financing activities 119,841 326,681 415,026
NET INCREASE IN CASH AND CASH EQUIVALENTS 41,502 264,478 142,825
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 581,841 317,363 174,538
CASH AND CASH EQUIVALENTS AT END OF PERIOD $623,343 $581,841 $317,363
CASH PAYMENTS FOR:
Interest, net of amount capitalized $42,372 $36,640 $25,277
Income taxes 107,066 66,447 73,928
See accompanying notes.