Southwest Airlines 1999 Annual Report Download - page 30

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SOUTHWEST AIRLINES CO. CONSOLIDATED STATEMENT OF CASH FLOWS
YEARS ENDED DECEMBER 31,
(In thousands)1999 1998 1997
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $474,378 $433,431 $317,772
Adjustments to reconcile net income to net cash
provided by operating activities:
Depreciation 248,660 225,212 195,568
Deferred income taxes 142,940 108,335 81,711
Amortization of deferred gains on sale and
leaseback of aircraft (15,172) (15,251) (15,414)
Amortization of scheduled airframe inspections and
repairs
28,949 22,763 20,540
Changes in certain assets and liabilities:
Accounts receivable 15,421 (12,269) (3,090)
Other current assets (31,698) 1,589 6,243
Accounts payable and accrued liabilities 64,335 53,194 8,751
Air traffic liability 56,864 46,737 (4,757)
Other current liabilities 156 19,293 (4,204)
Other 16,877 3,101 7,468
Net cash provided by operating activities 1,001,710 886,135 610,588
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property and equipment (1,167,834) (947,096) (688,927)
Net cash used in investing activities (1,167,834) (947,096) (688,927)
CASH FLOWS FROM FINANCING ACTIVITIES:
Issuance of long-term debt 255,600 -98,764
Payment of long-term debt and capital lease obligations
(12,107) (118,859) (12,665)
Payment of cash dividends (10,842) (9,284) (6,593)
Proceeds from Employee stock plans 64,288 44,272 40,335
Repurchase of common stock (90,507) (100,000) -
Net cash provided by (used in) financing activities
206,432 (183,871) 119,841
NET INCREASE (DECREASE) IN CASH AND CASH
EQUIVALENTS 40,308 (244,832) 41,502
CASH AND CASH EQUIVALENTS AT BEGINNING OF
PERIOD 378,511 623,343 581,841
CASH AND CASH EQUIVALENTS AT END OF PERIOD
$418,819 $378,511 $623,343
CASH PAYMENTS FOR:
Interest, net of amount capitalized $ 26,604 $ 33,384 $ 42,372
Income taxes 131,968 147,447 107,066
See accompanying notes.
F11