Southwest Airlines 2003 Annual Report Download - page 51

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SOUTHWEST AIRLINES CO.
CONSOLIDATED STATEMENT OF CASH FLOWS
YEARS ENDED DECEMBER 31,
(In millions)
2 0 0 3 2002 2001
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income 4 4 2$ 241$ 511$
Adjustments to reconcile net income to net cash
provided by operatin
g
activities:
Depreciation and amortization 3 8 4 356 318
Deferred income taxes 1 8 3 170 208
Amortization of deferred
g
ains on sale and
leaseback of aircraft ( 1 6 ) (15) (15)
Amortization of scheduled airframe inspections
and repairs 4 9 46 43
Income tax benefit from Employee stock
option exercises 4 1 38 54
Chan
g
es in certain assets and liabilities:
Accounts and other receivables 4 3 (103) 67
Other current assets ( 1 9 ) (10) (9)
Accounts payable and accrued liabilities 1 2 9 (149) 203
Air traffic liability 5 0 (38) 73
Other 5 0 (16) 32
Net cash provided by operating activities 1 , 3 3 6 520 1,485
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property and equipment, net ( 1 , 2 3 8 ) (603) (998)
CASH FLOWS FROM FINANCING ACTIVITIES:
Issuance of lon
g
-term debt - 385 614
Proceeds from revolvin
g
credit facility - - 475
Proceeds from trust arran
g
ement - 119 266
Proceeds from Employee stock plans 9 3 57 44
Payments of lon
g
-term debt and capital
lease obli
g
ations ( 1 3 0 ) (65) (111)
Payments of trust arran
g
ement - (385) -
Payment of revolvin
g
credit facility - (475) -
Payments of cash dividends ( 1 4 ) (14) (13)
Other, net 3(4) (5)
Net cash provided by (used in) financing activities ( 4 8 ) (382) 1,270
NET INCREASE (DECREASE) IN CASH
AND CASH EQUIVALENTS 5 0 (465) 1,757
CASH AND CASH EQUIVALENTS AT
BEGINNING OF PERIOD 1 , 8 1 5 2,280 523
CASH AND CASH EQUIVALENTS AT
END OF PERIOD 1 , 8 6 5$ 1,815$ 2,280$
CASH PAYMENTS FOR:
Interest, net of amount capitalized 6 2$ 80$ 48$
Income taxes 5 1$ 3$ 66$
See accompanying notes.