American Airlines 2003 Annual Report Download - page 48

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46
AMR CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in millions)
Year Ended December 31,
2003 2002 2001
Cash Flow from Operating Activities:
Net Loss $ (1,228) $ (3,511) $ (1,762)
Adjustments to reconcile net loss to net cash provided (used) by
operating activities:
Depreciation 1,222 1,210 1,122
Amortization 155 156 282
Provisions for asset impairments and special charges 190 463 1,214
Goodwill impairment - 988 -
Gain on sale of investments (154) - -
Deferred income taxes - (845) (731)
Additional tax refunds due to tax law change - 371 -
Redemption payments under operating leases for special
facility revenue bonds (521) - -
Change in assets and liabilities:
Decrease (increase) in receivables 690 (66) 120
Decrease (increase) in inventories 56 48 (39)
Increase (decrease) in accounts payable and accrued
liabilities (198) (32) 379
Increase (decrease) in air traffic liability 184 (154) (276)
Increase in other liabilities and deferred credits 245 188 165
Other, net (40) 73 68
Net cash provided (used) by operating activities 601 (1,111) 542
Cash Flow from Investing Activities:
Capital expenditures, including purchase deposits on flight
equipment (680) (1,881) (3,640)
Acquisition of Trans World Airlines, Inc. - - (742)
Net (increase) decrease in short-term investments (640) 540 (242)
Net decrease (increase) in restricted cash and short-term
investments 256 (248) (535)
Proceeds from sale of equipment and property and other
investments 395 220 401
Other 24 (24) 18
Net cash used for investing activities (645) (1,393) (4,740)
Cash Flow from Financing Activities:
Payments on long-term debt and capital lease obligations (886) (687) (922)
Proceeds from:
Issuance of long-term debt 945 3,099 4,744
Sale-leaseback transactions - 91 352
Exercise of stock options 1 3 37
Net cash provided by financing activities 60 2,506 4,211
Net increase in cash 16 2 13
Cash at beginning of year 104 102 89
Cash at end of year $ 120 $ 104 $ 102
Activities Not Affecting Cash
Flight equipment acquired through seller financing $ 735 $ - $ -
Capital lease obligations incurred $ 140 $ - $ -
Reduction to capital lease and other obligations $ (190) $ - $ -
The accompanying notes are an integral part of these financial statements.