American Airlines 2004 Annual Report Download - page 49

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46
AMR CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in millions)
Year Ended December 31,
2004 2003 2002
Cash Flow from Operating Activities:
Net Loss $ (761) $ (1,228) $ (3,511)
Adjustments to reconcile net loss to net cash provided (used) by
operating activities:
Depreciation 1,139 1,222 1,210
Amortization 153 155 156
Provisions for asset impairments and special charges 21 190 463
Goodwill impairment - - 988
Gain on sale of investments (146) (154) -
Deferred income taxes - - (845)
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 (89) 690 (66)
Decrease in inventories 8 56 48
Decrease in accounts payable and accrued liabilities (26) (198) (32)
Increase (decrease) in air traffic liability 377 184 (154)
Increase in other liabilities and deferred credits 31 245 188
Other, net 10 (40) 73
Net cash provided (used) by operating activities 717 601 (1,111)
Cash Flow from Investing Activities:
Capital expenditures, including purchase deposits on flight
equipment (1,027) (680) (1,881)
Net (increase) decrease in short-term investments (323) (640) 540
Net decrease (increase) in restricted cash and short-term
investments 49 256 (248)
Proceeds from sale of equipment and property and
investments 265 395 220
Other (12) 24 (24)
Net cash used for investing activities (1,048) (645) (1,393)
Cash Flow from Financing Activities:
Payments on long-term debt and capital lease obligations (1,653) (886) (687)
Proceeds from:
Issuance of long-term debt 1,977 945 3,099
Sale-leaseback transactions - - 91
Exercise of stock options 7 1 3
Net cash provided by financing activities 331 60 2,506
Net increase in cash - 16 2
Cash at beginning of year 120 104 102
Cash at end of year $ 120 $ 120 $ 104
Activities Not Affecting Cash
Flight equipment acquired through seller financing $ 18 $ 735 $ -
Capital lease obligations incurred $ 13 $ 140 $ -
Reduction to capital lease and other obligations $ - $ (190) $ -
The accompanying notes are an integral part of these financial statements.