American Airlines 2008 Annual Report Download - page 58

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55
AMR CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in millions)
Year Ended December 31,
2008
2007
2006
Cash Flow from Operating Activities:
Net earnings (loss)
$ (2,071)
$ 504
$ 231
Adjustments to reconcile net income (loss) to net cash provided
(used) by operating activities:
Depreciation
1,055
1,036
1,022
Amortization
152
166
135
Equity based stock compensation
53
133
142
Restructuring and settlement charges
1,317
63
-
Gain on sale of investments/subsidiaries
(432)
(138)
(13)
Redemption payments under operating leases for special
facility revenue bonds
(188)
(100)
(28)
Change in assets and liabilities:
Decrease (increase) in receivables
217
(41)
3
Decrease (increase) in inventories
5
(128)
(7)
Decrease (increase) in derivative collateral and unwound
derivative contracts
(940)
164
-
Increase (decrease) in accounts payable and accrued
liabilities
(421)
248
(130)
Increase (decrease) in air traffic liability
(277)
203
168
Increase (decrease) in other liabilities and deferred credits
178
(135)
382
Other, net
(42)
(40)
34
Net cash provided by (used in) operating activities
(1,394)
1,935
1,939
Cash Flow from Investing Activities:
Capital expenditures, including purchase deposits on flight
equipment
(876)
(714)
(530)
Net decrease (increase) in short-term investments
1,471
207
(918)
Net decrease (increase) in restricted cash and short-term
investments
(31)
40
42
Proceeds from sale of equipment, property and
investments/subsidiaries
480
228
49
Other
11
5
(8)
Net cash provided by (used in) investing activities
1,055
(234)
(1,365)
Cash Flow from Financing Activities:
Payments on long-term debt and capital lease obligations
(1,092)
(2,321)
(1,366)
Proceeds from:
Issuance of common stock, net of issuance costs
294
497
400
Reimbursement from construction reserve account
-
59
145
Exercise of stock options
1
90
230
Issuance of long-term debt
825
-
-
Sale leaseback transactions
354
-
-
Net cash provided by (used in) financing activities
382
(1,675)
(591)
Net increase (decrease) in cash
43
27
(17)
Cash at beginning of year
148
121
138
Cash at end of year
$ 191
$ 148
$ 121
The accompanying notes are an integral part of these financial statements.