Southwest Airlines Consolidated Statement of Cash Flows

Southwest Airlines Consolidated Statement of Cash Flows
Southwest Airlines Consolidated Statement of Cash Flows

(in millions) Year ended December 31,

2020 2019 2018 CASH FLOWS FROM OPERATING ACTIVITIES: Net income (loss) $ (3,074) $ 2,300 $ 2,465 Adjustments to reconcile net income (loss) to cash provided by (used in) operating activities:

Depreciation and amortization 1,255 1,219 1,201 Impairment of long-lived assets 32 — — Unrealized/realized (gain) loss on fuel derivative instruments 15 — (14) Deferred income taxes (716) (55) 301 Gain on sale-leaseback transactions (222) — —

Changes in certain assets and liabilities: Accounts and other receivables (294) (94) 117 Other assets 415 239 (227) Accounts payable and accrued liabilities 231 298 545 Air traffic liability 1,623 440 506 Other liabilities (306) (277) —

Cash collateral received from (provided to) derivative counterparties 9 25 (15) Other, net (95) (108) 14

Net cash provided by (used in) operating activities (1,127) 3,987 4,893

CASH FLOWS FROM INVESTING ACTIVITIES: Capital expenditures (515) (1,027) (1,922) Supplier proceeds 428 400 — Proceeds from sale-leaseback transactions 815 — — Assets constructed for others — — (54) Purchases of short-term investments (5,080) (2,122) (2,409) Proceeds from sales of short-term and other investments 4,336 2,446 2,342 Other, net — — 5

Net cash used in investing activities (16) (303) (2,038)

CASH FLOWS FROM FINANCING ACTIVITIES: Issuance of common stock 2,294 — — Proceeds from issuance of long-term debt 5,622 — — Proceeds from term loan credit facility 3,683 — — Proceeds from revolving credit facility 1,000 — — Proceeds from convertible notes 2,300 — — Proceeds from Payroll Support Program loan and warrants 1,016 — — Proceeds from Employee stock plans 48 40 35 Repurchase of common stock (451) (2,000) (2,000) Reimbursement for assets constructed for others — — 170 Payments of long-term debt and finance lease obligations (839) (615) (342) Payments of term loan credit facility (3,683) — — Payments of revolving credit facility (1,000) — — Payments of cash dividends (188) (372) (332) Payments of terminated interest rate derivative instruments (59) — — Repayment of construction obligation — — (30) Capitalized financing items (134) — — Other, net 49 (43) 3

Net cash provided by (used in) financing activities 9,658 (2,990) (2,496)

NET CHANGE IN CASH AND CASH EQUIVALENTS 8,515 694 359

CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 2,548 1,854 1,495

CASH AND CASH EQUIVALENTS AT END OF PERIOD $ 11,063 $ 2,548 $ 1,854

CASH PAYMENTS FOR: Interest, net of amount capitalized $ 212 $ 88 $ 107 Income taxes $ 19 $ 779 $ 327

SUPPLEMENTAL DISCLOSURE OF NONCASH TRANSACTIONS: Assets constructed for others $ 145 $ 65 $ 171 Supplier receivables $ — $ 428 $ —

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