SOUTHWEST AIRLINES CO
For the period ended Dec 31, 2023. Filed Feb 6, 2024.
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FY2023 · Filed Feb 6, 2024
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Southwest Airlines Co. Consolidated Statement of Cash Flows
(in millions)
| Year ended December 31, | |||
|---|---|---|---|
| 2023 | 2022 | 2021 | |
| CASH FLOWS FROM OPERATING ACTIVITIES: | |||
| Net income | $465 | $539 | $977 |
| Adjustments to reconcile net income to cash provided by operating activities: | |||
| Depreciation and amortization | 1,522 | 1,351 | 1,272 |
| Impairment of long-lived assets | — | 35 | 12 |
| Unrealized mark-to-market adjustment on available for sale securities | (4) | 4 | — |
| Unrealized/realized loss on fuel derivative instruments | — | (2) | (15) |
| Deferred income taxes | 159 | 228 | (21) |
| Loss on extinguishment of debt | — | 193 | 28 |
| Changes in certain assets and liabilities: | |||
| Accounts and other receivables | (89) | 422 | (701) |
| Other assets | 60 | (66) | 75 |
| Accounts payable and accrued liabilities | 1,386 | 936 | 38 |
| Air traffic liability | 29 | 525 | 591 |
| Other liabilities | (137) | (334) | (103) |
| Cash collateral received from (provided to) derivative counterparties | (56) | (69) | 141 |
| Other, net | (171) | 28 | 28 |
| Net cash provided by operating activities | 3,164 | 3,790 | 2,322 |
| CASH FLOWS FROM INVESTING ACTIVITIES: | |||
| Capital expenditures | (3,520) | (3,924) | (505) |
| Assets constructed for others | (33) | (22) | (6) |
| Purchases of short-term investments | (6,970) | (5,592) | (5,824) |
| Proceeds from sales of short-term and other investments | 7,591 | 5,792 | 5,071 |
| Net cash used in investing activities | (2,932) | (3,746) | (1,264) |
| CASH FLOWS FROM FINANCING ACTIVITIES: | |||
| Proceeds from Payroll Support Program loan and warrants | — | — | 1,136 |
| Proceeds from Employee stock plans | 48 | 45 | 51 |
| Payments of long-term debt and finance lease obligations | (85) | (2,437) | (612) |
| Payments of cash dividends | (428) | — | — |
| Proceeds of terminated interest rate derivative instruments | 23 | — | — |
| Payments for repurchases and conversions of convertible debt | — | (648) | (293) |
| Other, net | 6 | 8 | 77 |
| Net cash provided by (used in) financing activities | (436) | (3,032) | 359 |
| NET CHANGE IN CASH AND CASH EQUIVALENTS | (204) | (2,988) | 1,417 |
| CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD | 9,492 | 12,480 | 11,063 |
| CASH AND CASH EQUIVALENTS AT END OF PERIOD | $9,288 | $9,492 | $12,480 |
| CASH PAYMENTS FOR: | |||
| Interest, net of amount capitalized | $228 | $305 | $336 |
| Income taxes | $18 | $20 | $445 |
| SUPPLEMENTAL DISCLOSURE OF NON-CASH TRANSACTIONS: | |||
| Adoption of Accounting Standards Update 2020-06, Debt | $— | $245 | $— |
| Right-of-use assets acquired under operating leases | $82 | $58 | $327 |
| Flight equipment acquired against supplier credit memo | $— | $— | $569 |
| Assets constructed for others | $— | $— | $309 |
| Remeasurement of right-of-use asset and lease liability | $— | $— | $343 |
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