SOUTHWEST AIRLINES CO
For the period ended Dec 31, 2024. Filed Feb 7, 2025.
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FY2024 · Filed Feb 7, 2025
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Extracted filing text, with the paragraph anchors used by the comparison.
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Southwest Airlines Co. Consolidated Statement of Cash Flows
(in millions)
| Year ended December 31, | |||
|---|---|---|---|
| 2024 | 2023 | 2022 | |
| CASH FLOWS FROM OPERATING ACTIVITIES: | |||
| Net income | $465 | $465 | $539 |
| Adjustments to reconcile net income to cash provided by operating activities: | |||
| Depreciation and amortization | 1,657 | 1,522 | 1,351 |
| Impairment of long-lived assets | — | — | 35 |
| Unrealized mark-to-market adjustment on available for sale securities | — | (4) | 4 |
| Unrealized/realized gain on fuel derivative instruments | — | — | (2) |
| Deferred income taxes | 132 | 159 | 228 |
| Gain on sale-leaseback transactions | (92) | — | — |
| Loss on extinguishment of debt | 2 | — | 193 |
| Changes in certain assets and liabilities: | |||
| Accounts and other receivables | 19 | (89) | 422 |
| Other assets | (8) | 60 | (66) |
| Accounts payable and accrued liabilities | (1,363) | 1,386 | 936 |
| Air traffic liability | (37) | 29 | 525 |
| Other liabilities | (197) | (137) | (334) |
| Cash collateral provided to derivative counterparties | (28) | (56) | (69) |
| Other, net | (88) | (171) | 28 |
| Net cash provided by operating activities | 462 | 3,164 | 3,790 |
| CASH FLOWS FROM INVESTING ACTIVITIES: | |||
| Capital expenditures | (2,054) | (3,520) | (3,924) |
| Proceeds from sale-leaseback transactions | 871 | — | — |
| Assets constructed for others | (26) | (33) | (22) |
| Purchases of short-term investments | (5,014) | (6,970) | (5,592) |
| Proceeds from sales of short-term and other investments | 5,995 | 7,591 | 5,792 |
| Other, net | (33) | — | — |
| Net cash used in investing activities | (261) | (2,932) | (3,746) |
| CASH FLOWS FROM FINANCING ACTIVITIES: | |||
| Payroll Support Program stock warrants repurchase | (6) | — | — |
| Proceeds from Employee stock plans | 60 | 48 | 45 |
| Repurchase of common stock | (250) | — | — |
| Payments of long-term debt and finance lease obligations | (1,337) | (85) | (2,437) |
| Payments of cash dividends | (430) | (428) | — |
| Proceeds of terminated interest rate derivative instruments | — | 23 | — |
| Payments for repurchases and conversions of convertible debt | — | — | (648) |
| Other, net | (17) | 6 | 8 |
| Net cash used in financing activities | (1,980) | (436) | (3,032) |
| NET CHANGE IN CASH AND CASH EQUIVALENTS | (1,779) | (204) | (2,988) |
| CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD | 9,288 | 9,492 | 12,480 |
| CASH AND CASH EQUIVALENTS AT END OF PERIOD | $7,509 | $9,288 | $9,492 |
| CASH PAYMENTS FOR: | |||
| Interest, net of amount capitalized | $220 | $228 | $305 |
| Income taxes | $9 | $18 | $20 |
| SUPPLEMENTAL DISCLOSURE OF NON-CASH TRANSACTIONS: | |||
| Adoption of Accounting Standards Update 2020-06, Debt | $— | $— | $245 |
| Right-of-use assets acquired or modified under operating leases | $377 | $82 | $58 |
| Flight and ground equipment acquired or modified under finance leases | $15 | $— | $— |
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