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Condensed Consolidated Statement of Cash Flows - USD ($)
$ in Millions
3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
CASH FLOWS FROM OPERATING ACTIVITIES:        
Net income $ 213 $ 367 $ 64 $ 137
Adjustments to reconcile net income to net cash provided by (used in) operating activities:        
Depreciation and amortization 400 404 795 812
Impairment of long-lived assets 8 0 8 0
Unrealized/realized loss on fuel derivative instruments 0 1 0 2
Deferred income taxes 66 110 23 43
Gain on sale-leaseback transactions 0 0 (3) 0
Changes in certain assets and liabilities:        
Accounts and other receivables 90 34 146 (274)
Other assets 212 32 357 18
Accounts payable and accrued liabilities (95) (576) (220) (1,473)
Air traffic liability (606) (317) 55 798
Other liabilities 28 (45) (35) (117)
Cash collateral provided to derivative counterparties 0 (20) (22) (20)
Other, net 85 (13) 93 (54)
Net cash provided by (used in) operating activities 401 (23) 1,261 (128)
CASH FLOWS FROM INVESTING ACTIVITIES:        
Capital expenditures (635) (494) (1,136) (1,077)
Assets constructed for others 0 (6) 0 (16)
Proceeds from sale-leaseback transactions 0 0 24 0
Purchases of short-term investments (319) (1,532) (370) (3,210)
Proceeds from sales of short-term and other investments 72 1,820 1,226 3,540
Other, net 0 6 (3) (28)
Net cash used in investing activities (882) (206) (259) (791)
CASH FLOWS FROM FINANCING ACTIVITIES:        
Payroll Support Program stock warrants repurchase 0 (6) 0 (6)
Proceeds from Employee stock plans 15 15 32 30
Repurchase of common stock (1,500) 0 (2,250) 0
Payments of long-term debt and finance lease obligations (2,592) (8) (2,598) (16)
Payments of cash dividends (103) 0 (210) (215)
Other, net 2 3 (10) (20)
Net cash provided by (used in) financing activities (4,178) 4 (5,036) (227)
NET CHANGE IN CASH AND CASH EQUIVALENTS (4,659) (225) (4,034) (1,146)
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 8,134 8,367 7,509 9,288
CASH AND CASH EQUIVALENTS AT END OF PERIOD 3,475 8,142 3,475 8,142
CASH PAYMENTS FOR:        
Interest, net of amount capitalized 53 92 64 110
Income taxes 4 4 5 7
SUPPLEMENTAL DISCLOSURE OF NON-CASH TRANSACTIONS:        
Right-of-use assets acquired or modified under operating leases $ 20 $ 6 $ 34 $ 21