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Consolidated Statements of Cash Flows - USD ($)
12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Cash flows from operating activities:      
Net income (loss) $ (102,000,000) $ (225,000,000) $ 251,000,000
Deferred income taxes (32,000,000) (14,000,000) 52,000,000
Depreciation and amortization 38,000,000 33,000,000 46,000,000
Gains recognized on sale-leaseback transactions (60,000,000) (48,000,000) (107,000,000)
Warrant liability unrealized loss 22,000,000 9,000,000 0
Stock-based compensation 11,000,000 8,000,000 8,000,000
Amortization of swaption cash flow hedges, net of tax 1,000,000 0 0
Cash flows for derivative instruments, net 0 (4,000,000) (1,000,000)
Cash flows from operating leases 0 17,000,000 0
Changes in operating assets and liabilities:      
Accounts receivable (14,000,000) 61,000,000 (6,000,000)
Supplies and other current assets 174,000,000 (166,000,000) (18,000,000)
Aircraft maintenance deposits (20,000,000) (15,000,000) (18,000,000)
Other long-term assets (37,000,000) (32,000,000) (29,000,000)
Accounts payable 13,000,000 0 24,000,000
Air traffic liability 138,000,000 (114,000,000) 36,000,000
Other liabilities 84,000,000 (67,000,000) (67,000,000)
Cash provided by (used in) operating activities 216,000,000 (557,000,000) 171,000,000
Cash flows from investing activities:      
Capital expenditures (27,000,000) (16,000,000) (45,000,000)
Pre-delivery deposits for flight equipment, net of refunds (36,000,000) 28,000,000 (17,000,000)
Other (4,000,000) (1,000,000) 0
Cash provided by (used in) investing activities (67,000,000) 11,000,000 (62,000,000)
Cash flows from financing activities:      
Proceeds from issuance of debt 163,000,000 236,000,000 170,000,000
Principal repayments on debt (97,000,000) (126,000,000) (139,000,000)
Proceeds from sale-leaseback transactions 59,000,000 47,000,000 92,000,000
Proceeds from initial public offering, net of offering costs, underwriting discounts and commissions 266,000,000 0 0
Proceeds from the exercise of stock options 3,000,000 0 0
Dividends paid 0 0 (159,000,000)
Tax withholdings on share-based awards (3,000,000) (1,000,000) 0
Other 0 0 (3,000,000)
Cash provided by (used in) financing activities 391,000,000 156,000,000 (39,000,000)
Net increase (decrease) in cash, cash equivalents and restricted cash 540,000,000 (390,000,000) 70,000,000
Cash, cash equivalents and restricted cash, beginning of period 378,000,000 768,000,000 698,000,000
Cash, cash equivalents and restricted cash, end of period $ 918,000,000 $ 378,000,000 $ 768,000,000