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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Millions
6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Cash flows from operating activities:    
Net income (loss) $ 58 $ (108)
Deferred income taxes 13 (45)
Depreciation and amortization 23 28
Gains recognized on sale-leaseback transactions (57) (28)
Loss on extinguishment of debt 0 7
Stock-based compensation 7 7
Amortization of cash flow hedges, net of tax 1 1
Changes in operating assets and liabilities:    
Accounts receivable 28 (6)
Supplies and other current assets 9 (34)
Aircraft maintenance deposits (9) (10)
Other long-term assets (93) (42)
Accounts payable 6 8
Air traffic liability 40 99
Other liabilities (60) 56
Cash provided by (used in) operating activities (34) (67)
Cash flows from investing activities:    
Capital expenditures (23) (14)
Pre-delivery deposits for flight equipment, net of refunds (9) (41)
Other (1) (2)
Cash provided by (used in) investing activities (33) (57)
Cash flows from financing activities:    
Proceeds from issuance of debt, net of issuance costs 52 141
Principal repayments on debt (51) (189)
Proceeds from sale-leaseback transactions 89 23
Proceeds from the exercise of stock options 1 0
Minimum tax withholdings on share-based awards (5) (3)
Cash provided by (used in) financing activities 86 (28)
Net increase (decrease) in cash, cash equivalents and restricted cash 19 (152)
Cash, cash equivalents and restricted cash, beginning of period 761 918
Cash, cash equivalents and restricted cash, end of period $ 780 $ 766