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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Millions
6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Cash flows from operating activities:    
Net income (loss) $ (113) $ 5
Adjustments to reconcile net income (loss) to cash provided by (used in) operating activities:    
Deferred income taxes 3 3
Depreciation and amortization 41 34
Gains recognized on sale-leaseback transactions (90) (148)
Stock-based compensation 11 9
Changes in operating assets and liabilities:    
Accounts receivable, net (25) (1)
Supplies and other current assets 8 1
Aircraft maintenance deposits 0 82
Other long-term assets (103) (105)
Accounts payable 51 9
Air traffic liability 30 70
Other liabilities (32) 28
Cash used in operating activities (219) (13)
Cash flows from investing activities:    
Capital expenditures (51) (48)
Pre-delivery deposits for flight equipment, net of refunds (62) 15
Other 0 (1)
Cash used in investing activities (113) (34)
Cash flows from financing activities:    
Proceeds from issuance of debt, net of issuance costs 101 142
Principal repayments on debt (43) (161)
Proceeds from sale-leaseback transactions 93 116
Proceeds from the exercise of stock options 6 1
Tax withholdings on share-based awards (2) (2)
Cash provided by financing activities 155 96
Net increase (decrease) in cash, cash equivalents and restricted cash (177) 49
Cash, cash equivalents and restricted cash, beginning of period 740 609
Cash, cash equivalents and restricted cash, end of period $ 563 $ 658