Fiscal year is January-December. All values USD Millions.

Fiscal year is January-December. All values USD Millions. 2020 2019 2018
Net Income before Extraordinaries (3,074) 2,300 2,465
Net Income Growth -233.65% -6.69% -26.57%
Depreciation, Depletion & Amortization 1,255 1,219 1,201
Depreciation and Depletion 1,204 1,185
Amortization of Intangible Assets 15 16
Deferred Taxes & Investment Tax Credit (716) (55) 301
Deferred Taxes (716) (55) 301
Other Funds (175) (14)
Funds from Operations (2,710) 3,464 3,953
Changes in Working Capital 1,583 523 940
Receivables (294) (94) 117
Accounts Payable 231 298 545
Other Assets/Liabilities 1,646 319 278
Net Operating Cash Flow (1,127) 3,987 4,893
Net Operating Cash Flow Growth -128.27% -18.52% 24.54%
Net Operating Cash Flow / Sales -12.46% 17.78% 22.28%

Investing Activities

All values USD Millions. 2020 2019 2018 2017 2016
Capital Expenditures (515) (1,027) (1,976) (2,249) (2,147)
Capital Expenditures (Fixed Assets) (515) (1,027) (1,976) (2,249) (2,147)
Capital Expenditures Growth 49.85% 48.03% 12.14% -4.75%
Capital Expenditures / Sales -5.69% -4.58% -9.00% -10.64% -10.58%
Purchase/Sale of Investments (744) 324 (67) (159) (125)
Purchase of Investments (5,080) (2,122) (2,409) (2,380) (2,388)
Sale/Maturity of Investments 4,336 2,446 2,342 2,221 2,263
Other Sources 428 400 5
Net Investing Cash Flow (16) (303) (2,038) (2,408) (2,272)
Net Investing Cash Flow Growth 94.72% 85.13% 15.37% -5.99%
Net Investing Cash Flow / Sales -0.18% -1.35% -9.28% -11.39% -11.20%

Financing Activities

All values USD Millions. 2020 2019 2018 2017 2016
Cash Dividends Paid – Total (188) (372) (332) (274) (222)
Common Dividends (188) (372) (332) (274) (222)
Change in Capital Stock 1,891 (1,960) (1,965) (1,571) (1,721)
Repurchase of Common & Preferred Stk. (451) (2,000) (2,000) (1,600) (1,750)
Sale of Common & Preferred Stock 2,342 40 35 29 29
Proceeds from Stock Options 2,294
Other Proceeds from Sale of Stock 48 40 35 29 29
Issuance/Reduction of Debt, Net 7,965 (615) (342) 8 (76)
Change in Long-Term Debt 7,965 (615) (342) 8 (76)
Issuance of Long-Term Debt 13,487 600 515
Reduction in Long-Term Debt (5,522) (615) (342) (592) (591)
Other Funds (10) (43) 143 131 95
Other Uses (59) (43) (30) (10) (12)
Other Sources 49 173 141 107
Net Financing Cash Flow 9,658 (2,990) (2,496) (1,706) (1,924)
Net Financing Cash Flow Growth 423.01% -19.79% -46.31% 11.33%
Net Financing Cash Flow / Sales 106.74% -13.33% -11.36% -8.07% -9.48%
Net Change in Cash 8,515 694 359 (185) 97
Free Cash Flow (1,642) 2,960 2,917 1,680 2,146
Free Cash Flow Growth -155.47% 1.47% 73.63% -21.71%
Free Cash Flow Yield -6.95%

Based on Southwest airlines

Cash Flow and Retained Earnings:

  1. List the amount of cash flows from each of the 3 activities: Operating, Investing, and Financing for the 2 most recent years. What was the increase or decrease in cash for each of these years?  

  • Southwest Airlines operating expenses for the quarter ending March 31, 2021 were $1.853B, a 57.34% decline year-over-year.

  • Southwest Airlines operating expenses for the twelve months ending March 31, 2020 were $10.373B, a 45.89% decline year-over-year.

  • Southwest Airlines annual operating expenses for 2020 were $12.864B, a 33.93% decline from 2019.

  • Southwest Airlines annual operating expenses for 2019 were $19.471B, a 3.8% increase from 2018.

  1. Were there any Non-Cash Investing/Financing Transactions? Describe the type and amount.

  1. What is the dollar difference between accrual net income and Cash provided by Operations?

  1. What investing activity provided the largest inflow of cash in the current year?

  1. What investing activity used the largest amount of cash in the current year?

  1. What financing activity provided the largest inflow of cash in the current year?

  1. What financing activity used the largest amount of cash in the current year?

  1. Does the company have sufficient cash inflows from the appropriate category? Describe any problems the company many experience with cash flow from your analysis of the cash flow statement.

  1. Show the change in Retained Earnings for the 2 most recent years. What was net income for each year? How much was paid out in dividends each year?

  1. Were the dividends on common stock and/or preferred stock? What was the amount of each?

  1. Did Retained Earnings change for any reasons other than net income or dividends? Explain.

  1. What classes of stock does your company have?

  1. How many shares of each class of stock are authorized, how many are issued, and how many are outstanding?

  1. Does your company have any treasury stock? How many shares and what dollar amount?

  1. What is the par or stated value of each of your company’s stocks?

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