Question
Listed below is the Statement of Cash Flows for Southwest Airlines For the years ended December 31, 2019 2018 2017 CASH FLOWS FROM (FOR) OPERATING
Listed below is the Statement of Cash Flows for Southwest Airlines
For the years ended December 31, | 2019 | 2018 | 2017 | ||
CASH FLOWS FROM (FOR) OPERATING ACTIVITIES |
|
|
|
|
|
Net income (loss) | $ | 459 | $ 178 | $ | 99 |
Depreciation expense |
| 628 | 715 |
| 616 |
(Increase) decrease in accounts receivable |
| (26) | (26) |
| 40 |
(Increase) decrease in other current assets |
| 49 | 65 |
| 85 |
Increase (decrease)in payables |
| 193 | 253 |
| 59 |
Other operating changes, net |
| 258 | 200 |
| 86 |
Net cash from operating activities (NCOA) |
| 1,561 | 1,385 |
| 985 |
CASH FLOWS (FOR) INVESTING ACTIVITIES |
|
|
|
|
|
Purchase of property, plant, and equipment, |
| (493) | (968) |
| (585) |
Purchase of investments |
| (5,624) | (5,362) |
| (6,106) |
Proceeds from the sale of investments |
| 4,852 | 5,314 |
| 5,120 |
Other investing changes, net |
| - | (35) |
| 2 |
Net cash (for) investing activities (NCIA) |
| (1,265) | (1,051) |
| (1,569) |
CASH FLOWS FROM (FOR) FINANCING ACTIVITIES |
|
|
|
|
|
Issuance of long-term debt |
| 0 | 0 |
| 455 |
Issuance of capital stock |
| 55 | 39 |
| 20 |
Repayment of long-term debt |
| (155) | (577) |
| (86) |
Repurchase of capital stock |
| 0 | (225) |
| 0 |
Payment of dividends |
| (13) | (14) |
| (13) |
Other financing changes, net |
| (36) | 11 |
| (46) |
Net cash from financing activities (NCFA) |
| (149) | (766) |
| 330 |
Net change in cash |
| 147 | (432) |
| (254) |
+ Beginning cash and cash equivalents |
| 1,114 | 1,261 |
| 1,368 |
= Ending cash and cash equivalents | $ | 1,261 | $ 829 | $ | 1,114 |
Required: Calculate the Free Cash Flow for each year
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