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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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