CASE STUDY
caceto
FinancialsCaseStudy2.xlsxBalance Sheet
| SOUTHWEST AIRLINES CO (LUV) CashFlowFlag BALANCE SHEET | DELTA AIR LINES INC (DAL) CashFlowFlag BALANCE SHEET | UNITED CONTINENTAL HOLDINGS INC (UAL) CashFlowFlag BALANCE SHEET | AMERICAN AIRLINES GROUP INC (AAL) BALANCE SHEET | |||||||||||||||||||||||
| Fiscal year ends in December. USD in millions except per share data. | 2014 | 2015 | 2016 | Delta 2014-2015 | Delta 2015-2016 | Fiscal year ends in December. USD in millions except per share data. | 2014 | 2015 | 2016 | Delta 2014-2015 | Delta 2015-2016 | Fiscal year ends in December. USD in millions except per share data. | 2014 | 2015 | 2016 | Delta 2014-2015 | Delta 2015-2016 | Fiscal year ends in December. USD in millions except per share data. | 2014 | 2015 | 2016 | Delta 2014-2015 | Delta 2015-2016 | |||
| Assets | Assets | Assets | Assets | |||||||||||||||||||||||
| Current assets | Current assets | Current assets | Current assets | |||||||||||||||||||||||
| Cash | Cash | Cash | Cash | |||||||||||||||||||||||
| Cash and cash equivalents | 1282 | 1583 | 1680 | 0.2347893916 | 0.0612760581 | Cash and cash equivalents | 2088 | 1972 | 2762 | -0.0555555556 | 0.4006085193 | Cash and cash equivalents | 2002 | 3006 | 2179 | 0.5014985015 | -0.2751164338 | Cash and cash equivalents | 994 | 390 | 322 | -0.6076458753 | -0.1743589744 | |||
| Short-term investments | 1706 | 1468 | 1625 | -0.1395076202 | 0.1069482289 | Short-term investments | 1217 | 1465 | 487 | 0.2037797864 | -0.6675767918 | Short-term investments | 2382 | 2190 | 2249 | -0.080604534 | 0.0269406393 | Short-term investments | 6309 | 5864 | 6037 | -0.0705341576 | 0.0295020464 | |||
| Total cash | 2988 | 3051 | 3305 | 0.0210843373 | 0.083251393 | Total cash | 3305 | 3437 | 3249 | 0.0399394856 | -0.0546988653 | Total cash | 4384 | 5196 | 4428 | 0.1852189781 | -0.1478060046 | Total cash | 7303 | 6254 | 6359 | -0.1436396002 | 0.0167892549 | |||
| Receivables | 365 | 474 | 546 | 0.298630137 | 0.1518987342 | Restricted cash | ERROR:#DIV/0! | ERROR:#DIV/0! | Restricted cash | 621 | 26 | -0.9581320451 | -1 | Restricted cash | 774 | 695 | 638 | -0.1020671835 | -0.0820143885 | |||||||
| Inventories | 342 | 311 | 337 | -0.0906432749 | 0.0836012862 | Receivables | 3222 | 2139 | 2064 | -0.3361266294 | -0.0350631136 | Receivables | 1146 | 1128 | 1176 | -0.0157068063 | 0.0425531915 | Receivables | 1771 | 1425 | 1594 | -0.1953698475 | 0.1185964912 | |||
| Deferred income taxes | 477 | -1 | ERROR:#DIV/0! | Inventories | 852 | 697 | 891 | -0.1819248826 | 0.2783357245 | Inventories | 666 | 738 | 873 | 0.1081081081 | 0.1829268293 | Inventories | 1004 | 863 | 1094 | -0.140438247 | 0.2676709154 | |||||
| Prepaid expenses | 232 | 188 | 310 | -0.1896551724 | 0.6489361702 | Deferred income taxes | 3275 | -1 | ERROR:#DIV/0! | Deferred income taxes | 591 | -1 | ERROR:#DIV/0! | Prepaid expenses | 1260 | 748 | 639 | -0.4063492063 | -0.1457219251 | |||||||
| Total current assets | 4404 | 4024 | 4498 | -0.0862851953 | 0.1177932406 | Prepaid expenses | 733 | 796 | 854 | 0.0859481583 | 0.0728643216 | Prepaid expenses | 730 | 740 | 832 | 0.0136986301 | 0.1243243243 | Other current assets | ERROR:#DIV/0! | ERROR:#DIV/0! | ||||||
| Non-current assets | ERROR:#DIV/0! | ERROR:#DIV/0! | Other current assets | 1078 | 1987 | 393 | 0.8432282004 | -0.8022143936 | Total current assets | 8138 | 7828 | 7309 | -0.0380928975 | -0.0663004599 | Total current assets | 12112 | 9985 | 10324 | -0.1756109643 | 0.0339509264 | ||||||
| Property, plant and equipment | ERROR:#DIV/0! | ERROR:#DIV/0! | Total current assets | 12465 | 9056 | 7451 | -0.2734857601 | -0.1772305654 | Non-current assets | ERROR:#DIV/0! | ERROR:#DIV/0! | Non-current assets | ERROR:#DIV/0! | ERROR:#DIV/0! | ||||||||||||
| Gross property, plant and equipment | 22513 | 24685 | 26464 | 0.0964775907 | 0.0720680575 | Non-current assets | ERROR:#DIV/0! | ERROR:#DIV/0! | Property, plant and equipment | ERROR:#DIV/0! | ERROR:#DIV/0! | Property, plant and equipment | ERROR:#DIV/0! | ERROR:#DIV/0! | ||||||||||||
| Accumulated Depreciation | -8221 | -9084 | -9420 | 0.1049750639 | 0.036988111 | Property, plant and equipment | ERROR:#DIV/0! | ERROR:#DIV/0! | Gross property, plant and equipment | 26726 | 30917 | 34234 | 0.1568135898 | 0.107287253 | Gross property, plant and equipment | 35343 | 40654 | 45353 | 0.1502702091 | 0.1155851823 | ||||||
| Net property, plant and equipment | 14292 | 15601 | 17044 | 0.0915897005 | 0.0924940709 | Gross property, plant and equipment | 31269 | 33910 | 36831 | 0.0844606479 | 0.0861397818 | Accumulated Depreciation | -7965 | -9337 | -10916 | 0.1722536095 | 0.1691121345 | Accumulated Depreciation | -12259 | -13144 | -14194 | 0.072191859 | 0.0798843579 | |||
| Equity and other investments | 35 | 40 | 0.1428571429 | -1 | Accumulated Depreciation | -9340 | -10871 | -12456 | 0.1639186296 | 0.1458007543 | Net property, plant and equipment | 18761 | 21580 | 23318 | 0.150258515 | 0.0805375348 | Net property, plant and equipment | 23084 | 27510 | 31159 | 0.1917345347 | 0.1326426754 | ||||
| Goodwill | 970 | 970 | 970 | 0 | 0 | Net property, plant and equipment | 21929 | 23039 | 24375 | 0.0506179032 | 0.057988628 | Goodwill | 4523 | 4523 | 4523 | 0 | 0 | Goodwill | 4091 | 4091 | 4091 | 0 | 0 | |||
| Intangible assets | 363 | 464 | 426 | 0.2782369146 | -0.0818965517 | Goodwill | 9794 | 9794 | 9794 | 0 | 0 | Intangible assets | 4284 | 4136 | 3632 | -0.0345471522 | -0.1218568665 | Intangible assets | 2240 | 2249 | 2173 | 0.0040178571 | -0.0337927968 | |||
| Other long-term assets | 136 | 213 | 348 | 0.5661764706 | 0.6338028169 | Intangible assets | 4603 | 4861 | 4844 | 0.0560504019 | -0.0034972228 | Deferred income taxes | 2037 | 655 | ERROR:#DIV/0! | -0.6784486991 | Deferred income taxes | 2477 | 1498 | ERROR:#DIV/0! | -0.3952361728 | |||||
| Total non-current assets | 15796 | 17288 | 18788 | 0.0944542922 | 0.0867653864 | Deferred income taxes | 4320 | 4956 | 3064 | 0.1472222222 | -0.3817594835 | Other long-term assets | 1647 | 757 | 703 | -0.540376442 | -0.071334214 | Other long-term assets | 2244 | 2103 | 2029 | -0.0628342246 | -0.0351878269 | |||
| Total assets | 20200 | 21312 | 23286 | 0.055049505 | 0.0926238739 | Other long-term assets | 1010 | 1428 | 1733 | 0.4138613861 | 0.2135854342 | Total non-current assets | 29215 | 33033 | 32831 | 0.1306862913 | -0.006115097 | Total non-current assets | 31659 | 38430 | 40950 | 0.2138728324 | 0.0655737705 | |||
| Liabilities and stockholders' equity | ERROR:#DIV/0! | ERROR:#DIV/0! | Total non-current assets | 41656 | 44078 | 43810 | 0.0581428846 | -0.0060801307 | Total assets | 37353 | 40861 | 40140 | 0.0939148127 | -0.0176451873 | Total assets | 43771 | 48415 | 51274 | 0.1060976446 | 0.0590519467 | ||||||
| Liabilities | ERROR:#DIV/0! | ERROR:#DIV/0! | Total assets | 54121 | 53134 | 51261 | -0.0182369136 | -0.0352504987 | Liabilities and stockholders' equity | ERROR:#DIV/0! | ERROR:#DIV/0! | Liabilities and stockholders' equity | ERROR:#DIV/0! | ERROR:#DIV/0! | ||||||||||||
| Current liabilities | ERROR:#DIV/0! | ERROR:#DIV/0! | Liabilities and stockholders' equity | ERROR:#DIV/0! | ERROR:#DIV/0! | Liabilities | ERROR:#DIV/0! | ERROR:#DIV/0! | Liabilities | ERROR:#DIV/0! | ERROR:#DIV/0! | |||||||||||||||
| Short-term debt | 258 | 637 | 566 | 1.4689922481 | -0.1114599686 | Liabilities | ERROR:#DIV/0! | ERROR:#DIV/0! | Current liabilities | ERROR:#DIV/0! | ERROR:#DIV/0! | Current liabilities | ERROR:#DIV/0! | ERROR:#DIV/0! | ||||||||||||
| Accounts payable | 1203 | 178 | 138 | -0.8520365752 | -0.2247191011 | Current liabilities | ERROR:#DIV/0! | ERROR:#DIV/0! | Short-term debt | 1313 | 1224 | 849 | -0.0677837014 | -0.306372549 | Short-term debt | ERROR:#DIV/0! | ERROR:#DIV/0! | |||||||||
| Taxes payable | 241 | 252 | ERROR:#DIV/0! | 0.0456431535 | Capital leases | 1216 | 1563 | 1131 | 0.2853618421 | -0.2763915547 | Capital leases | 110 | 135 | 116 | 0.2272727273 | -0.1407407407 | Capital leases | 1708 | 2231 | 1855 | 0.306206089 | -0.1685342896 | ||||
| Accrued liabilities | 1565 | 2529 | 1917 | 0.6159744409 | -0.2419928826 | Accounts payable | 2622 | 2743 | 2572 | 0.0461479786 | -0.0623405031 | Accounts payable | 1882 | 1869 | 2139 | -0.0069075452 | 0.1444622793 | Accounts payable | 1377 | 1563 | 1592 | 0.1350762527 | 0.0185540627 | |||
| Other current liabilities | 2897 | 3821 | 3971 | 0.3189506386 | 0.0392567391 | Taxes payable | ERROR:#DIV/0! | ERROR:#DIV/0! | Accrued liabilities | 1818 | 2350 | 2307 | 0.2926292629 | -0.0182978723 | Accrued liabilities | 3291 | 3539 | 3724 | 0.0753570343 | 0.0522746539 | ||||||
| Total current liabilities | 5923 | 7406 | 6844 | 0.2503798751 | -0.075884418 | Accrued liabilities | 4393 | 4501 | 4574 | 0.0245845664 | 0.0162186181 | Deferred revenues | 5759 | 5870 | 5865 | 0.0192741795 | -0.0008517888 | Other current liabilities | 7059 | 6272 | 6701 | -0.1114888794 | 0.0683992347 | |||
| Non-current liabilities | ERROR:#DIV/0! | ERROR:#DIV/0! | Deferred revenues | 1580 | 1635 | 1648 | 0.0348101266 | 0.0079510703 | Other current liabilities | 1626 | 966 | 1010 | -0.405904059 | 0.0455486542 | Total current liabilities | 13435 | 13605 | 13872 | 0.0126535169 | 0.0196251378 | ||||||
| Long-term debt | 2434 | 2541 | 2821 | 0.0439605588 | 0.1101928375 | Other current liabilities | 7068 | 7084 | 5314 | 0.0022637238 | -0.2498588368 | Total current liabilities | 12508 | 12414 | 12286 | -0.0075151903 | -0.0103109393 | Non-current liabilities | ERROR:#DIV/0! | ERROR:#DIV/0! | ||||||
| Capital leases | 165 | ERROR:#DIV/0! | -1 | Total current liabilities | 16879 | 17526 | 15239 | 0.0383316547 | -0.1304918407 | Non-current liabilities | ERROR:#DIV/0! | ERROR:#DIV/0! | Long-term debt | ERROR:#DIV/0! | ERROR:#DIV/0! | |||||||||||
| Deferred taxes liabilities | 3259 | 2490 | 3374 | -0.2359619515 | 0.3550200803 | Non-current liabilities | ERROR:#DIV/0! | ERROR:#DIV/0! | Long-term debt | 10121 | 9673 | 9918 | -0.0442644008 | 0.0253282332 | Capital leases | ERROR:#DIV/0! | ERROR:#DIV/0! | |||||||||
| Deferred revenues | 43 | ERROR:#DIV/0! | -1 | Deferred taxes liabilities | ERROR:#DIV/0! | ERROR:#DIV/0! | Capital leases | 571 | 727 | 822 | 0.2732049037 | 0.1306740028 | Deferred revenues | ERROR:#DIV/0! | ERROR:#DIV/0! | |||||||||||
| Pensions and other benefits | 201 | ERROR:#DIV/0! | -1 | Deferred revenues | 2602 | 2246 | 2278 | -0.1368178324 | 0.0142475512 | Deferred taxes liabilities | 1591 | -1 | ERROR:#DIV/0! | Pensions and other benefits | 7562 | 7450 | 7842 | -0.0148108966 | 0.0526174497 | |||||||
| Other long-term liabilities | 1809 | 1108 | 1806 | -0.3875069099 | 0.6299638989 | Pensions and other benefits | 15138 | 13855 | 13378 | -0.0847536002 | -0.0344280043 | Deferred revenues | 2879 | 2826 | 3178 | -0.0184091699 | 0.1245576787 | Other long-term liabilities | 20753 | 21725 | 25775 | 0.0468366019 | 0.1864211738 | |||
| Total non-current liabilities | 7502 | 6548 | 8001 | -0.127166089 | 0.2218998167 | Other long-term liabilities | 10689 | 8657 | 8079 | -0.190101974 | -0.0667667783 | Pensions and other benefits | 4159 | 3370 | 3473 | -0.1897090647 | 0.0305637982 | Total non-current liabilities | 28315 | 29175 | 33617 | 0.030372594 | 0.1522536418 | |||
| Total liabilities | 13425 | 13954 | 14845 | 0.0394040968 | 0.0638526587 | Total non-current liabilities | 28429 | 24758 | 23735 | -0.1291287066 | -0.0413199774 | Other long-term liabilities | 3128 | 2885 | 1804 | -0.077685422 | -0.3746967071 | Total liabilities | 41750 | 42780 | 47489 | 0.0246706587 | 0.1100748013 | |||
| Stockholders' equity | ERROR:#DIV/0! | ERROR:#DIV/0! | Total liabilities | 45308 | 42284 | 38974 | -0.06674318 | -0.0782802005 | Total non-current liabilities | 22449 | 19481 | 19195 | -0.1322107889 | -0.0146809712 | Stockholders' equity | ERROR:#DIV/0! | ERROR:#DIV/0! | |||||||||
| Common stock | 808 | 808 | 808 | 0 | 0 | Stockholders' equity | ERROR:#DIV/0! | ERROR:#DIV/0! | Total liabilities | 34957 | 31895 | 31481 | -0.0875933289 | -0.0129800909 | Common stock | 7 | 6 | 5 | -0.1428571429 | -0.1666666667 | ||||||
| Additional paid-in capital | 1315 | 1374 | 1410 | 0.0448669202 | 0.0262008734 | Additional paid-in capital | 12981 | 10875 | 12294 | -0.1622371158 | 0.1304827586 | Stockholders' equity | ERROR:#DIV/0! | ERROR:#DIV/0! | Additional paid-in capital | 15135 | 11591 | 7223 | -0.2341592336 | -0.3768441032 | ||||||
| Retained earnings | 7416 | 9409 | 11418 | 0.2687432578 | 0.2135189712 | Retained earnings | 3456 | 7623 | 7903 | 1.2057291667 | 0.0367309458 | Common stock | 4 | 4 | 3 | 0 | -0.25 | Retained earnings | -8562 | -1230 | 1640 | -0.8563419762 | -2.3333333333 | |||
| Treasury stock | -2026 | -3182 | -4872 | 0.5705824284 | 0.5311125079 | Treasury stock | -313 | -373 | -274 | 0.1916932907 | -0.2654155496 | Additional paid-in capital | 7721 | 7946 | 6569 | 0.0291413029 | -0.1732947395 | Treasury stock | ERROR:#DIV/0! | ERROR:#DIV/0! | ||||||
| Accumulated other comprehensive income | -738 | -1051 | -323 | 0.4241192412 | -0.6926736441 | Accumulated other comprehensive income | -7311 | -7275 | -7636 | -0.004924087 | 0.0496219931 | Retained earnings | -3883 | 3457 | 3427 | -1.8902910121 | -0.0086780445 | Accumulated other comprehensive income | -4559 | -4732 | -5083 | 0.0379469182 | 0.0741758242 | |||
| Total stockholders' equity | 6775 | 7358 | 8441 | 0.0860516605 | 0.1471867355 | Total stockholders' equity | 8813 | 10850 | 12287 | 0.2311358221 | 0.1324423963 | Treasury stock | -367 | -1610 | -511 | 3.3869209809 | -0.6826086957 | Total stockholders' equity | 2021 | 5635 | 3785 | 1.7882236517 | -0.3283052351 | |||
| Total liabilities and stockholders' equity | 20200 | 21312 | 23286 | 0.055049505 | 0.0926238739 | Total liabilities and stockholders' equity | 54121 | 53134 | 51261 | -0.0182369136 | -0.0352504987 | Accumulated other comprehensive income | -1079 | -831 | -829 | -0.2298424467 | -0.0024067389 | Total liabilities and stockholders' equity | 43771 | 48415 | 51274 | 0.1060976446 | 0.0590519467 | |||
| Total stockholders' equity | 2396 | 8966 | 8659 | 2.7420701169 | -0.034240464 | |||||||||||||||||||||
| Total liabilities and stockholders' equity | 37353 | 40861 | 40140 | 0.0939148127 | -0.0176451873 | |||||||||||||||||||||
| http://financials.morningstar.com/balance-sheet/bs.html?t=LUV®ion=usa&culture=en-US | http://financials.morningstar.com/balance-sheet/bs.html?t=DLA | http://financials.morningstar.com/balance-sheet/bs.html?t=UAL | http://financials.morningstar.com/balance-sheet/bs.html?t=AAL®ion=usa&culture=en-US |
Cash Flows
| SOUTHWEST AIRLINES CO (LUV) Statement of CASH FLOW | DELTA AIR LINES INC (DAL) Statement of CASH FLOW | UNITED CONTINENTAL HOLDINGS INC (UAL) Statement of CASH FLOW | AMERICAN AIRLINES GROUP INC (AAL) Statement of CASH FLOW | |||||||||||||||||||||||
| Fiscal year ends in December. USD in millions except per share data. | 2014 | 2015 | 2016 | Delta 2014-2015 | Delta 2015-2016 | Fiscal year ends in December. USD in millions except per share data. | 2014 | 2015 | 2016 | Delta 2014-2015 | Delta 2015-2016 | Fiscal year ends in December. USD in millions except per share data. | 2014 | 2015 | 2016 | Delta 2014-2015 | Delta 2015-2016 | Fiscal year ends in December. USD in millions except per share data. | 2014 | 2015 | 2016 | Delta 2014-2015 | Delta 2015-2016 | |||
| Cash Flows From Operating Activities | ERROR:#DIV/0! | ERROR:#DIV/0! | Cash Flows From Operating Activities | Cash Flows From Operating Activities | Cash Flows From Operating Activities | |||||||||||||||||||||
| Net income | 1136 | 2181 | 2244 | 0.9198943662 | 0.0288858322 | Net income | 659 | 4526 | 4373 | 5.8679817906 | -0.033804684 | Net income | 1132 | 7340 | 2263 | 5.4840989399 | -0.6916893733 | Net income | 2882 | 7610 | 2676 | 1.6405274115 | -0.6483574244 | |||
| Depreciation & amortization | 938 | 1015 | 1221 | 0.0820895522 | 0.202955665 | Depreciation & amortization | 1771 | 1835 | 1902 | 0.0361377753 | 0.0365122616 | Depreciation & amortization | 1679 | 1819 | 1977 | 0.0833829661 | 0.0868609126 | Depreciation & amortization | 1513 | 1609 | 1818 | 0.0634500991 | 0.1298943443 | |||
| Amortization of debt discount/premium and issuance costs | ERROR:#DIV/0! | ERROR:#DIV/0! | Amortization of debt discount/premium and issuance costs | 59 | -1 | ERROR:#DIV/0! | Amortization of debt discount/premium and issuance costs | ERROR:#DIV/0! | ERROR:#DIV/0! | Amortization of debt discount/premium and issuance costs | -171 | -122 | -119 | -0.2865497076 | -0.0245901639 | |||||||||||
| Investment/asset impairment charges | 21 | ERROR:#DIV/0! | ERROR:#DIV/0! | Deferred income taxes | 414 | 2581 | 2223 | 5.2342995169 | -0.1387059279 | Deferred income taxes | 13 | -3177 | 1648 | -245.3846153846 | -1.5187283601 | Deferred income taxes | 346 | -3014 | 1611 | -9.710982659 | -1.5345056403 | |||||
| Deferred income taxes | 501 | -109 | 455 | -1.2175648703 | -5.1743119266 | Stock based compensation | ERROR:#DIV/0! | ERROR:#DIV/0! | Stock based compensation | ERROR:#DIV/0! | ERROR:#DIV/0! | Stock based compensation | 304 | 284 | 100 | -0.0657894737 | -0.6478873239 | |||||||||
| Accounts receivable | ERROR:#DIV/0! | ERROR:#DIV/0! | Inventory | 172 | 155 | -140 | -0.0988372093 | -1.9032258065 | Accounts payable | -251 | -77 | 239 | -0.6932270916 | -4.1038961039 | Accounts receivable | -160 | 352 | -160 | -3.2 | -1.4545454545 | ||||||
| Other working capital | 48 | 1070 | 182 | 21.2916666667 | -0.8299065421 | Prepaid expenses | 58 | -102 | -26 | -2.7586206897 | -0.7450980392 | Other working capital | 4 | -275 | -1085 | -69.75 | 2.9454545455 | Inventory | ERROR:#DIV/0! | ERROR:#DIV/0! | ||||||
| Other non-cash items | 279 | -919 | 170 | -4.29390681 | -1.1849836779 | Other working capital | -998 | 1196 | -7 | -2.1983967936 | -1.0058528428 | Other non-cash items | 57 | 362 | 500 | 5.350877193 | 0.3812154696 | Other working capital | -1526 | -538 | 414 | -0.6474442988 | -1.7695167286 | |||
| Net cash provided by operating activities | 2902 | 3238 | 4293 | 0.1157822192 | 0.3258184064 | Other non-cash items | 2812 | -2264 | -1120 | -1.8051209104 | -0.5053003534 | Net cash provided by operating activities | 2634 | 5992 | 5542 | 1.2748671222 | -0.0751001335 | Other non-cash items | -108 | 68 | 184 | -1.6296296296 | 1.7058823529 | |||
| Cash Flows From Investing Activities | ERROR:#DIV/0! | ERROR:#DIV/0! | Net cash provided by operating activities | 4947 | 7927 | 7205 | 0.602385284 | -0.0910811152 | Cash Flows From Investing Activities | ERROR:#DIV/0! | ERROR:#DIV/0! | Net cash provided by operating activities | 3080 | 6249 | 6524 | 1.0288961039 | 0.0440070411 | |||||||||
| Investments in property, plant, and equipment | -80 | -102 | -109 | 0.275 | 0.068627451 | Cash Flows From Investing Activities | ERROR:#DIV/0! | ERROR:#DIV/0! | Investments in property, plant, and equipment | -2005 | -2747 | -3223 | 0.370074813 | 0.1732799418 | Cash Flows From Investing Activities | ERROR:#DIV/0! | ERROR:#DIV/0! | |||||||||
| Purchases of investments | -3080 | -1986 | -2388 | -0.3551948052 | 0.2024169184 | Investments in property, plant, and equipment | -2249 | -2945 | -3391 | 0.3094708759 | 0.1514431239 | Property, plant, and equipment reductions | 94 | 86 | 28 | -0.085106383 | -0.6744186047 | Investments in property, plant, and equipment | -5311 | -6151 | -5731 | 0.1581623047 | -0.0682815802 | |||
| Sales/Maturities of investments | 3185 | 2223 | 2263 | -0.3020408163 | 0.0179937022 | Property, plant, and equipment reductions | 226 | ERROR:#DIV/0! | ERROR:#DIV/0! | Purchases of investments | -1041 | -2517 | -2768 | 1.4178674352 | 0.0997218911 | Property, plant, and equipment reductions | 33 | 35 | 123 | 0.0606060606 | 2.5142857143 | |||||
| Other investing activities | -1752 | -2048 | -2038 | 0.1689497717 | -0.0048828125 | Acquisitions, net | -276 | ERROR:#DIV/0! | -1 | Sales/Maturities of investments | 584 | 2707 | 2712 | 3.6352739726 | 0.0018470632 | Acquisitions, net | ERROR:#DIV/0! | ERROR:#DIV/0! | ||||||||
| Net cash used for investing activities | -1727 | -1913 | -2272 | 0.107701216 | 0.187663356 | Purchases of investments | -1795 | -1498 | -1707 | -0.16545961 | 0.1395193591 | Other investing activities | 112 | -22 | 13 | -1.1964285714 | -1.5909090909 | Purchases of investments | -5380 | -8126 | -6241 | 0.5104089219 | -0.2319714497 | |||
| Cash Flows From Financing Activities | ERROR:#DIV/0! | ERROR:#DIV/0! | Sales/Maturities of investments | 1533 | 739 | 2686 | -0.5179386823 | 2.6346414073 | Net cash used for investing activities | -2256 | -2493 | -3238 | 0.1050531915 | 0.2988367429 | Sales/Maturities of investments | 7179 | 8569 | 6092 | 0.1936202814 | -0.2890652351 | ||||||
| Debt issued | 300 | 500 | 515 | 0.6666666667 | 0.03 | Other investing activities | 48 | 25 | 31 | -0.4791666667 | 0.24 | Cash Flows From Financing Activities | ERROR:#DIV/0! | ERROR:#DIV/0! | Other investing activities | 568 | 79 | 59 | -0.860915493 | -0.253164557 | ||||||
| Debt repayment | -561 | -213 | -600 | -0.6203208556 | 1.8169014085 | Net cash used for investing activities | -2463 | -3955 | -2155 | 0.6057653268 | -0.4551201011 | Debt issued | 1432 | 1073 | 808 | -0.250698324 | -0.246971109 | Net cash used for investing activities | -2911 | -5594 | -5698 | 0.9216763999 | 0.0185913479 | |||
| Common stock issued | 46 | ERROR:#DIV/0! | -1 | Cash Flows From Financing Activities | ERROR:#DIV/0! | ERROR:#DIV/0! | Debt repayment | -2630 | -2301 | -1351 | -0.125095057 | -0.4128639722 | Cash Flows From Financing Activities | ERROR:#DIV/0! | ERROR:#DIV/0! | |||||||||||
| Repurchases of treasury stock | -955 | -1180 | -1750 | 0.2356020942 | 0.4830508475 | Debt issued | 1038 | 450 | ERROR:#DIV/0! | -0.5664739884 | Repurchases of treasury stock | -312 | -1233 | -2614 | 2.9519230769 | 1.1200324412 | Debt issued | 3302 | 5009 | 7701 | 0.5169594185 | 0.5374326213 | ||||
| Cash dividends paid | -139 | -180 | -222 | 0.2949640288 | 0.2333333333 | Debt repayment | -2928 | -2558 | -1709 | -0.1263661202 | -0.3318999218 | Other financing activities | -86 | -34 | -56 | -0.6046511628 | 0.6470588235 | Debt repayment | -3132 | -2153 | -3827 | -0.3125798212 | 0.7775197399 | |||
| Other financing activities | 107 | 3 | 133 | -0.9719626168 | 43.3333333333 | Repurchases of treasury stock | -1100 | -2200 | -2601 | 1 | 0.1822727273 | Net cash provided by (used for) financing activities | -1596 | -2495 | -3213 | 0.563283208 | 0.2877755511 | Repurchases of treasury stock | -1062 | -3846 | -4500 | 2.6214689266 | 0.1700468019 | |||
| Net cash provided by (used for) financing activities | -1248 | -1024 | -1924 | -0.1794871795 | 0.87890625 | Cash dividends paid | -251 | -359 | -509 | 0.4302788845 | 0.4178272981 | Net change in cash | -1218 | 1004 | -909 | -1.8243021346 | -1.9053784861 | Cash dividends paid | -144 | -278 | -224 | 0.9305555556 | -0.1942446043 | |||
| Net change in cash | -73 | 301 | 97 | -5.1232876712 | -0.6777408638 | Other financing activities | 1039 | -9 | 109 | -1.0086621752 | -13.1111111111 | Cash at beginning of period | 3220 | 2002 | 3212 | -0.3782608696 | 0.6043956044 | Other financing activities | 721 | 9 | -44 | -0.987517337 | -5.8888888889 | |||
| Cash at beginning of period | 1355 | 1282 | 1583 | -0.0538745387 | 0.2347893916 | Net cash provided by (used for) financing activities | -3240 | -4088 | -4260 | 0.2617283951 | 0.042074364 | Cash at end of period | 2002 | 3006 | 2303 | 0.5014985015 | -0.2338656021 | Net cash provided by (used for) financing activities | -315 | -1259 | -894 | 2.9968253968 | -0.2899126291 | |||
| Cash at end of period | 1282 | 1583 | 1680 | 0.2347893916 | 0.0612760581 | Net change in cash | -756 | -116 | 790 | -0.8465608466 | -7.8103448276 | Free Cash Flow | ERROR:#DIV/0! | ERROR:#DIV/0! | Net change in cash | -146 | -604 | -68 | 3.1369863014 | -0.8874172185 | ||||||
| Free Cash Flow | ERROR:#DIV/0! | ERROR:#DIV/0! | Cash at beginning of period | 2844 | 2088 | 1972 | -0.2658227848 | -0.0555555556 | Operating cash flow | 2634 | 5992 | 5542 | 1.2748671222 | -0.0751001335 | Cash at beginning of period | 1140 | 994 | 390 | -0.1280701754 | -0.6076458753 | ||||||
| Operating cash flow | 2902 | 3238 | 4293 | 0.1157822192 | 0.3258184064 | Cash at end of period | 2088 | 1972 | 2762 | -0.0555555556 | 0.4006085193 | Capital expenditure | -2005 | -2747 | -3223 | 0.370074813 | 0.1732799418 | Cash at end of period | 994 | 390 | 322 | -0.6076458753 | -0.1743589744 | |||
| Capital expenditure | -1828 | -2143 | -2147 | 0.1723194748 | 0.0018665422 | Free Cash Flow | ERROR:#DIV/0! | ERROR:#DIV/0! | Free cash flow | 629 | 3245 | 2319 | 4.1589825119 | -0.2853620955 | Free Cash Flow | ERROR:#DIV/0! | ERROR:#DIV/0! | |||||||||
| Free cash flow | 1074 | 1095 | 2146 | 0.0195530726 | 0.9598173516 | Operating cash flow | 4947 | 7927 | 7205 | 0.602385284 | -0.0910811152 | Supplemental schedule of cash flow data | ERROR:#DIV/0! | ERROR:#DIV/0! | Operating cash flow | 3080 | 6249 | 6524 | 1.0288961039 | 0.0440070411 | ||||||
| Supplemental schedule of cash flow data | ERROR:#DIV/0! | ERROR:#DIV/0! | Capital expenditure | -2249 | -2945 | -3391 | 0.3094708759 | 0.1514431239 | Cash paid for income taxes | 15 | 14 | ERROR:#DIV/0! | -0.0666666667 | Capital expenditure | -5311 | -6151 | -5731 | 0.1581623047 | -0.0682815802 | |||||||
| Cash paid for income taxes | 155 | 1440 | 902 | 8.2903225806 | -0.3736111111 | Free cash flow | 2698 | 4982 | 3814 | 0.8465530022 | -0.2344439984 | Cash paid for interest | 660 | 584 | ERROR:#DIV/0! | -0.1151515152 | Free cash flow | -2231 | 98 | 793 | -1.0439264904 | 7.0918367347 | ||||
| Cash paid for interest | 128 | 105 | 100 | -0.1796875 | -0.0476190476 | Supplemental schedule of cash flow data | ERROR:#DIV/0! | ERROR:#DIV/0! | Supplemental schedule of cash flow data | |||||||||||||||||
| Cash paid for interest | 452 | 385 | ERROR:#DIV/0! | -0.1482300885 | ||||||||||||||||||||||
| http://financials.morningstar.com/cash-flow/cf.html?t=LUV | http://financials.morningstar.com/cash-flow/cf.html?t=DAL | http://financials.morningstar.com/cash-flow/cf.html?t=UAL®ion=usa&culture=en-US | http://financials.morningstar.com/cash-flow/cf.html?t=AAL®ion=usa&culture=en-US |
Income Statements
| SOUTHWEST AIRLINES CO (LUV) CashFlowFlag INCOME STATEMENT | DELTA AIR LINES INC (DAL) CashFlowFlag INCOME STATEMENT | UNITED CONTINENTAL HOLDINGS INC (UAL) CashFlowFlag INCOME STATEMENT | AMERICAN AIRLINES GROUP INC (AAL) INCOME STATEMENT | |||||||||||||||||||||||
| Fiscal year ends in December. USD in millions except per share data. | 2014 | 2015 | 2016 | Delta 2014-2015 | Delta 2015-2016 | Fiscal year ends in December. USD in millions except per share data. | 2014 | 2015 | 2016 | Delta 2014-2015 | Delta 2015-2016 | Fiscal year ends in December. USD in millions except per share data. | 2014 | 2015 | 2016 | Delta 2014-2015 | Delta 2015-2016 | Fiscal year ends in December. USD in millions except per share data. | 2014 | 2015 | 2016 | Delta 2014-2015 | Delta 2015-2016 | |||
| Revenue | 18605 | 19820 | 20425 | 0.0653050255 | 0.0305247225 | Revenue | 40362 | 40704 | 39639 | 0.0084733165 | -0.0261645047 | Revenue | 38901 | 37864 | 36556 | -0.0266574124 | -0.0345446862 | Revenue | 42650 | 40990 | 40180 | -0.0389214537 | -0.0197609173 | |||
| Cost of revenue | 7677 | 6025 | 6132 | -0.2151882246 | 0.0177593361 | Cost of revenue | 22967 | 17096 | 15940 | -0.2556276397 | -0.0676181563 | Cost of revenue | 18072 | 13666 | 12604 | -0.2438025675 | -0.0777111079 | Cost of revenue | 22136 | 17079 | 15924 | -0.2284513914 | -0.0676269102 | |||
| Gross profit | 10928 | 13795 | 14293 | 0.2623535871 | 0.0361000362 | Gross profit | 17395 | 23608 | 23699 | 0.357171601 | 0.0038546256 | Gross profit | 20829 | 24198 | 23952 | 0.1617456431 | -0.0101661294 | Gross profit | 20514 | 23911 | 24256 | 0.1655942283 | 0.0144285057 | |||
| Operating expenses | ERROR:#DIV/0! | ERROR:#DIV/0! | Operating expenses | ERROR:#DIV/0! | ERROR:#DIV/0! | Operating expenses | ERROR:#DIV/0! | ERROR:#DIV/0! | Operating expenses | ERROR:#DIV/0! | ERROR:#DIV/0! | |||||||||||||||
| Sales, General and administrative | 5434 | 6383 | 6798 | 0.1746411483 | 0.0650164499 | Sales, General and administrative | 10905 | 11938 | 11744 | 0.0947271894 | -0.0162506282 | Sales, General and administrative | 11191 | 11809 | 11578 | 0.055222947 | -0.0195613515 | Sales, General and administrative | 10052 | 10918 | 12213 | 0.0861520096 | 0.1186114673 | |||
| Depreciation and amortization | 938 | 1015 | 1221 | 0.0820895522 | 0.202955665 | Depreciation and amortization | 1771 | 1835 | 1902 | 0.0361377753 | 0.0365122616 | Depreciation and amortization | 1679 | 1819 | 1977 | 0.0833829661 | 0.0868609126 | Depreciation and amortization | 1295 | 1364 | 1525 | 0.0532818533 | 0.1180351906 | |||
| Other operating expenses | 2331 | 2281 | 2514 | -0.0214500215 | 0.1021481806 | Restructuring, merger and acquisition | 716 | 35 | -0.9511173184 | -1 | Other operating expenses | 5586 | 5404 | 6059 | -0.0325814536 | 0.1212065137 | Other operating expenses | 4918 | 5425 | 5234 | 0.1030906873 | -0.0352073733 | ||||
| Total operating expenses | 8703 | 9679 | 10533 | 0.1121452373 | 0.0882322554 | Other operating expenses | 1797 | 1998 | 3101 | 0.1118530885 | 0.5520520521 | Total operating expenses | 18456 | 19032 | 19614 | 0.0312093628 | 0.0305800757 | Total operating expenses | 16265 | 17707 | 18972 | 0.0886566247 | 0.0714406732 | |||
| Operating income | 2225 | 4116 | 3760 | 0.8498876404 | -0.0864917396 | Total operating expenses | 15189 | 15806 | 16747 | 0.0406215024 | 0.059534354 | Operating income | 2373 | 5166 | 4338 | 1.1769911504 | -0.1602787456 | Operating income | 4249 | 6204 | 5284 | 0.4601082608 | -0.1482914249 | |||
| Interest Expense | 107 | 90 | 75 | -0.1588785047 | -0.1666666667 | Operating income | 2206 | 7802 | 6952 | 2.5367180417 | -0.108946424 | Interest Expense | 683 | 620 | 542 | -0.0922401171 | -0.1258064516 | Interest Expense | 887 | 880 | 991 | -0.00789177 | 0.1261363636 | |||
| Other income (expense) | -302 | -547 | -138 | 0.8112582781 | -0.747714808 | Interest Expense | ERROR:#DIV/0! | ERROR:#DIV/0! | Other income (expense) | -562 | -327 | 23 | -0.4181494662 | -1.0703363914 | Other income (expense) | -150 | -708 | 6 | 3.72 | -1.0084745763 | ||||||
| Income before income taxes | 1816 | 3479 | 3547 | 0.9157488987 | 0.0195458465 | Other income (expense) | -1134 | -645 | -316 | -0.4312169312 | -0.5100775194 | Income before income taxes | 1128 | 4219 | 3819 | 2.740248227 | -0.0948091965 | Income before income taxes | 3212 | 4616 | 4299 | 0.4371108344 | -0.0686741768 | |||
| Provision for income taxes | 680 | 1298 | 1303 | 0.9088235294 | 0.0038520801 | Income before income taxes | 1072 | 7157 | 6636 | 5.6763059701 | -0.0727958642 | Provision for income taxes | -4 | -3121 | 1556 | 779.25 | -1.4985581544 | Provision for income taxes | 330 | -2994 | 1623 | -10.0727272727 | -1.5420841683 | |||
| Net income from continuing ops | 1136 | 2181 | 2244 | 0.9198943662 | 0.0288858322 | Provision for income taxes | 413 | 2631 | 2263 | 5.3704600484 | -0.1398707716 | Net income from continuing ops | 1132 | 7340 | 2263 | 5.4840989399 | -0.6916893733 | Net income from continuing ops | 2882 | 7610 | 2676 | 1.6405274115 | -0.6483574244 | |||
| Net income | 1136 | 2181 | 2244 | 0.9198943662 | 0.0288858322 | Net income from continuing ops | 659 | 4526 | 4373 | 5.8679817906 | -0.033804684 | Net income | 1132 | 7340 | 2263 | 5.4840989399 | -0.6916893733 | Net income | 2882 | 7610 | 2676 | 1.6405274115 | -0.6483574244 | |||
| Net income available to common shareholders | 1136 | 2181 | 2244 | 0.9198943662 | 0.0288858322 | Net income | 659 | 4526 | 4373 | 5.8679817906 | -0.033804684 | Net income available to common shareholders | 1132 | 7340 | 2263 | 5.4840989399 | -0.6916893733 | Net income available to common shareholders | 2882 | 7610 | 2676 | 1.6405274115 | -0.6483574244 | |||
| Earnings per share | ERROR:#DIV/0! | ERROR:#DIV/0! | Net income available to common shareholders | 659 | 4526 | 4373 | 5.8679817906 | -0.033804684 | Earnings per share | ERROR:#DIV/0! | ERROR:#DIV/0! | Earnings per share | ERROR:#DIV/0! | ERROR:#DIV/0! | ||||||||||||
| Basic | 1.65 | 3.3 | 3.58 | 1 | 0.0848484848 | Earnings per share | ERROR:#DIV/0! | ERROR:#DIV/0! | Basic | 3.05 | 19.52 | 6.86 | 5.4 | -0.6485655738 | Basic | 4.02 | 11.39 | 4.85 | 1.8333333333 | -0.5741878841 | ||||||
| Diluted | 1.64 | 3.27 | 3.55 | 0.993902439 | 0.0856269113 | Basic | 0.79 | 5.68 | 5.82 | 6.1898734177 | 0.0246478873 | Diluted | 2.93 | 19.47 | 6.85 | 5.6450511945 | -0.6481766821 | Diluted | 3.93 | 11.07 | 4.81 | 1.8167938931 | -0.5654923216 | |||
| Weighted average shares outstanding | ERROR:#DIV/0! | ERROR:#DIV/0! | Diluted | 0.78 | 5.63 | 5.79 | 6.2179487179 | 0.0284191829 | Weighted average shares outstanding | ERROR:#DIV/0! | ERROR:#DIV/0! | Weighted average shares outstanding | ERROR:#DIV/0! | ERROR:#DIV/0! | ||||||||||||
| Basic | 687 | 661 | 627 | -0.037845706 | -0.0514372163 | Weighted average shares outstanding | ERROR:#DIV/0! | ERROR:#DIV/0! | Basic | 371 | 376 | 330 | 0.0134770889 | -0.1223404255 | Basic | 717 | 668 | 552 | -0.0683403068 | -0.1736526946 | ||||||
| Diluted | 696 | 669 | 633 | -0.0387931034 | -0.0538116592 | Basic | 836 | 797 | 751 | -0.0466507177 | -0.0577164366 | Diluted | 390 | 377 | 330 | -0.0333333333 | -0.124668435 | Diluted | 734 | 687 | 556 | -0.0640326975 | -0.1906841339 | |||
| EBITDA | 2861 | 4584 | 4843 | 0.6022369801 | 0.0565008726 | Diluted | 845 | 804 | 755 | -0.0485207101 | -0.0609452736 | EBITDA | 3490 | 6658 | 6338 | 0.9077363897 | -0.0480624812 | EBITDA | 5612 | 7105 | 7108 | 0.2660370634 | 0.0004222379 | |||
| EBITDA | 3977 | 9637 | 8854 | 1.423183304 | -0.0812493515 | |||||||||||||||||||||
| http://financials.morningstar.com/income-statement/is.html?t=LUV | http://financials.morningstar.com/income-statement/is.html?t=DAL | http://financials.morningstar.com/income-statement/is.html?t=UAL®ion=usa&culture=en-US | http://financials.morningstar.com/income-statement/is.html?t=AAL®ion=usa&culture=en-US |
