Cash Flow Statement

The cash flow statement provides information about a company cash receipts and cash payments during an accounting period, showing how these cash flows link the ending cash balance to the beginning balance shown on the company balance sheet.

The cash flow statement consists of three parts: cash flows provided by (used in) operating activities, cash flows provided by (used in) investing activities, and cash flows provided by (used in) financing activities.

United Airlines Holdings Inc., consolidated cash flow statement

US$ in millions

12 months ended:	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Net income (loss)	2,618)	737)	(1,964)	(7,069)	3,009)
Deferred income tax (benefit)	756)	248)	(583)	(1,741)	882)
Depreciation and amortization	2,671)	2,456)	2,485)	2,488)	2,288)
Operating and non-operating special charges, non-cash portion	84)	16)	32)	1,448)	175)
Unrealized (gains) losses on investments	(27)	(20)	34)	194)	(153)
Amortization of debt discount and debt issuance costs	139)	156)	171)	94)	—)
Other operating activities	6)	218)	222)	226)	185)
(Increase) decrease in receivables	(100)	(158)	(448)	135)	44)
(Increase) decrease in prepaids and other assets	(463)	(86)	(292)	484)	(252)
Increase (decrease) in advance ticket sales	(851)	1,200)	1,521)	14)	438)
Increase (decrease) in frequent flyer deferred revenue	468)	393)	307)	699)	271)
Increase (decrease) in accounts payable	572)	796)	985)	(1,079)	324)
Increase (decrease) in other liabilities	1,038)	110)	(403)	(26)	(302)
Changes in operating assets and liabilities	664)	2,255)	1,670)	227)	523)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities	4,293)	5,329)	4,031)	2,936)	3,900)
Net cash provided by (used in) operating activities	6,911)	6,066)	2,067)	(4,133)	6,909)
Capital expenditures, net of flight equipment purchase deposit returns	(7,171)	(4,819)	(2,107)	(1,727)	(4,528)
Purchases of short-term and other investments	(9,470)	(11,232)	(68)	(552)	(2,933)
Proceeds from sale of short-term and other investments	10,519)	2,084)	397)	2,319)	2,996)
Proceeds from sale of property and equipment	39)	207)	107)	6)	49)
Loans made to others	—)	—)	—)	—)	(174)
Other, net	(23)	(69)	(1)	4)	30)
Net cash (used in) provided by investing activities	(6,106)	(13,829)	(1,672)	50)	(4,560)
Proceeds from issuance of debt and other financial liabilities, net of discounts and fees	2,388)	736)	11,096)	15,676)	1,786)
Payments of long-term debt, finance leases and other financing liabilities	(4,248)	(4,011)	(5,205)	(4,449)	(1,391)
Repurchases of common stock	—)	—)	—)	(353)	(1,645)
Proceeds from equity issuance	—)	—)	532)	2,103)	—)
Other, net	(32)	(74)	(27)	(20)	(30)
Net cash provided by (used in) financing activities	(1,892)	(3,349)	6,396)	12,957)	(1,280)
Net increase (decrease) in cash, cash equivalents and restricted cash	(1,087)	(11,112)	6,791)	8,874)	1,069)
Cash, cash equivalents and restricted cash at beginning of year	7,421)	18,533)	11,742)	2,868)	1,799)
Cash, cash equivalents and restricted cash at end of year	6,334)	7,421)	18,533)	11,742)	2,868)

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

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Cash flow statement item	Description	The company
Net cash provided by (used in) operating activities	Amount of cash inflow (outflow) from operating activities, excluding discontinued operations. Operating activity cash flows include transactions, adjustments, and changes in value not defined as investing or financing activities.	United Airlines Holdings Inc. net cash provided by (used in) operating activities increased from 2021 to 2022 and from 2022 to 2023.
Net cash (used in) provided by investing activities	Amount of cash inflow (outflow) of investing activities, excluding discontinued operations. Investing activity cash flows include making and collecting loans and acquiring and disposing of debt or equity instruments and property, plant, and equipment and other productive assets.	United Airlines Holdings Inc. net cash (used in) provided by investing activities decreased from 2021 to 2022 but then increased from 2022 to 2023 not reaching 2021 level.
Net cash provided by (used in) financing activities	Amount of cash inflow (outflow) of financing activities, excluding discontinued operations. Financing activity cash flows include obtaining resources from owners and providing them with a return on, and a return of, their investment; borrowing money and repaying amounts borrowed, or settling the obligation; and obtaining and paying for other resources obtained from creditors on long-term credit.	United Airlines Holdings Inc. net cash provided by (used in) financing activities decreased from 2021 to 2022 but then slightly increased from 2022 to 2023.

United Airlines Holdings Inc. (NASDAQ:UAL)

Cash Flow Statement