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:

16. 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.

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

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

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

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

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

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

23. 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.

24. 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?

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

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

27. What classes of stock does your company have?

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

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

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