Our principal investing activities in 2017 included expenditures of $6.0 billion for property and equipment, including 20 Airbus A321 aircraft, 20 Boeing 737-800 aircraft, 16 Embraer E175 aircraft, 13 Boeing 787 family aircraft and four Boeing 737-8 MAX aircraft. We also made a $203 million equity investment in China Southern Airlines. These cash outflows were offset in part by $1.3 billion in net sales of short-term investments, $947 million of net proceeds primarily from aircraft sale-leaseback transactions, and a $309 million decrease in restricted short-term investments. Our principal investing activities in 2016 included expenditures of $5.7 billion for property and equipment, including 25 Airbus A321 aircraft, 24 Embraer E175 aircraft, 20 Boeing 737-800 aircraft, 18 Bombardier CRJ 900 aircraft, eight Boeing 787 aircraft and two Boeing 777 aircraft. Our net cash used in financing activities was $1.1 billion and $894 million in 2017 and 2016, respectively. Our principal financing activities in 2017 included $2.3 billion in scheduled debt repayments, $1.6 billion in share repurchases and $198 million in dividend payments. These cash outflows were offset in part by net proceeds of $3.1 billion from the issuance of debt, including the issuance of $2.0 billion of EETCs and $1.0 billion borrowed in connection with the financing of certain aircraft. Our principal financing activities in 2016 included $4.5 billion in share repurchases, $3.8 billion in debt repayments, including the repayment of $588 million and $970 million in remaining principal of the tranche B-2 and tranche B-1 term loans, respectively, under a credit facility for which Citicorp was the Administrative Agent (the 2013 Citicorp Credit Facility), and $224 million in dividend payments. These cash outflows were offset in part by net proceeds of $7.7 billion from the issuance of debt, including the issuance of $2.8 billion of EETCs, $2.3 billion provided under term loan facilities and $1.8 billion borrowed in connection with the financing of certain aircraft. American’s net cash provided by operating activities was $1.9 billion and $2.9 billion in 2018 and 2017, respectively, a year-over-year decrease of $927 million. This decrease in operating cash flows was primarily due to lower profitability in 2018 driven by an increase in fuel costs, which was offset in part by higher revenues. American’s net cash used in investing activities was $1.9 billion and $3.6 billion in 2018 and 2017, respectively. American’s principal investing activities in 2018 included expenditures of $3.7 billion for property and equipment, including 16 Boeing 737-8 MAX aircraft, six Boeing 787 family aircraft and five Embraer E175 aircraft. These cash outflows were offset in part by $1.4 billion of net proceeds primarily from aircraft sale-leaseback transactions and $293 million in net sales of short-term investments. American’s principal investing activities in 2017 included expenditures of $5.9 billion for property and equipment, including 20 Airbus A321 aircraft, 20 Boeing 737-800 aircraft, 16 Embraer E175 aircraft, 13 Boeing 787 family aircraft and four Boeing 737-8 MAX aircraft. American also made a $203 million equity investment in China Southern Airlines. These cash outflows were offset in part by $1.3 billion in net sales of short-term investments, $922 million of net proceeds primarily from aircraft sale-leaseback transactions, and a $309 million decrease in restricted short-term investments. American’s net cash used in financing activities was $147 million in 2018 and net cash provided by financing activities was $668 million in 2017. American’s principal financing activities in 2018 included $2.4 billion in debt repayments, consisting of $1.9 billion in scheduled debt repayments and $513 million in the prepayment of secured loans. These cash outflows were offset in part by net proceeds of $2.4 billion from the issuance of debt, consisting of $1.9 billion in connection with the issuance of equipment notes related to EETCs and the financing of certain aircraft and pre- delivery purchase deposits, as well as an incremental $500 million on a term loan facility. Financing Activities Investing Activities American 2018 Compared to 2017 Operating Activities Financing Activities 67