Last year every cent and more of that operating cash flow was spent on 'Acquisition of property, plant and equipment and intangibles', and over the last few years such expenditure has been high. Looking forward a few years then one would expect that there will actually be some reasonable free cash flow as a result of this prior investment, though the timing of payments for assets and of any special dividends is uncertain.
FYI depreciation is not a cash item per se, although it is a tax deduction and thus you do get some of the cash back.
There are further misconceptions in your statement.
The polite speak for the statement "the politically correct speak of $2.6b of new fleet isn't really going to drain cash flow at all" is that you are mistaken.
AIR is in a good position yes, but don't get carried away.
Best Wishes
Paper Tiger