I saw that at Continental. They didn't want to pay the pilots. So, they "invested" at a very convenient time. New office spaces, renovations of terminals, upgrading computer and info systems. They bought new trucks, tugs, whatever. It was like watching "money ball" in reverse. They didn't want to put their money on the field (ie pay the pilots). So, they put their money in soda machines.

Once you invest in pilots, you raise the bar and the expectations. You give them a pay raise, and then you end up having to give them another one. instead, you spend your free cash in other places, thus giving the illusion you have no spare/free cash.