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10-Q Filing

SOUTHWEST AIRLINES CO CIK: 92380 Q1 2021
Filing Information
Form Type 10-Q
Accession Number 0000092380-21-000101
Period End Date 20210331
Filing Date 20210427
Fiscal Year 2021
Fiscal Period Q1
XBRL Instance luv-20210331_htm.xml
Filing Contents
Balance Sheet 76 line items
Line Item Tag Value Unit Period
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $11.97B USD Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $3.94B USD Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $2.55B USD Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $11.06B USD Point-in-time
Short-term investments ShortTermInvestments $2.38B USD Point-in-time
Short-term investments ShortTermInvestments $2.27B USD Point-in-time
Accounts and other receivables AccountsAndOtherReceivablesNetCurrent $937.00M USD Point-in-time
Accounts and other receivables AccountsAndOtherReceivablesNetCurrent $1.13B USD Point-in-time
Inventories of parts and supplies, at cost AirlineRelatedInventory $414.00M USD Point-in-time
Inventories of parts and supplies, at cost AirlineRelatedInventory $448.00M USD Point-in-time
Prepaid expenses and other current assets PrepaidExpenseAndOtherAssetsCurrent $367.00M USD Point-in-time
Prepaid expenses and other current assets PrepaidExpenseAndOtherAssetsCurrent $295.00M USD Point-in-time
Total current assets AssetsCurrent $16.10B USD Point-in-time
Total current assets AssetsCurrent $15.17B USD Point-in-time
Flight equipment FlightEquipmentGross $20.88B USD Point-in-time
Flight equipment FlightEquipmentGross $20.88B USD Point-in-time
Ground property and equipment PropertyPlantAndEquipmentOther $6.11B USD Point-in-time
Ground property and equipment PropertyPlantAndEquipmentOther $6.08B USD Point-in-time
Deposits on flight equipment purchase contracts DepositsOnFlightEquipment $305.00M USD Point-in-time
Deposits on flight equipment purchase contracts DepositsOnFlightEquipment $53.00M USD Point-in-time
Assets constructed for others AssetsConstructedForOthers $341.00M USD Point-in-time
Assets constructed for others AssetsConstructedForOthers $309.00M USD Point-in-time
Property and equipment, at cost PropertyPlantAndEquipmentGross $27.38B USD Point-in-time
Property and equipment, at cost PropertyPlantAndEquipmentGross $27.57B USD Point-in-time
Less allowance for depreciation and amortization AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment $11.73B USD Point-in-time
Less allowance for depreciation and amortization AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment $11.74B USD Point-in-time
Property and equipment, net PropertyPlantAndEquipmentNet $15.65B USD Point-in-time
Property and equipment, net PropertyPlantAndEquipmentNet $15.83B USD Point-in-time
Goodwill Goodwill $970.00M USD Point-in-time
Goodwill Goodwill $970.00M USD Point-in-time
Operating lease right-of-use assets OperatingLeaseRightOfUseAsset $1.89B USD Point-in-time
Operating lease right-of-use assets OperatingLeaseRightOfUseAsset $2.03B USD Point-in-time
Other assets OtherAssetsNoncurrent $743.00M USD Point-in-time
Other assets OtherAssetsNoncurrent $722.00M USD Point-in-time
Total assets Assets $34.59B USD Point-in-time
Total assets Assets $35.49B USD Point-in-time
Accounts payable AccountsPayableCurrent $1.09B USD Point-in-time
Accounts payable AccountsPayableCurrent $931.00M USD Point-in-time
Accrued liabilities AccruedLiabilitiesCurrent $1.67B USD Point-in-time
Accrued liabilities AccruedLiabilitiesCurrent $2.26B USD Point-in-time
Current operating lease liabilities OperatingLeaseLiabilityCurrent $306.00M USD Point-in-time
Current operating lease liabilities OperatingLeaseLiabilityCurrent $292.00M USD Point-in-time
Air traffic liability ContractWithCustomerLiabilityCurrent $3.79B USD Point-in-time
Air traffic liability ContractWithCustomerLiabilityCurrent $4.91B USD Point-in-time
Current maturities of long-term debt LongTermDebtAndCapitalLeaseObligationsCurrent $225.00M USD Point-in-time
Current maturities of long-term debt LongTermDebtAndCapitalLeaseObligationsCurrent $220.00M USD Point-in-time
Total current liabilities LiabilitiesCurrent $8.18B USD Point-in-time
Total current liabilities LiabilitiesCurrent $7.51B USD Point-in-time
Long-term debt less current maturities LongTermDebtAndCapitalLeaseObligations $10.55B USD Point-in-time
Long-term debt less current maturities LongTermDebtAndCapitalLeaseObligations $10.11B USD Point-in-time
Air traffic liability - noncurrent ContractWithCustomerLiabilityNoncurrent $2.83B USD Point-in-time
Air traffic liability - noncurrent ContractWithCustomerLiabilityNoncurrent $3.34B USD Point-in-time
Deferred income taxes DeferredIncomeTaxLiabilitiesNet $1.66B USD Point-in-time
Deferred income taxes DeferredIncomeTaxLiabilitiesNet $1.63B USD Point-in-time
Construction obligation ConstructionObligationNoncurrent $341.00M USD Point-in-time
Construction obligation ConstructionObligationNoncurrent $309.00M USD Point-in-time
Noncurrent operating lease liabilities OperatingLeaseLiabilityNoncurrent $1.56B USD Point-in-time
Noncurrent operating lease liabilities OperatingLeaseLiabilityNoncurrent $1.72B USD Point-in-time
Other noncurrent liabilities OtherLiabilitiesNoncurrent $1.12B USD Point-in-time
Other noncurrent liabilities OtherLiabilitiesNoncurrent $1.25B USD Point-in-time
Common stock CommonStockValue $888.00M USD Point-in-time
Common stock CommonStockValue $888.00M USD Point-in-time
Capital in excess of par value AdditionalPaidInCapitalCommonStock $4.19B USD Point-in-time
Capital in excess of par value AdditionalPaidInCapitalCommonStock $4.22B USD Point-in-time
Retained earnings RetainedEarningsAccumulatedDeficit $14.91B USD Point-in-time
Retained earnings RetainedEarningsAccumulatedDeficit $14.78B USD Point-in-time
Accumulated other comprehensive loss AccumulatedOtherComprehensiveIncomeLossNetOfTax $-60.00M USD Point-in-time
Accumulated other comprehensive loss AccumulatedOtherComprehensiveIncomeLossNetOfTax $-105.00M USD Point-in-time
Treasury stock, at cost TreasuryStockValue $10.87B USD Point-in-time
Treasury stock, at cost TreasuryStockValue $10.88B USD Point-in-time
Total stockholders' equity StockholdersEquity $9.07B USD Point-in-time
Total stockholders' equity StockholdersEquity $9.09B USD Point-in-time
Total stockholders' equity StockholdersEquity $9.83B USD Point-in-time
Total stockholders' equity StockholdersEquity $8.88B USD Point-in-time
Total liabilities and stockholders' equity LiabilitiesAndStockholdersEquity $35.49B USD Point-in-time
Total liabilities and stockholders' equity LiabilitiesAndStockholdersEquity $34.59B USD Point-in-time
Income Statement 46 line items
Line Item Tag Value Unit Period
Operating Revenue RevenueFromContractWithCustomerExcludingAssessedTax $2.05B USD 1 Quarter
Operating Revenue RevenueFromContractWithCustomerExcludingAssessedTax $4.23B USD 1 Quarter
Salaries, wages, and benefits LaborAndRelatedExpense $1.57B USD 1 Quarter
Salaries, wages, and benefits LaborAndRelatedExpense $1.85B USD 1 Quarter
Payroll support and voluntary Employee programs, net PayrollSupportAndVoluntaryEmployeeProgramsNet - USD 1 Quarter
Payroll support and voluntary Employee programs, net PayrollSupportAndVoluntaryEmployeeProgramsNet $-1.45B USD 1 Quarter
Fuel and oil FuelCosts $870.00M USD 1 Quarter
Fuel and oil FuelCosts $469.00M USD 1 Quarter
Maintenance materials and repairs AircraftMaintenanceMaterialsAndRepairs $272.00M USD 1 Quarter
Maintenance materials and repairs AircraftMaintenanceMaterialsAndRepairs $173.00M USD 1 Quarter
Landing fees and airport rentals LandingFeesAndOtherRentals $313.00M USD 1 Quarter
Landing fees and airport rentals LandingFeesAndOtherRentals $339.00M USD 1 Quarter
Depreciation and amortization DepreciationAndAmortization $312.00M USD 1 Quarter
Depreciation and amortization DepreciationAndAmortization $311.00M USD 1 Quarter
Other operating expenses OtherCostAndExpenseOperating $463.00M USD 1 Quarter
Other operating expenses OtherCostAndExpenseOperating $698.00M USD 1 Quarter
Operating Costs and Expenses OperatingCostsAndExpenses $4.34B USD 1 Quarter
Operating Costs and Expenses OperatingCostsAndExpenses $1.85B USD 1 Quarter
OPERATING INCOME (LOSS) OperatingIncomeLoss $199.00M USD 1 Quarter
OPERATING INCOME (LOSS) OperatingIncomeLoss $-110.00M USD 1 Quarter
Interest expense InterestCostsIncurred $114.00M USD 1 Quarter
Interest expense InterestCostsIncurred $28.00M USD 1 Quarter
Capitalized interest InterestCostsCapitalizedAdjustment $11.00M USD 1 Quarter
Capitalized interest InterestCostsCapitalizedAdjustment $5.00M USD 1 Quarter
Interest income InvestmentIncomeInterest $2.00M USD 1 Quarter
Interest income InvestmentIncomeInterest $17.00M USD 1 Quarter
Other (gains) losses, net OtherNonoperatingIncomeExpense $48.00M USD 1 Quarter
Other (gains) losses, net OtherNonoperatingIncomeExpense $-28.00M USD 1 Quarter
Total other expenses (income) NonoperatingIncomeExpense $-53.00M USD 1 Quarter
Total other expenses (income) NonoperatingIncomeExpense $-34.00M USD 1 Quarter
INCOME (LOSS) BEFORE INCOME TAXES IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments $146.00M USD 1 Quarter
INCOME (LOSS) BEFORE INCOME TAXES IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments $-144.00M USD 1 Quarter
PROVISION (BENEFIT) FOR INCOME TAXES IncomeTaxExpenseBenefit $30.00M USD 1 Quarter
PROVISION (BENEFIT) FOR INCOME TAXES IncomeTaxExpenseBenefit $-50.00M USD 1 Quarter
NET INCOME (LOSS) NetIncomeLoss $116.00M USD 1 Quarter
NET INCOME (LOSS) NetIncomeLoss $-94.00M USD 1 Quarter
Basic EarningsPerShareBasic $0.20 USD 1 Quarter
Basic EarningsPerShareBasic $-0.18 USD 1 Quarter
Diluted EarningsPerShareDiluted $0.19 USD 1 Quarter
Diluted EarningsPerShareDiluted $-0.18 USD 1 Quarter
COMPREHENSIVE INCOME (LOSS) ComprehensiveIncomeNetOfTax $-219.00M USD 1 Quarter
COMPREHENSIVE INCOME (LOSS) ComprehensiveIncomeNetOfTax $180.00M USD 1 Quarter
Weighted-average shares outstanding, basic WeightedAverageNumberOfSharesOutstandingBasic 591.00M shares 1 Quarter
Weighted-average shares outstanding, basic WeightedAverageNumberOfSharesOutstandingBasic 515.00M shares 1 Quarter
Adjusted weighted-average shares outstanding, diluted WeightedAverageNumberOfDilutedSharesOutstanding 515.00M shares 1 Quarter
Adjusted weighted-average shares outstanding, diluted WeightedAverageNumberOfDilutedSharesOutstanding 609.00M shares 1 Quarter
Cash Flow Statement 72 line items
Line Item Tag Value Unit Period
Net income (loss) NetIncomeLoss $116.00M USD 1 Quarter
Net income (loss) NetIncomeLoss $-94.00M USD 1 Quarter
Depreciation and amortization DepreciationAndAmortization $312.00M USD 1 Quarter
Depreciation and amortization DepreciationAndAmortization $311.00M USD 1 Quarter
Unrealized/realized (gain) loss on fuel derivative instruments UnrealizedGainLossOnDerivatives $-2.00M USD 1 Quarter
Unrealized/realized (gain) loss on fuel derivative instruments UnrealizedGainLossOnDerivatives $7.00M USD 1 Quarter
Deferred income taxes IncreaseDecreaseInDeferredIncomeTaxes $49.00M USD 1 Quarter
Deferred income taxes IncreaseDecreaseInDeferredIncomeTaxes $-5.00M USD 1 Quarter
Accounts and other receivables IncreaseDecreaseInAccountsAndOtherReceivables $-183.00M USD 1 Quarter
Accounts and other receivables IncreaseDecreaseInAccountsAndOtherReceivables $234.00M USD 1 Quarter
Other assets IncreaseDecreaseInOtherOperatingAssets $-58.00M USD 1 Quarter
Other assets IncreaseDecreaseInOtherOperatingAssets $11.00M USD 1 Quarter
Accounts payable and accrued liabilities IncreaseDecreaseInAccountsPayableAndAccruedLiabilities $-66.00M USD 1 Quarter
Accounts payable and accrued liabilities IncreaseDecreaseInAccountsPayableAndAccruedLiabilities $-1.29B USD 1 Quarter
Air traffic liability IncreaseDecreaseInContractWithCustomerLiability $701.00M USD 1 Quarter
Air traffic liability IncreaseDecreaseInContractWithCustomerLiability $599.00M USD 1 Quarter
Other liabilities IncreaseDecreaseInOtherOperatingLiabilities $-122.00M USD 1 Quarter
Other liabilities IncreaseDecreaseInOtherOperatingLiabilities $-132.00M USD 1 Quarter
Cash collateral received from (provided to) derivative counterparties IncreaseDecreaseCashCollateralFromCounterparties $-5.00M USD 1 Quarter
Cash collateral received from (provided to) derivative counterparties IncreaseDecreaseCashCollateralFromCounterparties $38.00M USD 1 Quarter
Other, net OtherOperatingActivitiesCashFlowStatement $-61.00M USD 1 Quarter
Other, net OtherOperatingActivitiesCashFlowStatement $15.00M USD 1 Quarter
Net cash provided by (used in) operating activities NetCashProvidedByUsedInOperatingActivities $-377.00M USD 1 Quarter
Net cash provided by (used in) operating activities NetCashProvidedByUsedInOperatingActivities $645.00M USD 1 Quarter
Capital expenditures PaymentsToAcquireProductiveAssets $224.00M USD 1 Quarter
Capital expenditures PaymentsToAcquireProductiveAssets $95.00M USD 1 Quarter
Supplier Proceeds SupplierProceeds $-300.00M USD 1 Quarter
Supplier Proceeds SupplierProceeds - USD 1 Quarter
Purchases of short-term investments PaymentsToAcquireShortTermInvestments $1.32B USD 1 Quarter
Purchases of short-term investments PaymentsToAcquireShortTermInvestments $1.03B USD 1 Quarter
Proceeds from sales of short-term and other investments ProceedsFromSaleOfShortTermInvestments $1.22B USD 1 Quarter
Proceeds from sales of short-term and other investments ProceedsFromSaleOfShortTermInvestments $948.00M USD 1 Quarter
Net cash used in investing activities NetCashProvidedByUsedInInvestingActivities $-201.00M USD 1 Quarter
Net cash used in investing activities NetCashProvidedByUsedInInvestingActivities $-5.00M USD 1 Quarter
Proceeds from issuance of long-term debt ProceedsFromIssuanceOfDebt - USD 1 Quarter
Proceeds from issuance of long-term debt ProceedsFromIssuanceOfDebt $500.00M USD 1 Quarter
Proceeds from term loan credit facility ProceedsFromNotesPayable $1.00B USD 1 Quarter
Proceeds from term loan credit facility ProceedsFromNotesPayable - USD 1 Quarter
Proceeds from revolving credit facility ProceedsFromLinesOfCredit $1.00B USD 1 Quarter
Proceeds from revolving credit facility ProceedsFromLinesOfCredit - USD 1 Quarter
Proceeds from Payroll Support Program loan and warrants ProceedsFromPayrollSupportProgramLoansAndWarrants $511.00M USD 1 Quarter
Proceeds from Payroll Support Program loan and warrants ProceedsFromPayrollSupportProgramLoansAndWarrants - USD 1 Quarter
Proceeds from Employee stock plans ProceedsFromStockPlans $13.00M USD 1 Quarter
Proceeds from Employee stock plans ProceedsFromStockPlans $11.00M USD 1 Quarter
Repurchase of common stock PaymentsForRepurchaseOfCommonStock $451.00M USD 1 Quarter
Repurchase of common stock PaymentsForRepurchaseOfCommonStock - USD 1 Quarter
Payments of long-term debt and finance lease obligations RepaymentsOfLongTermDebtAndCapitalSecurities $78.00M USD 1 Quarter
Payments of long-term debt and finance lease obligations RepaymentsOfLongTermDebtAndCapitalSecurities $67.00M USD 1 Quarter
Payments of cash dividends PaymentsOfDividends - USD 1 Quarter
Payments of cash dividends PaymentsOfDividends $188.00M USD 1 Quarter
Other, net ProceedsFromPaymentsForOtherFinancingActivities $-20.00M USD 1 Quarter
Other, net ProceedsFromPaymentsForOtherFinancingActivities $7.00M USD 1 Quarter
Net cash provided by financing activities NetCashProvidedByUsedInFinancingActivities $464.00M USD 1 Quarter
Net cash provided by financing activities NetCashProvidedByUsedInFinancingActivities $1.77B USD 1 Quarter
NET CHANGE IN CASH AND CASH EQUIVALENTS CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect $1.39B USD 1 Quarter
NET CHANGE IN CASH AND CASH EQUIVALENTS CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect $908.00M USD 1 Quarter
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD CashAndCashEquivalentsAtCarryingValue $11.97B USD Point-in-time
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD CashAndCashEquivalentsAtCarryingValue $3.94B USD Point-in-time
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD CashAndCashEquivalentsAtCarryingValue $2.55B USD Point-in-time
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD CashAndCashEquivalentsAtCarryingValue $11.06B USD Point-in-time
CASH AND CASH EQUIVALENTS AT END OF PERIOD CashAndCashEquivalentsAtCarryingValue $11.97B USD Point-in-time
CASH AND CASH EQUIVALENTS AT END OF PERIOD CashAndCashEquivalentsAtCarryingValue $3.94B USD Point-in-time
CASH AND CASH EQUIVALENTS AT END OF PERIOD CashAndCashEquivalentsAtCarryingValue $2.55B USD Point-in-time
CASH AND CASH EQUIVALENTS AT END OF PERIOD CashAndCashEquivalentsAtCarryingValue $11.06B USD Point-in-time
Interest, net of amount capitalized InterestPaidNet $14.00M USD 1 Quarter
Interest, net of amount capitalized InterestPaidNet $17.00M USD 1 Quarter
Income taxes IncomeTaxesPaid $1.00M USD 1 Quarter
Income taxes IncomeTaxesPaid $5.00M USD 1 Quarter
Right-of-use assets acquired under operating leases RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability $25.00M USD 1 Quarter
Right-of-use assets acquired under operating leases RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability $218.00M USD 1 Quarter
Assets Constructed for Others AssetsConstructedforOthersDuringPeriod $32.00M USD 1 Quarter
Assets Constructed for Others AssetsConstructedforOthersDuringPeriod $34.00M USD 1 Quarter
Stockholders Equity 19 line items
Line Item Tag Value Unit Period
Balance at beginning of period StockholdersEquity $9.07B USD Point-in-time
Balance at beginning of period StockholdersEquity $9.09B USD Point-in-time
Balance at beginning of period StockholdersEquity $9.83B USD Point-in-time
Balance at beginning of period StockholdersEquity $8.88B USD Point-in-time
Cumulative effect of new accounting standards NewAccountingPronouncementOrChangeInAccountingPrincipleCumulativeEffectOfChangeOnEquityOrNetAssets - USD Point-in-time
Repurchase of common stock TreasuryStockValueAcquiredCostMethod $451.00M USD 1 Quarter
Issuance of common and treasury stock pursuant to Employee stock plans StockIssuedDuringPeriodValueEmployeeStockPurchasePlan $2.00M USD 1 Quarter
Issuance of common and treasury stock pursuant to Employee stock plans StockIssuedDuringPeriodValueEmployeeStockPurchasePlan - USD 1 Quarter
Share-based compensation StockIssuedDuringPeriodValueShareBasedCompensation $-9.00M USD 1 Quarter
Share-based compensation StockIssuedDuringPeriodValueShareBasedCompensation $-14.00M USD 1 Quarter
Stock warrants AdjustmentsToAdditionalPaidInCapitalWarrantIssued $23.00M USD 1 Quarter
Cash dividends, per share (in dollars per share) CommonStockDividendsPerShareCashPaid $0.18 USD 1 Quarter
Cash dividends DividendsCash $94.00M USD 1 Quarter
Comprehensive income (loss) ComprehensiveIncomeNetOfTax $-219.00M USD 1 Quarter
Comprehensive income (loss) ComprehensiveIncomeNetOfTax $180.00M USD 1 Quarter
Balance at end of period StockholdersEquity $9.07B USD Point-in-time
Balance at end of period StockholdersEquity $9.09B USD Point-in-time
Balance at end of period StockholdersEquity $9.83B USD Point-in-time
Balance at end of period StockholdersEquity $8.88B USD Point-in-time

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.

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