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10-Q Filing

SOUTHWEST AIRLINES CO CIK: 92380 Q1 2022
Filing Information
Form Type 10-Q
Accession Number 0000092380-22-000020
Period End Date 20220331
Filing Date 20220502
Fiscal Year 2022
Fiscal Period Q1
XBRL Instance luv-20220331_htm.xml
Filing Contents
Balance Sheet 72 line items
Line Item Tag Value Unit Period
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $13.10B USD Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $12.48B USD Point-in-time
Short-term investments ShortTermInvestments $2.64B USD Point-in-time
Short-term investments ShortTermInvestments $3.02B USD Point-in-time
Accounts and other receivables AccountsAndOtherReceivablesNetCurrent $1.36B USD Point-in-time
Accounts and other receivables AccountsAndOtherReceivablesNetCurrent $1.69B USD Point-in-time
Inventories of parts and supplies, at cost AirlineRelatedInventory $623.00M USD Point-in-time
Inventories of parts and supplies, at cost AirlineRelatedInventory $537.00M USD Point-in-time
Prepaid expenses and other current assets PrepaidExpenseAndOtherAssetsCurrent $638.00M USD Point-in-time
Prepaid expenses and other current assets PrepaidExpenseAndOtherAssetsCurrent $767.00M USD Point-in-time
Total current assets AssetsCurrent $18.04B USD Point-in-time
Total current assets AssetsCurrent $18.82B USD Point-in-time
Flight equipment FlightEquipmentGross $21.23B USD Point-in-time
Flight equipment FlightEquipmentGross $21.15B USD Point-in-time
Ground property and equipment PropertyPlantAndEquipmentOther $6.47B USD Point-in-time
Ground property and equipment PropertyPlantAndEquipmentOther $6.34B USD Point-in-time
Deposits on flight equipment purchase contracts DepositsOnFlightEquipment - USD Point-in-time
Deposits on flight equipment purchase contracts DepositsOnFlightEquipment $254.00M USD Point-in-time
Assets constructed for others AssetsConstructedForOthers $6.00M USD Point-in-time
Assets constructed for others AssetsConstructedForOthers $9.00M USD Point-in-time
Property and equipment, at cost PropertyPlantAndEquipmentGross $27.88B USD Point-in-time
Property and equipment, at cost PropertyPlantAndEquipmentGross $27.57B USD Point-in-time
Less allowance for depreciation and amortization AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment $12.95B USD Point-in-time
Less allowance for depreciation and amortization AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment $12.73B USD Point-in-time
Property and equipment, net PropertyPlantAndEquipmentNet $14.84B USD Point-in-time
Property and equipment, net PropertyPlantAndEquipmentNet $14.94B 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 $1.55B USD Point-in-time
Operating lease right-of-use assets OperatingLeaseRightOfUseAsset $1.59B USD Point-in-time
Other assets OtherAssetsNoncurrent $882.00M USD Point-in-time
Other assets OtherAssetsNoncurrent $978.00M USD Point-in-time
Total assets Assets $37.26B USD Point-in-time
Total assets Assets $36.32B USD Point-in-time
Accounts payable AccountsPayableCurrent $1.28B USD Point-in-time
Accounts payable AccountsPayableCurrent $1.65B USD Point-in-time
Accrued liabilities AccruedLiabilitiesCurrent $1.62B USD Point-in-time
Accrued liabilities AccruedLiabilitiesCurrent $1.36B USD Point-in-time
Current operating lease liabilities OperatingLeaseLiabilityCurrent $240.00M USD Point-in-time
Current operating lease liabilities OperatingLeaseLiabilityCurrent $239.00M USD Point-in-time
Air traffic liability ContractWithCustomerLiabilityCurrent $6.41B USD Point-in-time
Air traffic liability ContractWithCustomerLiabilityCurrent $5.57B USD Point-in-time
Current maturities of long-term debt LongTermDebtAndCapitalLeaseObligationsCurrent $415.00M USD Point-in-time
Current maturities of long-term debt LongTermDebtAndCapitalLeaseObligationsCurrent $453.00M USD Point-in-time
Total current liabilities LiabilitiesCurrent $10.07B USD Point-in-time
Total current liabilities LiabilitiesCurrent $9.16B USD Point-in-time
Long-term debt less current maturities LongTermDebtAndCapitalLeaseObligations $10.27B USD Point-in-time
Long-term debt less current maturities LongTermDebtAndCapitalLeaseObligations $10.31B USD Point-in-time
Air traffic liability - noncurrent ContractWithCustomerLiabilityNoncurrent $2.20B USD Point-in-time
Air traffic liability - noncurrent ContractWithCustomerLiabilityNoncurrent $2.16B USD Point-in-time
Deferred income taxes DeferredIncomeTaxLiabilitiesNet $1.77B USD Point-in-time
Deferred income taxes DeferredIncomeTaxLiabilitiesNet $1.83B USD Point-in-time
Noncurrent operating lease liabilities OperatingLeaseLiabilityNoncurrent $1.31B USD Point-in-time
Noncurrent operating lease liabilities OperatingLeaseLiabilityNoncurrent $1.28B USD Point-in-time
Other noncurrent liabilities OtherLiabilitiesNoncurrent $1.16B USD Point-in-time
Other noncurrent liabilities OtherLiabilitiesNoncurrent $1.22B 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 $4.22B USD Point-in-time
Capital in excess of par value AdditionalPaidInCapitalCommonStock $3.94B USD Point-in-time
Retained earnings RetainedEarningsAccumulatedDeficit $15.55B USD Point-in-time
Retained earnings RetainedEarningsAccumulatedDeficit $15.77B USD Point-in-time
Accumulated other comprehensive income AccumulatedOtherComprehensiveIncomeLossNetOfTax $388.00M USD Point-in-time
Accumulated other comprehensive income AccumulatedOtherComprehensiveIncomeLossNetOfTax $891.00M USD Point-in-time
Treasury stock, at cost TreasuryStockValue $10.85B USD Point-in-time
Treasury stock, at cost TreasuryStockValue $10.86B USD Point-in-time
Total stockholders' equity StockholdersEquity $9.09B USD Point-in-time
Total stockholders' equity StockholdersEquity $8.88B USD Point-in-time
Total stockholders' equity StockholdersEquity $10.41B USD Point-in-time
Total stockholders' equity StockholdersEquity $10.42B USD Point-in-time
Total liabilities and stockholders' equity LiabilitiesAndStockholdersEquity $37.26B USD Point-in-time
Total liabilities and stockholders' equity LiabilitiesAndStockholdersEquity $36.32B USD Point-in-time
Income Statement 46 line items
Line Item Tag Value Unit Period
Total operating revenues RevenueFromContractWithCustomerExcludingAssessedTax $4.69B USD 1 Quarter
Total operating revenues RevenueFromContractWithCustomerExcludingAssessedTax $2.05B USD 1 Quarter
Salaries, wages, and benefits LaborAndRelatedExpense $1.57B USD 1 Quarter
Salaries, wages, and benefits LaborAndRelatedExpense $2.23B USD 1 Quarter
Payroll support and voluntary Employee programs, net PayrollSupportAndVoluntaryEmployeeProgramsNet $1.45B USD 1 Quarter
Payroll support and voluntary Employee programs, net PayrollSupportAndVoluntaryEmployeeProgramsNet - USD 1 Quarter
Fuel and oil FuelCosts $469.00M USD 1 Quarter
Fuel and oil FuelCosts $1.00B USD 1 Quarter
Maintenance materials and repairs AircraftMaintenanceMaterialsAndRepairs $211.00M 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 $346.00M USD 1 Quarter
Depreciation and amortization DepreciationAndAmortization $312.00M USD 1 Quarter
Depreciation and amortization DepreciationAndAmortization $324.00M USD 1 Quarter
Other operating expenses OtherCostAndExpenseOperating $463.00M USD 1 Quarter
Other operating expenses OtherCostAndExpenseOperating $731.00M USD 1 Quarter
Total operating expenses, net OperatingCostsAndExpenses $1.85B USD 1 Quarter
Total operating expenses, net OperatingCostsAndExpenses $4.84B USD 1 Quarter
OPERATING INCOME (LOSS) OperatingIncomeLoss $199.00M USD 1 Quarter
OPERATING INCOME (LOSS) OperatingIncomeLoss $-151.00M USD 1 Quarter
Interest expense InterestCostsIncurred $114.00M USD 1 Quarter
Interest expense InterestCostsIncurred $93.00M USD 1 Quarter
Capitalized interest InterestCostsCapitalizedAdjustment $9.00M USD 1 Quarter
Capitalized interest InterestCostsCapitalizedAdjustment $11.00M USD 1 Quarter
Interest income InvestmentIncomeInterest $2.00M USD 1 Quarter
Interest income InvestmentIncomeInterest $3.00M USD 1 Quarter
Other (gains) losses, net OtherNonoperatingIncomeExpense $-144.00M USD 1 Quarter
Other (gains) losses, net OtherNonoperatingIncomeExpense $48.00M USD 1 Quarter
Total other expenses (income) NonoperatingIncomeExpense $-225.00M USD 1 Quarter
Total other expenses (income) NonoperatingIncomeExpense $-53.00M USD 1 Quarter
INCOME (LOSS) BEFORE INCOME TAXES IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest $-376.00M USD 1 Quarter
INCOME (LOSS) BEFORE INCOME TAXES IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest $146.00M USD 1 Quarter
PROVISION (BENEFIT) FOR INCOME TAXES IncomeTaxExpenseBenefit $30.00M USD 1 Quarter
PROVISION (BENEFIT) FOR INCOME TAXES IncomeTaxExpenseBenefit $-98.00M USD 1 Quarter
NET INCOME (LOSS) NetIncomeLoss $116.00M USD 1 Quarter
NET INCOME (LOSS) NetIncomeLoss $-278.00M USD 1 Quarter
NET INCOME (LOSS) PER SHARE, BASIC (in USD per share) EarningsPerShareBasic $-0.47 USD 1 Quarter
NET INCOME (LOSS) PER SHARE, BASIC (in USD per share) EarningsPerShareBasic $0.20 USD 1 Quarter
NET INCOME (LOSS) PER SHARE, DILUTED (in USD per share) EarningsPerShareDiluted $0.19 USD 1 Quarter
NET INCOME (LOSS) PER SHARE, DILUTED (in USD per share) EarningsPerShareDiluted $-0.47 USD 1 Quarter
COMPREHENSIVE INCOME ComprehensiveIncomeNetOfTax $180.00M USD 1 Quarter
COMPREHENSIVE INCOME ComprehensiveIncomeNetOfTax $225.00M USD 1 Quarter
Basic (in shares) WeightedAverageNumberOfSharesOutstandingBasic 591.00M shares 1 Quarter
Basic (in shares) WeightedAverageNumberOfSharesOutstandingBasic 592.00M shares 1 Quarter
Diluted (in shares) WeightedAverageNumberOfDilutedSharesOutstanding 592.00M shares 1 Quarter
Diluted (in shares) WeightedAverageNumberOfDilutedSharesOutstanding 609.00M shares 1 Quarter
Cash Flow Statement 74 line items
Line Item Tag Value Unit Period
Net income (loss) NetIncomeLoss $116.00M USD 1 Quarter
Net income (loss) NetIncomeLoss $-278.00M USD 1 Quarter
Depreciation and amortization DepreciationAndAmortization $312.00M USD 1 Quarter
Depreciation and amortization DepreciationAndAmortization $324.00M USD 1 Quarter
Impairment of long-lived assets TangibleAssetImpairmentCharges - USD 1 Quarter
Impairment of long-lived assets TangibleAssetImpairmentCharges $16.00M USD 1 Quarter
Unrealized mark-to-market adjustment on available for sale securities UnrealizedGainLossOnInvestments - USD 1 Quarter
Unrealized mark-to-market adjustment on available for sale securities UnrealizedGainLossOnInvestments $-5.00M USD 1 Quarter
Unrealized/realized (gain) loss on fuel derivative instruments UnrealizedGainLossOnDerivatives $-34.00M USD 1 Quarter
Unrealized/realized (gain) loss on fuel derivative instruments UnrealizedGainLossOnDerivatives $7.00M USD 1 Quarter
Deferred income taxes IncreaseDecreaseInDeferredIncomeTaxes $-5.00M USD 1 Quarter
Deferred income taxes IncreaseDecreaseInDeferredIncomeTaxes $97.00M USD 1 Quarter
Loss on partial extinguishment of convertible and unsecured notes GainLossOnRepurchaseOfDebtInstrument - USD 1 Quarter
Loss on partial extinguishment of convertible and unsecured notes GainLossOnRepurchaseOfDebtInstrument $-72.00M USD 1 Quarter
Accounts and other receivables IncreaseDecreaseInAccountsAndOtherReceivables $334.00M USD 1 Quarter
Accounts and other receivables IncreaseDecreaseInAccountsAndOtherReceivables $234.00M USD 1 Quarter
Other assets IncreaseDecreaseInOtherOperatingAssets $11.00M USD 1 Quarter
Other assets IncreaseDecreaseInOtherOperatingAssets $44.00M USD 1 Quarter
Accounts payable and accrued liabilities IncreaseDecreaseInAccountsPayableAndAccruedLiabilities $-66.00M USD 1 Quarter
Accounts payable and accrued liabilities IncreaseDecreaseInAccountsPayableAndAccruedLiabilities $177.00M USD 1 Quarter
Air traffic liability IncreaseDecreaseInContractWithCustomerLiability $885.00M USD 1 Quarter
Air traffic liability IncreaseDecreaseInContractWithCustomerLiability $599.00M USD 1 Quarter
Other liabilities IncreaseDecreaseInOtherOperatingLiabilities $-105.00M USD 1 Quarter
Other liabilities IncreaseDecreaseInOtherOperatingLiabilities $-122.00M USD 1 Quarter
Cash collateral received from derivative counterparties IncreaseDecreaseCashCollateralFromCounterparties $385.00M USD 1 Quarter
Cash collateral received from derivative counterparties IncreaseDecreaseCashCollateralFromCounterparties $38.00M USD 1 Quarter
Other, net OtherOperatingActivitiesCashFlowStatement $31.00M USD 1 Quarter
Other, net OtherOperatingActivitiesCashFlowStatement $15.00M USD 1 Quarter
Net cash provided by operating activities NetCashProvidedByUsedInOperatingActivities $1.07B USD 1 Quarter
Net cash provided by operating activities NetCashProvidedByUsedInOperatingActivities $645.00M USD 1 Quarter
Capital expenditures PaymentsToAcquireProductiveAssets $95.00M USD 1 Quarter
Capital expenditures PaymentsToAcquireProductiveAssets $510.00M USD 1 Quarter
Assets constructed for others PaymentsForConstructionInProcess $4.00M USD 1 Quarter
Assets constructed for others PaymentsForConstructionInProcess - USD 1 Quarter
Purchases of short-term investments PaymentsToAcquireShortTermInvestments $1.32B USD 1 Quarter
Purchases of short-term investments PaymentsToAcquireShortTermInvestments $925.00M 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 $1.30B USD 1 Quarter
Net cash used in investing activities NetCashProvidedByUsedInInvestingActivities $-201.00M USD 1 Quarter
Net cash used in investing activities NetCashProvidedByUsedInInvestingActivities $-139.00M 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 $6.00M USD 1 Quarter
Proceeds from Employee stock plans ProceedsFromStockPlans $13.00M USD 1 Quarter
Payments of long-term debt and finance lease obligations RepaymentsOfOtherLongTermDebtAndFinanceLeaseObligations $93.00M USD 1 Quarter
Payments of long-term debt and finance lease obligations RepaymentsOfOtherLongTermDebtAndFinanceLeaseObligations $67.00M USD 1 Quarter
Payments for repurchases and conversions of convertible debt RepaymentsOfConvertibleDebt - USD 1 Quarter
Payments for repurchases and conversions of convertible debt RepaymentsOfConvertibleDebt $230.00M USD 1 Quarter
Other, net ProceedsFromPaymentsForOtherFinancingActivities $3.00M USD 1 Quarter
Other, net ProceedsFromPaymentsForOtherFinancingActivities $7.00M USD 1 Quarter
Net cash provided by (used in) financing activities NetCashProvidedByUsedInFinancingActivities $-314.00M USD 1 Quarter
Net cash provided by (used in) financing activities NetCashProvidedByUsedInFinancingActivities $464.00M USD 1 Quarter
NET CHANGE IN CASH AND CASH EQUIVALENTS CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect $908.00M USD 1 Quarter
NET CHANGE IN CASH AND CASH EQUIVALENTS CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect $618.00M USD 1 Quarter
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $11.97B USD Point-in-time
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $13.10B USD Point-in-time
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $12.48B USD Point-in-time
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $11.06B USD Point-in-time
CASH AND CASH EQUIVALENTS AT END OF PERIOD CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $11.97B USD Point-in-time
CASH AND CASH EQUIVALENTS AT END OF PERIOD CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $13.10B USD Point-in-time
CASH AND CASH EQUIVALENTS AT END OF PERIOD CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $12.48B USD Point-in-time
CASH AND CASH EQUIVALENTS AT END OF PERIOD CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $11.06B USD Point-in-time
Interest, net of amount capitalized InterestPaidNet $17.00M USD 1 Quarter
Interest, net of amount capitalized InterestPaidNet $20.00M USD 1 Quarter
Income taxes IncomeTaxesPaid $1.00M USD 1 Quarter
Income taxes IncomeTaxesPaid $4.00M USD 1 Quarter
Adoption of Accounting Standards Update 2020-06, Debt (See Note 3) AdoptionOfAccountingStandardsUpdate - USD 1 Quarter
Adoption of Accounting Standards Update 2020-06, Debt (See Note 3) AdoptionOfAccountingStandardsUpdate $245.00M USD 1 Quarter
Right-of-use assets acquired under operating leases RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability $24.00M USD 1 Quarter
Right-of-use assets acquired under operating leases RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability $218.00M USD 1 Quarter
Flight equipment acquired against supplier credit memo FlightEquipmentAcquiredAgainstSupplierCredit $305.00M USD 1 Quarter
Flight equipment acquired against supplier credit memo FlightEquipmentAcquiredAgainstSupplierCredit - USD 1 Quarter
Assets constructed for others AssetsConstructedForOthersDuringPeriod - USD 1 Quarter
Assets constructed for others AssetsConstructedForOthersDuringPeriod $32.00M USD 1 Quarter
Stockholders Equity 15 line items
Line Item Tag Value Unit Period
Balance at beginning of period StockholdersEquity $9.09B USD Point-in-time
Balance at beginning of period StockholdersEquity $8.88B USD Point-in-time
Balance at beginning of period StockholdersEquity $10.41B USD Point-in-time
Balance at beginning of period StockholdersEquity $10.42B USD Point-in-time
Issuance of common and treasury stock pursuant to Employee stock plans StockIssuedDuringPeriodValueEmployeeStockPurchasePlan $7.00M USD 1 Quarter
Issuance of common and treasury stock pursuant to Employee stock plans StockIssuedDuringPeriodValueEmployeeStockPurchasePlan - USD 1 Quarter
Share-based compensation AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue $14.00M USD 1 Quarter
Share-based compensation AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue $16.00M USD 1 Quarter
Stock warrants AdjustmentsToAdditionalPaidInCapitalWarrantIssued $23.00M USD 1 Quarter
Comprehensive income (loss) ComprehensiveIncomeNetOfTax $180.00M USD 1 Quarter
Comprehensive income (loss) ComprehensiveIncomeNetOfTax $225.00M USD 1 Quarter
Balance at end of period StockholdersEquity $9.09B USD Point-in-time
Balance at end of period StockholdersEquity $8.88B USD Point-in-time
Balance at end of period StockholdersEquity $10.41B USD Point-in-time
Balance at end of period StockholdersEquity $10.42B USD Point-in-time

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

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