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10-Q Filing

SOUTHWEST AIRLINES CO CIK: 92380 Q1 2023
Filing Information
Form Type 10-Q
Accession Number 0000092380-23-000024
Period End Date 20230331
Filing Date 20230428
Fiscal Year 2023
Fiscal Period Q1
XBRL Instance luv-20230331_htm.xml
Filing Contents
Balance Sheet 72 line items
Line Item Tag Value Unit Period
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $8.36B USD Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $9.49B USD Point-in-time
Short-term investments ShortTermInvestments $3.31B USD Point-in-time
Short-term investments ShortTermInvestments $2.80B USD Point-in-time
Accounts and other receivables AccountsAndOtherReceivablesNetCurrent $1.04B USD Point-in-time
Accounts and other receivables AccountsAndOtherReceivablesNetCurrent $1.25B USD Point-in-time
Inventories of parts and supplies, at cost AirlineRelatedInventory $736.00M USD Point-in-time
Inventories of parts and supplies, at cost AirlineRelatedInventory $790.00M USD Point-in-time
Prepaid expenses and other current assets PrepaidExpenseAndOtherAssetsCurrent $686.00M USD Point-in-time
Prepaid expenses and other current assets PrepaidExpenseAndOtherAssetsCurrent $614.00M USD Point-in-time
Total current assets AssetsCurrent $14.81B USD Point-in-time
Total current assets AssetsCurrent $14.27B USD Point-in-time
Flight equipment FlightEquipmentGross $23.73B USD Point-in-time
Flight equipment FlightEquipmentGross $24.58B USD Point-in-time
Ground property and equipment PropertyPlantAndEquipmentOther $7.01B USD Point-in-time
Ground property and equipment PropertyPlantAndEquipmentOther $6.86B USD Point-in-time
Deposits on flight equipment purchase contracts DepositsOnFlightEquipment $376.00M USD Point-in-time
Deposits on flight equipment purchase contracts DepositsOnFlightEquipment $283.00M USD Point-in-time
Assets constructed for others AssetsConstructedForOthers $28.00M USD Point-in-time
Assets constructed for others AssetsConstructedForOthers $34.00M USD Point-in-time
Property and equipment, at cost PropertyPlantAndEquipmentGross $30.98B USD Point-in-time
Property and equipment, at cost PropertyPlantAndEquipmentGross $31.90B USD Point-in-time
Less allowance for depreciation and amortization AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment $13.88B USD Point-in-time
Less allowance for depreciation and amortization AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment $13.64B USD Point-in-time
Property and equipment, net PropertyPlantAndEquipmentNet $17.34B USD Point-in-time
Property and equipment, net PropertyPlantAndEquipmentNet $18.02B 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 $1.38B USD Point-in-time
Operating lease right-of-use assets OperatingLeaseRightOfUseAsset $1.39B USD Point-in-time
Other assets OtherAssetsNoncurrent $855.00M USD Point-in-time
Other assets OtherAssetsNoncurrent $898.00M USD Point-in-time
Total assets Assets $35.55B USD Point-in-time
Total assets Assets $35.37B USD Point-in-time
Accounts payable AccountsPayableCurrent $1.73B USD Point-in-time
Accounts payable AccountsPayableCurrent $2.00B USD Point-in-time
Accrued liabilities AccruedLiabilitiesCurrent $2.04B USD Point-in-time
Accrued liabilities AccruedLiabilitiesCurrent $2.12B USD Point-in-time
Current operating lease liabilities OperatingLeaseLiabilityCurrent $225.00M USD Point-in-time
Current operating lease liabilities OperatingLeaseLiabilityCurrent $233.00M USD Point-in-time
Air traffic liability ContractWithCustomerLiabilityCurrent $7.22B USD Point-in-time
Air traffic liability ContractWithCustomerLiabilityCurrent $6.06B USD Point-in-time
Current maturities of long-term debt LongTermDebtAndCapitalLeaseObligationsCurrent $42.00M USD Point-in-time
Current maturities of long-term debt LongTermDebtAndCapitalLeaseObligationsCurrent $32.00M USD Point-in-time
Total current liabilities LiabilitiesCurrent $11.33B USD Point-in-time
Total current liabilities LiabilitiesCurrent $10.38B USD Point-in-time
Long-term debt less current maturities LongTermDebtAndCapitalLeaseObligations $8.05B USD Point-in-time
Long-term debt less current maturities LongTermDebtAndCapitalLeaseObligations $8.00B USD Point-in-time
Air traffic liability - noncurrent ContractWithCustomerLiabilityNoncurrent $2.19B USD Point-in-time
Air traffic liability - noncurrent ContractWithCustomerLiabilityNoncurrent $1.98B USD Point-in-time
Deferred income taxes DeferredIncomeTaxLiabilitiesNet $1.89B USD Point-in-time
Deferred income taxes DeferredIncomeTaxLiabilitiesNet $1.99B USD Point-in-time
Noncurrent operating lease liabilities OperatingLeaseLiabilityNoncurrent $1.12B USD Point-in-time
Noncurrent operating lease liabilities OperatingLeaseLiabilityNoncurrent $1.11B USD Point-in-time
Other noncurrent liabilities OtherLiabilitiesNoncurrent $936.00M USD Point-in-time
Other noncurrent liabilities OtherLiabilitiesNoncurrent $969.00M 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 $4.06B USD Point-in-time
Capital in excess of par value AdditionalPaidInCapitalCommonStock $4.04B USD Point-in-time
Retained earnings RetainedEarningsAccumulatedDeficit $16.26B USD Point-in-time
Retained earnings RetainedEarningsAccumulatedDeficit $15.99B USD Point-in-time
Accumulated other comprehensive income AccumulatedOtherComprehensiveIncomeLossNetOfTax $344.00M USD Point-in-time
Accumulated other comprehensive income AccumulatedOtherComprehensiveIncomeLossNetOfTax $197.00M USD Point-in-time
Treasury stock, at cost TreasuryStockCommonValue $10.84B USD Point-in-time
Treasury stock, at cost TreasuryStockCommonValue $10.84B USD Point-in-time
Total stockholders' equity StockholdersEquity $10.42B USD Point-in-time
Total stockholders' equity StockholdersEquity $10.41B USD Point-in-time
Total stockholders' equity StockholdersEquity $10.69B USD Point-in-time
Total stockholders' equity StockholdersEquity $10.30B USD Point-in-time
Total liabilities and stockholders' equity LiabilitiesAndStockholdersEquity $35.37B USD Point-in-time
Total liabilities and stockholders' equity LiabilitiesAndStockholdersEquity $35.55B USD Point-in-time
Income Statement 46 line items
Line Item Tag Value Unit Period
Total operating revenues RevenueFromContractWithCustomerExcludingAssessedTax $5.71B USD 1 Quarter
Total operating revenues RevenueFromContractWithCustomerExcludingAssessedTax $4.69B USD 1 Quarter
Salaries, wages, and benefits LaborAndRelatedExpense $2.23B USD 1 Quarter
Salaries, wages, and benefits LaborAndRelatedExpense $2.48B USD 1 Quarter
Fuel and oil FuelCosts $1.00B USD 1 Quarter
Fuel and oil FuelCosts $1.55B USD 1 Quarter
Maintenance materials and repairs AircraftMaintenanceMaterialsAndRepairs $211.00M USD 1 Quarter
Maintenance materials and repairs AircraftMaintenanceMaterialsAndRepairs $240.00M USD 1 Quarter
Landing fees and airport rentals LandingFeesAndOtherRentals $408.00M USD 1 Quarter
Landing fees and airport rentals LandingFeesAndOtherRentals $346.00M USD 1 Quarter
Depreciation and amortization DepreciationAndAmortization $365.00M USD 1 Quarter
Depreciation and amortization DepreciationAndAmortization $324.00M USD 1 Quarter
Other operating expenses OtherCostAndExpenseOperating $952.00M USD 1 Quarter
Other operating expenses OtherCostAndExpenseOperating $731.00M USD 1 Quarter
Total operating expenses, net OperatingCostsAndExpenses $4.84B USD 1 Quarter
Total operating expenses, net OperatingCostsAndExpenses $5.99B USD 1 Quarter
OPERATING LOSS OperatingIncomeLoss $-284.00M USD 1 Quarter
OPERATING LOSS OperatingIncomeLoss $-151.00M USD 1 Quarter
Interest expense InterestCostsIncurred $93.00M USD 1 Quarter
Interest expense InterestCostsIncurred $66.00M USD 1 Quarter
Capitalized interest InterestCostsCapitalizedAdjustment $9.00M USD 1 Quarter
Capitalized interest InterestCostsCapitalizedAdjustment $6.00M USD 1 Quarter
Interest income InvestmentIncomeInterest $125.00M USD 1 Quarter
Interest income InvestmentIncomeInterest $3.00M USD 1 Quarter
Loss on extinguishment of debt GainsLossesOnExtinguishmentOfDebt - USD 1 Quarter
Loss on extinguishment of debt GainsLossesOnExtinguishmentOfDebt $-72.00M USD 1 Quarter
Other (gains) losses, net OtherNonoperatingIncomeExpense $-72.00M USD 1 Quarter
Other (gains) losses, net OtherNonoperatingIncomeExpense $14.00M USD 1 Quarter
Total other expenses (income) NonoperatingIncomeExpense $-225.00M USD 1 Quarter
Total other expenses (income) NonoperatingIncomeExpense $79.00M USD 1 Quarter
LOSS BEFORE INCOME TAXES IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest $-205.00M USD 1 Quarter
LOSS BEFORE INCOME TAXES IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest $-376.00M USD 1 Quarter
BENEFIT FOR INCOME TAXES IncomeTaxExpenseBenefit $-46.00M USD 1 Quarter
BENEFIT FOR INCOME TAXES IncomeTaxExpenseBenefit $-98.00M USD 1 Quarter
NET LOSS NetIncomeLoss $-278.00M USD 1 Quarter
NET LOSS NetIncomeLoss $-159.00M USD 1 Quarter
Net income per share, basic (in USD per share) EarningsPerShareBasic $-0.27 USD 1 Quarter
Net income per share, basic (in USD per share) EarningsPerShareBasic $-0.47 USD 1 Quarter
Net income per share, diluted (in USD per share) EarningsPerShareDiluted $-0.27 USD 1 Quarter
Net income per share, diluted (in USD per share) EarningsPerShareDiluted $-0.47 USD 1 Quarter
COMPREHENSIVE INCOME (LOSS) ComprehensiveIncomeNetOfTax $225.00M USD 1 Quarter
COMPREHENSIVE INCOME (LOSS) ComprehensiveIncomeNetOfTax $-306.00M USD 1 Quarter
Basic (in shares) WeightedAverageNumberOfSharesOutstandingBasic 592.00M shares 1 Quarter
Basic (in shares) WeightedAverageNumberOfSharesOutstandingBasic 594.00M shares 1 Quarter
Diluted (in shares) WeightedAverageNumberOfDilutedSharesOutstanding 592.00M shares 1 Quarter
Diluted (in shares) WeightedAverageNumberOfDilutedSharesOutstanding 594.00M shares 1 Quarter
Cash Flow Statement 70 line items
Line Item Tag Value Unit Period
Net loss NetIncomeLoss $-278.00M USD 1 Quarter
Net loss NetIncomeLoss $-159.00M USD 1 Quarter
Depreciation and amortization DepreciationAndAmortization $365.00M 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 $4.00M 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 - USD 1 Quarter
Unrealized/realized (gain) loss on fuel derivative instruments UnrealizedGainLossOnDerivatives $-34.00M USD 1 Quarter
Deferred income taxes IncreaseDecreaseInDeferredIncomeTaxes $52.00M USD 1 Quarter
Deferred income taxes IncreaseDecreaseInDeferredIncomeTaxes $97.00M USD 1 Quarter
Loss on extinguishment of debt GainLossOnRepurchaseOfDebtInstrument $-72.00M USD 1 Quarter
Loss on extinguishment of debt GainLossOnRepurchaseOfDebtInstrument - USD 1 Quarter
Accounts and other receivables IncreaseDecreaseInAccountsAndOtherReceivables $232.00M USD 1 Quarter
Accounts and other receivables IncreaseDecreaseInAccountsAndOtherReceivables $334.00M USD 1 Quarter
Other assets IncreaseDecreaseInOtherOperatingAssets $-50.00M USD 1 Quarter
Other assets IncreaseDecreaseInOtherOperatingAssets $44.00M USD 1 Quarter
Accounts payable and accrued liabilities IncreaseDecreaseInAccountsPayableAndAccruedLiabilities $177.00M USD 1 Quarter
Accounts payable and accrued liabilities IncreaseDecreaseInAccountsPayableAndAccruedLiabilities $-72.00M USD 1 Quarter
Air traffic liability IncreaseDecreaseInContractWithCustomerLiability $947.00M USD 1 Quarter
Air traffic liability IncreaseDecreaseInContractWithCustomerLiability $885.00M USD 1 Quarter
Other liabilities IncreaseDecreaseInOtherOperatingLiabilities $-105.00M USD 1 Quarter
Other liabilities IncreaseDecreaseInOtherOperatingLiabilities $-47.00M USD 1 Quarter
Cash collateral received from (provided to) derivative counterparties IncreaseDecreaseCashCollateralFromCounterparties $-30.00M USD 1 Quarter
Cash collateral received from (provided to) derivative counterparties IncreaseDecreaseCashCollateralFromCounterparties $385.00M USD 1 Quarter
Other, net OtherOperatingActivitiesCashFlowStatement $-60.00M USD 1 Quarter
Other, net OtherOperatingActivitiesCashFlowStatement $31.00M USD 1 Quarter
Net cash provided by operating activities NetCashProvidedByUsedInOperatingActivities $706.00M USD 1 Quarter
Net cash provided by operating activities NetCashProvidedByUsedInOperatingActivities $1.07B USD 1 Quarter
Capital expenditures PaymentsToAcquireProductiveAssets $510.00M USD 1 Quarter
Capital expenditures PaymentsToAcquireProductiveAssets $1.05B USD 1 Quarter
Assets constructed for others PaymentsForConstructionInProcess $4.00M USD 1 Quarter
Assets constructed for others PaymentsForConstructionInProcess $6.00M USD 1 Quarter
Purchases of short-term investments PaymentsToAcquireShortTermInvestments $2.20B USD 1 Quarter
Purchases of short-term investments PaymentsToAcquireShortTermInvestments $925.00M USD 1 Quarter
Proceeds from sales of short-term and other investments ProceedsFromSaleOfShortTermInvestments $1.68B 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 $-139.00M USD 1 Quarter
Net cash used in investing activities NetCashProvidedByUsedInInvestingActivities $-1.58B USD 1 Quarter
Proceeds from Employee stock plans ProceedsFromStockPlans $9.00M USD 1 Quarter
Proceeds from Employee stock plans ProceedsFromStockPlans $6.00M USD 1 Quarter
Payments of long-term debt and finance lease obligations RepaymentsOfOtherLongTermDebtAndFinanceLeaseObligations $59.00M USD 1 Quarter
Payments of long-term debt and finance lease obligations RepaymentsOfOtherLongTermDebtAndFinanceLeaseObligations $93.00M USD 1 Quarter
Payments of cash dividends PaymentsOfDividends $214.00M USD 1 Quarter
Payments of cash dividends PaymentsOfDividends - 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 $2.00M USD 1 Quarter
Other, net ProceedsFromPaymentsForOtherFinancingActivities $3.00M USD 1 Quarter
Net cash used in financing activities NetCashProvidedByUsedInFinancingActivities $-262.00M USD 1 Quarter
Net cash used in financing activities NetCashProvidedByUsedInFinancingActivities $-314.00M USD 1 Quarter
NET CHANGE IN CASH AND CASH EQUIVALENTS CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect $-1.13B 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 $13.10B USD Point-in-time
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $9.49B 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 $8.36B 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 $9.49B 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 $8.36B USD Point-in-time
Interest, net of amount capitalized InterestPaidNet $19.00M USD 1 Quarter
Interest, net of amount capitalized InterestPaidNet $20.00M USD 1 Quarter
Income taxes IncomeTaxesPaid $2.00M USD 1 Quarter
Income taxes IncomeTaxesPaid $4.00M USD 1 Quarter
Adoption of Accounting Standards Update 2020-06, Debt AdoptionOfAccountingStandardsUpdate - USD 1 Quarter
Adoption of Accounting Standards Update 2020-06, Debt AdoptionOfAccountingStandardsUpdate $245.00M USD 1 Quarter
Right-of-use assets acquired under operating leases RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability $47.00M USD 1 Quarter
Right-of-use assets acquired under operating leases RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability $24.00M USD 1 Quarter
Stockholders Equity 16 line items
Line Item Tag Value Unit Period
Cash dividends, per share (in dollars per share) CommonStockDividendsPerShareCashPaid $0.18 USD 1 Quarter
Balance at beginning of period StockholdersEquity $10.42B USD Point-in-time
Balance at beginning of period StockholdersEquity $10.41B USD Point-in-time
Balance at beginning of period StockholdersEquity $10.69B USD Point-in-time
Balance at beginning of period StockholdersEquity $10.30B USD Point-in-time
Issuance of common and treasury stock pursuant to Employee stock plans StockIssuedDuringPeriodValueEmployeeStockPurchasePlan $8.00M USD 1 Quarter
Issuance of common and treasury stock pursuant to Employee stock plans StockIssuedDuringPeriodValueEmployeeStockPurchasePlan $7.00M USD 1 Quarter
Share-based compensation AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue $20.00M USD 1 Quarter
Share-based compensation AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue $16.00M USD 1 Quarter
Cash dividends, $0.18 per share DividendsCash $107.00M USD 1 Quarter
Comprehensive income (loss) ComprehensiveIncomeNetOfTax $225.00M USD 1 Quarter
Comprehensive income (loss) ComprehensiveIncomeNetOfTax $-306.00M USD 1 Quarter
Balance at end of period StockholdersEquity $10.42B USD Point-in-time
Balance at end of period StockholdersEquity $10.41B USD Point-in-time
Balance at end of period StockholdersEquity $10.69B USD Point-in-time
Balance at end of period StockholdersEquity $10.30B USD Point-in-time

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

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