Management Finance Assignment

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LUVBalanceSheet1.xls

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Sheet: asreported

Southwest Airlines Co (NYS: LUV)

Exchange rate used is that of the Year End reported date

As Reported Annual Balance Sheet

Report Date

12/31/2016

12/31/2015

12/31/2014

12/31/2013

12/31/2012

Currency

USD

Audit Status

Not Qualified

Consolidated

Yes

Scale

Thousands

Cash & cash equivalents

1680000.0

1583000.0

1282000.0

1355000.0

1113000.0

Short-term investments

1625000.0

1468000.0

1706000.0

1797000.0

1857000.0

Accounts & other receivables

546000.0

474000.0

365000.0

419000.0

332000.0

Inventories of parts & supplies, at cost

337000.0

311000.0

342000.0

467000.0

469000.0

Deferred income taxes

477000.0

168000.0

246000.0

Prepaid expenses & other current assets

310000.0

188000.0

232000.0

250000.0

210000.0

Total current assets

4498000.0

4024000.0

4404000.0

4456000.0

4227000.0

Flight equipment

2.0275E7

1.9462E7

1.8473E7

1.6937E7

1.6367E7

Ground property & equipment

3779000.0

3219000.0

2853000.0

2666000.0

2714000.0

Deposits on flight equipment purchase contracts

1190000.0

1089000.0

566000.0

764000.0

416000.0

Assets constructed for others

1220000.0

915000.0

621000.0

453000.0

Property & equipment, at cost

2.6464E7

2.4685E7

2.2513E7

2.082E7

1.9497E7

Less allowance for depreciation & amortization

9420000.0

9084000.0

8221000.0

7431000.0

6731000.0

Property & equipment, net

1.7044E7

1.5601E7

1.4292E7

1.3389E7

1.2766E7

Goodwill

970000.0

Derivative contracts

120000.0

13000.0

145000.0

306000.0

Intangible assets

426000.0

464000.0

363000.0

166000.0

138000.0

Non-current investments

40000.0

35000.0

44000.0

41000.0

Capital lease receivable

90000.0

Other assets

138000.0

213000.0

123000.0

175000.0

148000.0

Other assets

774000.0

717000.0

534000.0

530000.0

633000.0

Total assets

2.3286E7

2.1312E7

2.02E7

1.9345E7

1.8596E7

Accounts payable

1178000.0

1188000.0

1203000.0

1247000.0

1107000.0

Profitsharing & savings plans

645000.0

655000.0

374000.0

244000.0

135000.0

Accrued aircraft & other lease related obligations

55000.0

74000.0

159000.0

173000.0

139000.0

Accrued vacation pay

355000.0

309000.0

292000.0

278000.0

270000.0

Accrued union bonuses

188000.0

329000.0

Accrued health

96000.0

86000.0

84000.0

73000.0

70000.0

Accrued derivative contracts

158000.0

643000.0

174000.0

12000.0

50000.0

Accrued workers compensation

183000.0

187000.0

165000.0

161000.0

159000.0

Accrued taxes

65000.0

67000.0

Accrued property & income taxes

68000.0

62000.0

81000.0

Other accrued expenses

237000.0

246000.0

236000.0

223000.0

212000.0

Accrued liabilities

1985000.0

2591000.0

1565000.0

1229000.0

1102000.0

Air traffic liability

3115000.0

2990000.0

2897000.0

2571000.0

2170000.0

Current maturities of long-term debt

566000.0

637000.0

258000.0

629000.0

271000.0

Total current liabilities

6844000.0

7406000.0

5923000.0

5676000.0

4650000.0

French credit agreements

14000.0

25000.0

36000.0

46000.0

56000.0

Notes

1394000.0

1413000.0

929000.0

999000.0

1026000.0

Convertible senior notes

111000.0

113000.0

115000.0

117000.0

Aircraft notes payable

214000.0

274000.0

324000.0

411000.0

620000.0

Term loan agreement

653000.0

508000.0

623000.0

708000.0

787000.0

Pass through certificates

324000.0

340000.0

355000.0

371000.0

394000.0

Debentures

130000.0

132000.0

134000.0

136000.0

138000.0

Capital leases

681000.0

395000.0

199000.0

56000.0

37000.0

Long-term debt including current portion

3410000.0

3198000.0

2713000.0

2842000.0

3175000.0

Less current maturities

566000.0

637000.0

258000.0

629000.0

271000.0

Less: debt discount & issuance costs

-23000.0

-20000.0

-21000.0

-22000.0

-21000.0

Long-term debt less current maturities

2821000.0

2541000.0

2434000.0

2191000.0

2883000.0

Deferred income taxes

3374000.0

2490000.0

3259000.0

2934000.0

2884000.0

Deferred gains from sale & leaseback of aircraft

63000.0

Construction obligation

1078000.0

757000.0

554000.0

437000.0

Postretirement obligation

256000.0

201000.0

169000.0

138000.0

Non-current lease-related obligations

125000.0

165000.0

193000.0

290000.0

Other deferred compensation

204000.0

179000.0

174000.0

163000.0

Deferred gains from sale and leaseback of aircraft

30000.0

43000.0

53000.0

65000.0

Derivative contracts

35000.0

74000.0

622000.0

Other long-term liabilities

78000.0

98000.0

44000.0

115000.0

Other noncurrent liabilities

728000.0

760000.0

1255000.0

771000.0

Other noncurrent liabilities

1124000.0

Common stock

808000.0

Capital in excess of par value

1410000.0

1374000.0

1315000.0

1231000.0

1210000.0

Retained earnings

1.1418E7

9409000.0

7416000.0

6431000.0

5768000.0

Fuel derivatives

-499000.0

-1666000.0

-1177000.0

-20000.0

-63000.0

Interest rate derivatives

-18000.0

-30000.0

-45000.0

-58000.0

-67000.0

Defined benefit plan items

-14000.0

20000.0

41000.0

65000.0

Other accumulated other comprehensive income

20000.0

8000.0

11000.0

Deferred tax impact

188000.0

617000.0

435000.0

2000.0

Accumulated other comprehensive income (loss)

-323000.0

-1051000.0

-738000.0

-3000.0

-119000.0

Less treasury stock, at cost

4872000.0

3182000.0

2026000.0

1131000.0

675000.0

Total stockholders' equity

8441000.0

7358000.0

6775000.0

7336000.0

6992000.0