Southwest Airlines 2011 Annual Report Download - page 40

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tested for impairment at least annually. Impairment charges could be recorded in the Company’s results of
operations as a result of, among other items, extreme fuel price volatility, a significant decline in the fair value of
certain tangible or intangible assets, unfavorable trends in forecasted results of operations and cash flows and the
uncertain economic environment, as well as other uncertainties. The Company can provide no assurance that a
significant impairment charge will not occur in one or more future periods. Any such charges may materially
negatively affect the Company’s financial results.
Item 1B. Unresolved Staff Comments
None.
Item 2. Properties
Aircraft
Southwest and AirTran operated a total of 698 Boeing aircraft as of December 31, 2011, of which 192 and
7 were under operating and capital leases, respectively.
The following table details information on the 698 active aircraft in the Company’s combined fleet as of
December 31, 2011:
Type Seats
Average
Age
(Yrs)
Number of
Aircraft
Number
Owned (1)
Number
Leased
717-200 ............................................. 117 10 88 8 80
737-300 ............................................. 137 20 161 96 65
737-500 ............................................. 122 21 25 16 9
737-700 ............................................. 137 7 424 379 45
Totals .............................................. 698 499 199
(1) As discussed further in Note 7 to the Consolidated Financial Statements, 111 of Southwest’s and 38 of
AirTran’s aircraft were pledged as collateral as of December 31, 2011.
34