Southwest Airlines 1997 Annual Report Download - page 36

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36
SOUTHWEST AIRLINES CO. ♥ FIVE SYMBOLS OF FREEDOM
CONSOLIDATED BALANCE SHEET
DECEMBER 31,
(IN THOUSANDS EXCEPT SHARE AND PER SHARE AMOUNTS) 1997 1996
ASSETS
Current assets:
Cash and cash equivalents $623,343 $581,841
Accounts receivable 76,530 73,440
Inventories of parts and supplies, at cost 52,376 51,094
Deferred income taxes (Note 9) 18,843 11,560
Prepaid expenses and other current assets 35,324 33,055
Total current assets 806,416 750,990
Property and equipment, at cost (Notes 2 and 5):
Flight equipment 3,987,493 3,435,304
Ground property and equipment 601,957 523,958
Deposits on flight equipment purchase contracts 221,874 198,366
4,811,324 4,157,628
Less allowance for depreciation 1,375,631 1,188,405
3,435,693 2,969,223
Other assets 4,051 3,266
$4,246,160 $3,723,479
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable $160,891 $214,232
Accrued liabilities (Note 3) 426,950 368,625
Air traffic liability 153,341 158,098
Current maturities of long-term debt (Note 4) 121,324 12,327
Other current liabilities 6,007 12,122
Total current liabilities 868,513 765,404
Long-term debt less current maturities (Note 4) 628,106 650,226
Deferred income taxes (Note 9) 438,981 349,987
Deferred gains from sale and leaseback of aircraft 256,255 274,891
Other deferred liabilities 45,287 34,659
Commitments and contingencies (Notes 2, 5, and 9)
Stockholders’ equity (Notes 6 and 7):
Common stock, $1.00 par value: 680,000,000 shares authorized;
221,207,083 and 145,112,090 shares issued and outstanding
in 1997 and 1996, respectively 221,207 145,112
Capital in excess of par value 155,696 181,650
Retained earnings 1,632,115 1,321,550
Total stockholders’ equity 2,009,018 1,648,312
$4,246,160 $3,723,479
See accompanying notes.