Southwest Airlines 1998 Annual Report Download - page 41

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41
SOUTHWEST AIRLINES CO. ¤ SIX STORIES OF FREEDOM
CONSOLIDATED BALANCE SHEET
DECEMBER 31,
(In thousands except share and per share amounts) 1998 1997
ASSETS
Current assets:
Cash and cash equivalents $378,511 $623,343
Accounts receivable 88,799 76,530
Inventories of parts and supplies, at cost 50,035 52,376
Deferred income taxes (Note 10) 20,734 18,843
Prepaid expenses and other current assets 36,076 35,324
Total current assets 574,155 806,416
Property and equipment, at cost (Notes 2 and 5):
Flight equipment 4,709,059 3,987,493
Ground property and equipment 720,604 601,957
Deposits on flight equipment purchase contracts 309,356 221,874
5,739,019 4,811,324
Less allowance for depreciation 1,601,409 1,375,631
4,137,610 3,435,693
Other assets 4,231 4,051
$4,715,996 $4,246,160
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable $157,415 $160,891
Accrued liabilities (Note 3) 477,448 426,950
Air traffic liability 200,078 153,341
Current maturities of long-term debt (Note 4) 11,996 121,324
Other current liabilities 3,716 6,007
Total current liabilities 850,653 868,513
Long-term debt less current maturities (Note 4) 623,309 628,106
Deferred income taxes (Note 10) 549,207 438,981
Deferred gains from sale and leaseback of aircraft 238,412 256,255
Other deferred liabilities 56,497 45,287
Commitments and contingencies (Notes 2, 5, and 10)
Stockholders’ equity (Notes 7 and 8):
Common stock, $1.00 par value: 850,000,000 shares authorized;
335,904,306 and 221,207,083 shares issued in 1998 and 1997,
respectively 335,904 221,207
Capital in excess of par value 89,820 155,696
Retained earnings 2,044,975 1,632,115
Treasury stock, at cost: 3,601,121 shares in 1998 (72,781) -
Total stockholders’ equity 2,397,918 2,009,018
$4,715,996 $4,246,160
See accompanying notes.