Southwest Airlines 2006 Annual Report Download - page 51

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Item 8. Financial Statements and Supplementary Data
SOUTHWEST AIRLINES CO.
CONSOLIDATED BALANCE SHEET
2006 2005
December 31,
(In millions, except
share data)
ASSETS
Current assets:
Cash and cash equivalents .............................................. $ 1,390 $ 2,280
Short-term investments ................................................ 369 251
Accounts and other receivables ........................................... 241 258
Inventories of parts and supplies, at cost .................................... 181 150
Fuel derivative contracts ................................................ 369 641
Prepaid expenses and other current assets ................................... 51 40
Total current assets ................................................. 2,601 3,620
Property and equipment, at cost:
Flight equipment..................................................... 11,769 10,592
Ground property and equipment .......................................... 1,356 1,256
Deposits on flight equipment purchase contracts............................... 734 660
13,859 12,508
Less allowance for depreciation and amortization .............................. 3,765 3,296
10,094 9,212
Other assets .......................................................... 765 1,171
$13,460 $14,003
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable .................................................... $ 643 $ 524
Accrued liabilities .................................................... 1,323 2,074
Air traffic liability .................................................... 799 649
Current maturities of long-term debt. . ..................................... 122 601
Total current liabilities ............................................... 2,887 3,848
Long-term debt less current maturities . . ..................................... 1,567 1,394
Deferred income taxes ................................................... 2,104 1,681
Deferred gains from sale and leaseback of aircraft................................ 120 136
Other deferred liabilities ................................................. 333 269
Commitments and contingencies
Stockholders’ equity:
Common stock, $1.00 par value: 2,000,000,000 shares authorized; 807,611,634 and
801,641,645 shares issued in 2006 and 2005, respectively........................ 808 802
Capital in excess of par value ............................................ 1,142 963
Retained earnings .................................................... 4,307 4,018
Accumulated other comprehensive income ................................... 582 892
Treasury stock, at cost: 24,302,215 shares in 2006 ............................ (390) —
Total stockholders’ equity............................................. 6,449 6,675
$13,460 $14,003
See accompanying notes.
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