Southwest Airlines 2007 Annual Report Download - page 55

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Item 8. Financial Statements and Supplementary Data
SOUTHWEST AIRLINES CO.
CONSOLIDATED BALANCE SHEET
2007 2006
December 31,
(In millions, except
share data)
ASSETS
Current assets:
Cash and cash equivalents .............................................. $ 2,213 $ 1,390
Short-term investments ................................................ 566 369
Accounts and other receivables ........................................... 279 241
Inventories of parts and supplies, at cost .................................... 259 181
Fuel derivative contracts ................................................ 1,069 369
Prepaid expenses and other current assets ................................... 57 51
Total current assets ................................................. 4,443 2,601
Property and equipment, at cost:
Flight equipment..................................................... 13,019 11,769
Ground property and equipment .......................................... 1,515 1,356
Deposits on flight equipment purchase contracts............................... 626 734
15,160 13,859
Less allowance for depreciation and amortization .............................. 4,286 3,765
10,874 10,094
Other assets .......................................................... 1,455 765
$16,772 $13,460
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable .................................................... $ 759 $ 643
Accrued liabilities .................................................... 3,107 1,323
Air traffic liability .................................................... 931 799
Current maturities of long-term debt. . ..................................... 41 122
Total current liabilities ............................................... 4,838 2,887
Long-term debt less current maturities . . ..................................... 2,050 1,567
Deferred income taxes ................................................... 2,535 2,104
Deferred gains from sale and leaseback of aircraft................................ 106 120
Other deferred liabilities ................................................. 302 333
Commitments and contingencies
Stockholders’ equity:
Common stock, $1.00 par value: 2,000,000,000 shares authorized; 807,611,634 shares
issued in 2007 and 2006 ............................................... 808 808
Capital in excess of par value ............................................ 1,207 1,142
Retained earnings .................................................... 4,788 4,307
Accumulated other comprehensive income ................................... 1,241 582
Treasury stock, at cost: 72,814,104 and 24,302,215 shares in 2007 and 2006,
respectively ....................................................... (1,103) (390)
Total stockholders’ equity............................................. 6,941 6,449
$16,772 $13,460
See accompanying notes.
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