Southwest Airlines 2008 Annual Report Download - page 63
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Item 8. Financial Statements and Supplementary Data
SOUTHWEST AIRLINES CO.
CONSOLIDATED BALANCE SHEET
December 31,
2008 2007
(In millions, except
share data)
ASSETS
Current assets:
Cash and cash equivalents ................................................... $ 1,368 $ 2,213
Short-term investments ..................................................... 435 566
Accounts and other receivables ............................................... 209 279
Inventories of parts and supplies, at cost ....................................... 203 259
Fuel derivative contracts .................................................... —1,069
Deferred income taxes ...................................................... 365 —
Prepaid expenses and other current assets ...................................... 313 57
Total current assets ...................................................... 2,893 4,443
Property and equipment, at cost:
Flight equipment .......................................................... 13,722 13,019
Ground property and equipment .............................................. 1,769 1,515
Deposits on flight equipment purchase contracts ................................. 380 626
15,871 15,160
Less allowance for depreciation and amortization ................................ 4,831 4,286
11,040 10,874
Other assets ................................................................ 375 1,455
$14,308 $16,772
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable ......................................................... $ 668 $ 759
Accrued liabilities ......................................................... 1,012 3,107
Air traffic liability ......................................................... 963 931
Current maturities of long-term debt ........................................... 163 41
Total current liabilities ................................................... 2,806 4,838
Long-term debt less current maturities ........................................... 3,498 2,050
Deferred income taxes ........................................................ 1,904 2,535
Deferred gains from sale and leaseback of aircraft .................................. 105 106
Other deferred liabilities ...................................................... 1,042 302
Commitments and contingencies
Stockholders’ equity:
Common stock, $1.00 par value: 2,000,000,000 shares authorized; 807,611,634 shares
issued in 2008 and 2007 .................................................... 808 808
Capital in excess of par value ................................................ 1,215 1,207
Retained earnings ......................................................... 4,919 4,788
Accumulated other comprehensive income (loss) ................................ (984) 1,241
Treasury stock, at cost: 67,619,062 and 72,814,104 shares in 2008 and 2007,
respectively ............................................................ (1,005) (1,103)
Total stockholders’ equity ................................................. 4,953 6,941
$14,308 $16,772
See accompanying notes.
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