Southwest Airlines 2012 Annual Report Download - page 114
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The following tables present the Company’s assets and liabilities that are measured at fair value on a
recurring basis at December 31, 2012 and December 31, 2011:
December 31, 2012
Fair value measurements at reporting date using:
Description
Quoted prices in
active markets
for identical assets
(Level 1)
Significant
other observable
inputs
(Level 2)
Significant
unobservable
inputs
(Level 3)
(in millions)
Assets
Cash equivalents
Cash equivalents (a) ......................... $ 829 $ 829 $ — $ —
Commercial paper ........................... 170 — 170 —
Certificates of deposit ........................ 34 — 34 —
Eurodollar Time Deposits ..................... 80 — 80 —
Short-term investments:
Treasury bills .............................. 1,624 1,624 — —
Certificates of deposit ........................ 233 — 233 —
Noncurrent investments (b)
Auction rate securities ....................... 36 — — 36
Interest rate derivatives (see Note 10) ............. 31 — 31 —
Fuel derivatives:
Swap contracts (c) ........................... 113 — 113 —
Option contracts (c) ......................... 850 — — 850
Option contracts (d) ......................... 10 — — 10
Other available-for-sale securities ................ 49 44 — 5
Total assets .................................. $ 4,059 $ 2,497 $ 661 $ 901
Liabilities
Fuel derivatives:
Swap contracts (c) ........................... $ (57) $ — $ (57) $ —
Option contracts (c) ......................... (637) — — (637)
Swap contracts (d) .......................... (56) — (56) —
Option contracts (d) ......................... (4) — — (4)
Interest rate derivatives (see Note 10) ............. (126) — (126) —
Deferred compensation ......................... (137) (137) — —
Total liabilities ............................... $ (1,017) $ (137) $ (239) $ (641)
(a) Cash equivalents is primarily composed of money market investments.
(b) Noncurrent investments are included in Other assets in the Consolidated Balance Sheet.
(c) In the Consolidated Balance Sheet, amounts are presented as a net asset.
(d) In the Consolidated Balance Sheet, amounts are presented as a net liability.
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