Southwest Airlines 2012 Annual Report Download - page 115
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December 31,
2011
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) .......................... $ 774 $ 774 $ — $ —
Commercial paper ............................ 48 — 48 —
Certificates of deposit ......................... 7 — 7 —
Short-term investments:
Treasury bills ............................... 2,014 2,014 — —
Certificates of deposit ......................... 221 — 221 —
Commercial paper ............................ 80 — 80 —
Noncurrent investments (b)
Auction rate securities ......................... 67 — — 67
Certificates of deposit ......................... 25 — 25 —
Interest rate derivatives (see Note 10) ............... 66 — 66 —
Fuel derivatives:
Option contracts (c) ........................... 709 — — 709
Swap contracts (d) ............................ 180 — 180 —
Option contracts (d) .......................... 345 — — 345
Other available-for-sale securities ................. 43 38 — 5
Total assets ................................... $ 4,579 $ 2,826 $ 627 $ 1,126
Liabilities
Fuel derivatives:
Swap contracts (c) ............................ $ (65) $ — $ (65) $ —
Option contracts (c) ........................... (371) — — (371)
Swap contracts (d) ............................ (576) — (576) —
Option contracts (d) .......................... (266) — — (266)
Interest rate derivatives (see Note 10) ............... (132) — (132) —
Deferred Compensation ......................... (121) (121) — —
Total liabilities ................................ $ (1,531) $ (121) $ (773) $ (637)
(a) Cash equivalents are 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, and are also net of cash collateral received from counterparties.
See Note 10.
(d) In the Consolidated Balance Sheet, amounts are presented as a net liability, and are also net of cash collateral provided to counterparties.
See Note 10.
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