Southwest Airlines 2013 Annual Report Download - page 100
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(in millions)
December 31,
2013
December 31,
2012
Accounts payable trade ............................. $ 189 $ 174
Salaries payable ................................... 156 148
Taxes payable .................................... 146 128
Aircraft maintenance payable ........................ 331 299
Fuel payable ...................................... 102 112
Other payable ..................................... 323 246
Accounts payable ................................ $ 1,247 $ 1,107
(in millions)
December 31,
2013
December 31,
2012
Profitsharing and savings plans ....................... $ 244 $ 135
Aircraft and other lease related obligations .............. 173 139
Vacation pay ..................................... 278 270
Health ........................................... 73 70
Derivative contracts ................................ 12 50
Workers compensation ............................. 161 159
Accrued taxes ..................................... 65 67
Other ........................................... 223 212
Accrued liabilities ................................ $ 1,229 $ 1,102
(in millions)
December 31,
2013
December 31,
2012
Postretirement obligation ............................ $ 138 $ 148
Non-current lease-related obligations .................. 290 376
Other deferred compensation ......................... 163 141
Deferred gains from sale and leaseback of aircraft ........ 65 63
Other ........................................... 115 128
Other non-current liabilities ........................ $ 771 $ 856
Other Operating Expenses
Other operating expenses consist of distribution costs, advertising expenses, personnel expenses,
professional fees, and other operating costs, none of which individually exceed 10 percent of Operating expenses.
6. REVOLVING CREDIT FACILITY
On April 2, 2013, the Company entered into a new $1 billion unsecured revolving credit facility expiring in
April 2018, and terminated its previous facility, which would have expired in April 2016. Interest on the facility
is based on the Company’s credit ratings at the time of borrowing. At the Company’s current ratings, the interest
cost would be LIBOR plus a spread of 150 basis points. The new facility also contains the same financial
covenant as the previous facility, requiring a minimum coverage ratio of adjusted pre-tax income to fixed
obligations, as defined. As of December 31, 2013, the Company was in compliance with this covenant and there
were no amounts outstanding under the revolving credit facility.
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