Southwest Airlines 2014 Annual Report Download - page 126

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The Company has the following recognized financial assets and financial liabilities resulting
from those transactions that meet the scope of the disclosure requirements as necessitated by applicable
accounting guidance for balance sheet offsetting:
Offsetting of derivative assets
(in millions)
(i) (ii) (iii) = (i) + (ii) (i) (ii) (iii) = (i) + (ii)
December 31, 2014 December 31, 2013
Description
Balance
Sheet
location
Gross
amounts of
recognized
assets
Gross amounts
offset in the
Balance Sheet
Net amounts of
assets presented
in the Balance
Sheet
Gross
amounts of
recognized
assets
Gross amounts
offset in the
Balance Sheet
Net amounts of
assets presented
in the Balance
Sheet
Fuel
derivative
contracts
Prepaid
expenses and
other current
assets $ — $ — $ — $ 249 $ (182) $ 67
Fuel
derivative
contracts Other assets $ — $ — $ — (a) $ 225 $ (100) $ 125 (a)
Fuel
derivative
contracts
Accrued
liabilities $ 1,258 $ (1,258) $ — (a) $ 9 $ (9) $ — (a)
Fuel
derivative
contracts
Other
noncurrent
liabilities $ 355 $ (355) $ — (a) $ — $ — $ — (a)
Interest rate
derivative
contracts Other assets $ 13 $ — $ 13 (a) $ 20 $ — $ 20 (a)
(a) The net amounts of derivative assets and liabilities are reconciled to the individual line item amounts
presented in the Consolidated Balance Sheet in Note 5.
Offsetting of derivative liabilities
(in millions)
(i) (ii) (iii) = (i) + (ii) (i) (ii) (iii) = (i) + (ii)
December 31, 2014 December 31, 2013
Description
Balance
Sheet
location
Gross
amounts of
recognized
liabilities
Gross amounts
offset in the
Balance Sheet
Net amounts of
liabilities
presented in the
Balance Sheet
Gross
amounts of
recognized
liabilities
Gross amounts
offset in the
Balance Sheet
Net amounts of
liabilities
presented in the
Balance Sheet
Fuel
derivative
contracts
Prepaid
expenses and
other current
assets $ — $ — $ — $ 182 $ (182) $ —
Fuel
derivative
contracts Other assets $ — $ — $ — (a) $ 100 $ (100) $ — (a)
Fuel
derivative
contracts
Accrued
liabilities $ 1,432 $ (1,258) $ 174 (a) $ 21 $ (9) $ 12 (a)
Fuel
derivative
contracts
Other
noncurrent
liabilities $ 916 $ (355) $ 561 (a) $ — $ — $ — (a)
Interest rate
derivative
contracts
Other
noncurrent
liabilities $ 61 $ — $ 61 (a) $ 77 $ (32) $ 45 (a)
(a) The net amounts of derivative assets and liabilities are reconciled to the individual line item amounts
presented in the Consolidated Balance Sheet in Note 5.
118