Southwest Airlines 2014 Annual Report Download - page 133
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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, 2014, and December 31, 2013:
Fair value measurements at reporting date using:
Description December 31, 2014
Quoted prices in
active markets
for identical assets
(Level 1)
Significant
other observable
inputs
(Level 2)
Significant
unobservable
inputs
(Level 3)
Assets (in millions)
Cash equivalents
Cash equivalents (a) $ 1,110 $ 1,110 $ — $ —
Commercial paper 70 — 70 —
Certificates of deposit 4 — 4 —
Eurodollar Time Deposits 98 — 98 —
Short-term investments:
Treasury bills 1,450 1,450 — —
Certificates of deposit 256 — 256 —
Noncurrent investments (b)
Auction rate securities 27 — — 27
Interest rate derivatives (see
Note 10) 13 — 13 —
Fuel derivatives:
Swap contracts (c) 455 — 455 —
Option contracts (c) 892 — — 892
Other available-for-sale
securities 68 63 — 5
Total assets $ 4,443 $ 2,623 $ 896 $ 924
Liabilities
Fuel derivatives:
Swap contracts (c) $ (365) $ — $ (365) $ —
Option contracts (c) (1,983) — — (1,983)
Interest rate derivatives (see
Note 10) (61) — (61) —
Total liabilities $ (2,409) $ — $ (426) $ (1,983)
(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 liability. See Note 10.
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