Southwest Airlines 2014 Annual Report Download - page 134
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Fair value measurements at reporting date using:
Description December 31, 2013
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) $ 992 $ 992 $ — $ —
Commercial paper 280 — 280 —
Certificates of deposit 23 — 23 —
Eurodollar Time
Deposits 60 — 60 —
Short-term investments:
Treasury bills 1,570 1,570 — —
Certificates of deposit 227 — 227 —
Noncurrent investments (b)
Auction rate securities 39 — — 39
Interest rate derivatives
(see Note 10) 20 — 20 —
Fuel derivatives:
Swap contracts (c) 16 — 16 —
Option contracts (c) 458 — — 458
Option contracts (d) 9 — — 9
Other available-for-sale
securities 63 58 — 5
Total assets $ 3,757 $ 2,620 $ 626 $ 511
Liabilities
Fuel derivatives:
Swap contracts (c) $ (8) $ — $ (8) $ —
Option contracts (c) (274) — — (274)
Swap contracts (d) (21) — — (21)
Interest rate derivatives
(see Note 10) (77) — (77) —
Total liabilities $ (380) $ — $ (85) $ (295)
(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. See Note 10.
(d) In the Consolidated Balance Sheet amounts are presented as a net liability. See Note 10.
The Company had no transfers of assets or liabilities between any of the above levels during
the years ended December 31, 2014 or 2013. The Company did not have any assets or liabilities
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