Southwest Airlines 2014 Annual Report Download - page 135
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measured at fair value on a nonrecurring basis as of December 31, 2014 or 2013. The following tables
present the Company’s activity for items measured at fair value on a recurring basis using significant
unobservable inputs (Level 3) for 2014 and 2013:
Fair value measurements using significant
unobservable inputs (Level 3)
(in millions)
Fuel
derivatives
Auction rate
securities
Other
securities Total
Balance at December 31, 2013 $ 172 $ 39 $ 5 $ 216
Total gains or (losses) (realized or unrealized)
Included in earnings (439) — — (439)
Included in other comprehensive income (1,091) 3 — (1,088)
Purchases 403 (a) — — 403
Sales (155)(a) (15) — (170)
Settlements 19 — — 19
Balance at December 31, 2014 $ (1,091) $ 27 (b) $ 5 $ (1,059)
The amount of total losses for the period
included in earnings attributable to the
change in unrealized gains or losses
relating to assets still held at December 31,
2014 $ (450) $ — $ — $ (450)
(a) The purchase and sale of fuel derivatives are recorded gross based on the structure of the derivative instrument
and whether a contract with multiple derivatives is purchased as a single instrument or separate instruments.
(b) Included in Other assets in the Consolidated Balance Sheet.
Fair value measurements using significant
unobservable inputs (Level 3)
(in millions)
Fuel
derivatives
Auction rate
securities
Other
securities Total
Balance at December 31, 2012 $ 219 $ 36 $ 5 $ 260
Total gains or (losses) (realized or unrealized)
Included in earnings 71 — — 71
Included in other comprehensive income (107) 3 — (104)
Purchases 357 (a) — — 357
Sales (417)(a) — — (417)
Settlements 49 — — 49
Balance at December 31, 2013 $ 172 $ 39 (b) $ 5 $ 216
The amount of total gains for the period
included in earnings attributable to the
change in unrealized gains or losses relating
to assets still held at December 31, 2013 $ 86 $ — $ — $ 86
(a) The purchase and sale of fuel derivatives are recorded gross based on the structure of the derivative instrument
and whether a contract with multiple derivatives is purchased as a single instrument or separate instruments.
(b) Included in Other assets in the Consolidated Balance Sheet.
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