Southwest Airlines 2015 Annual Report Download - page 116
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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, 2015 December 31, 2014
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 (a)
Gross amounts
of recognized
assets
Gross amounts
offset in the
Balance Sheet
Net amounts of
assets presented
in the Balance
Sheet (a)
Fuel
derivative
contracts
Prepaid
expenses and
other current
assets $ 41 $ (26) $ 15 $ — $ — $ —
Fuel
derivative
contracts Other assets $ 7 $ — $ 7 $ — $ — $ —
Fuel
derivative
contracts
Accrued
liabilities $ 1,737 $ (1,737) $ — $ 1,258 $ (1,258) $ —
Fuel
derivative
contracts
Other
noncurrent
liabilities $ 985 $ (985) $ — $ 355 $ (355) $ —
Interest rate
derivative
contracts Other assets $ 2 $ — $ 2 $ 13 $ — $ 13
(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.
(i) (ii) (iii) = (i) + (ii) (i) (ii) (iii) = (i) + (ii)
December 31, 2015 December 31, 2014
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
(a)
Gross amounts
of recognized
liabilities
Gross amounts
offset in the
Balance Sheet
Net amounts of
liabilities
presented in the
Balance Sheet
(a)
Fuel
derivative
contracts
Prepaid
expenses and
other current
assets $ 26 $ (26) $ — $ — $ — $ —
Fuel
derivative
contracts
Accrued
liabilities $ 2,380 $ (1,737) $ 643 $ 1,432 $ (1,258) $ 174
Fuel
derivative
contracts
Other
noncurrent
liabilities $ 1,010 $ (985) $ 25 $ 916 $ (355) $ 561
Interest rate
derivative
contracts
Other
noncurrent
liabilities $ 49 $ — $ 49 $ 61 $ — $ 61
(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.
108