$LUV
SOUTHWEST AIRLINES CO Stock $luv

$luv Overview Financials Valuation SEC Filings Company Website

2016 Q1 Form 10-Q Financial Statement

#000009238016000213 Filed on April 29, 2016

Income Statement

Concept	2016 Q1	2015 Q1
Revenue	$4.826B	$4.414B
YoY Change	9.33%	5.95%
Cost Of Revenue	$1.213B	$1.222B
YoY Change	-0.74%	-26.39%
Gross Profit	$3.613B	$3.192B
YoY Change	13.19%	27.32%
Gross Profit Margin	74.87%	72.32%
Selling, General & Admin	$1.801B	$1.648B
YoY Change	9.28%	8.14%
% of Gross Profit	49.85%	51.63%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization	$290.0M	$244.0M
YoY Change	18.85%	10.41%
% of Gross Profit	8.03%	7.64%
Operating Expenses	$3.882B	$3.634B
YoY Change	6.82%	-8.02%
Operating Profit	$944.0M	$780.0M
YoY Change	21.03%	262.79%
Interest Expense	$30.00M	$32.00M
YoY Change	-6.25%	14.29%
% of Operating Profit	3.18%	4.1%
Other Income/Expense, Net	-$128.0M	-$57.00M
YoY Change	124.56%	-296.55%
Pretax Income	$816.0M	$723.0M
YoY Change	12.86%	196.31%
Income Tax	$303.0M	$270.0M
% Of Pretax Income	37.13%	37.34%
Net Earnings	$513.0M	$453.0M
YoY Change	13.25%	198.03%
Net Earnings / Revenue	10.63%	10.26%
Basic Earnings Per Share	$0.80	$0.67
Diluted Earnings Per Share	$0.79	$0.66
COMMON SHARES
Basic Shares Outstanding	641.0M shares	674.0M shares
Diluted Shares Outstanding	648.0M shares	682.0M shares

Balance Sheet

Concept	2016 Q1	2015 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments	$3.582B	$3.438B
YoY Change	4.19%	-1.72%
Cash & Equivalents	$2.388B	$2.025B
Short-Term Investments	$1.194B	$1.413B
Other Short-Term Assets	$192.0M	$722.0M
YoY Change	-73.41%	71.5%
Inventory	$289.0M	$304.0M
Prepaid Expenses
Receivables	$511.0M	$499.0M
Other Receivables	$0.00	$0.00
Total Short-Term Assets	$4.574B	$4.963B
YoY Change	-7.84%	3.1%
LONG-TERM ASSETS
Property, Plant & Equipment	$15.96B	$14.61B
YoY Change	9.29%	8.85%
Goodwill	$970.0M	$970.0M
YoY Change	0.0%	0.0%
Intangibles	$460.0M	$479.0M
YoY Change	-3.97%	28.76%
Long-Term Investments
YoY Change
Other Assets	$733.0M	$623.0M
YoY Change	17.66%	-19.3%
Total Long-Term Assets	$17.67B	$16.20B
YoY Change	9.06%	6.85%
TOTAL ASSETS
Total Short-Term Assets	$4.574B	$4.963B
Total Long-Term Assets	$17.67B	$16.20B
Total Assets	$22.24B	$21.16B
YoY Change	5.09%	5.94%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable	$1.153B	$1.145B
YoY Change	0.7%	-11.86%
Accrued Expenses	$2.472B	$1.874B
YoY Change	31.91%	60.45%
Deferred Revenue
YoY Change
Short-Term Debt	$0.00	$0.00
YoY Change
Long-Term Debt Due	$953.0M	$271.0M
YoY Change	251.66%	-57.79%
Total Short-Term Liabilities	$8.253B	$6.903B
YoY Change	19.56%	7.17%
LONG-TERM LIABILITIES
Long-Term Debt	$2.510B	$2.599B
YoY Change	-3.42%	6.6%
Other Long-Term Liabilities	$703.0M	$1.095B
YoY Change	-35.8%	50.83%
Total Long-Term Liabilities	$703.0M	$1.095B
YoY Change	-35.8%	50.83%
TOTAL LIABILITIES
Total Short-Term Liabilities	$8.253B	$6.903B
Total Long-Term Liabilities	$703.0M	$1.095B
Total Liabilities	$8.956B	$7.998B
YoY Change	11.98%	11.59%
SHAREHOLDERS EQUITY
Retained Earnings	$9.872B	$7.829B
YoY Change	26.1%	19.44%
Common Stock	$2.195B	$2.137B
YoY Change	2.71%	3.54%
Preferred Stock
YoY Change
Treasury Stock (at cost)	$3.677B	$2.322B
YoY Change	58.35%	63.87%
Treasury Stock Shares
Shareholders Equity	$7.496B	$6.902B
YoY Change
Total Liabilities & Shareholders Equity	$22.24B	$21.16B
YoY Change	5.09%	5.94%

Cashflow Statement

Concept	2016 Q1	2015 Q1
OPERATING ACTIVITIES
Net Income	$513.0M	$453.0M
YoY Change	13.25%	198.03%
Depreciation, Depletion And Amortization	$290.0M	$244.0M
YoY Change	18.85%	10.41%
Cash From Operating Activities	$1.616B	$1.452B
YoY Change	11.29%	29.76%
INVESTING ACTIVITIES
Capital Expenditures	-$449.0M	-$595.0M
YoY Change	-24.54%	46.19%
Acquisitions
YoY Change
Other Investing Activities	$274.0M	$293.0M
YoY Change	-6.48%	497.96%
Cash From Investing Activities	-$175.0M	-$302.0M
YoY Change	-42.05%	-15.64%
FINANCING ACTIVITIES
Cash Dividend Paid	$96.00M	$81.00M
YoY Change	18.52%
Common Stock Issuance & Retirement, Net	$500.0M	$300.0M
YoY Change	66.67%	-4.76%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities	-$636.0M	-$407.0M
YoY Change	56.27%	8.53%
NET CHANGE
Cash From Operating Activities	$1.616B	$1.452B
Cash From Investing Activities	-$175.0M	-$302.0M
Cash From Financing Activities	-$636.0M	-$407.0M
Net Change In Cash	$805.0M	$743.0M
YoY Change	8.34%	92.49%
FREE CASH FLOW
Cash From Operating Activities	$1.616B	$1.452B
Capital Expenditures	-$449.0M	-$595.0M
Free Cash Flow	$2.065B	$2.047B
YoY Change	0.88%	34.14%

Facts In Submission

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CY2016Q1	dei	Current Fiscal Year End Date CurrentFiscalYearEndDate	--12-31
CY2016Q1	dei	Document Fiscal Period Focus DocumentFiscalPeriodFocus	Q1
CY2016Q1	dei	Document Fiscal Year Focus DocumentFiscalYearFocus	2016
CY2016Q1	dei	Document Period End Date DocumentPeriodEndDate	2016-03-31
CY2016Q1	dei	Document Type DocumentType	10-Q
CY2016Q1	dei	Entity Central Index Key EntityCentralIndexKey	0000092380
CY2016Q2	dei	Entity Common Stock Shares Outstanding EntityCommonStockSharesOutstanding	638686803	shares
CY2016Q1	dei	Entity Filer Category EntityFilerCategory	Large Accelerated Filer
CY2016Q1	dei	Entity Registrant Name EntityRegistrantName	SOUTHWEST AIRLINES CO
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CY2016Q1	luv	Aircraft Maintenance Payable AircraftMaintenancePayable	75000000	USD
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CY2016Q1	us-gaap	Increase Decrease In Other Operating Assets IncreaseDecreaseInOtherOperatingAssets	-4000000	USD
CY2015Q1	us-gaap	Incremental Common Shares Attributable To Conversion Of Debt Securities IncrementalCommonSharesAttributableToConversionOfDebtSecurities	6000000	shares
CY2016Q1	us-gaap	Incremental Common Shares Attributable To Conversion Of Debt Securities IncrementalCommonSharesAttributableToConversionOfDebtSecurities	6000000	shares
CY2015Q1	us-gaap	Incremental Common Shares Attributable To Share Based Payment Arrangements IncrementalCommonSharesAttributableToShareBasedPaymentArrangements	2000000	shares
CY2016Q1	us-gaap	Incremental Common Shares Attributable To Share Based Payment Arrangements IncrementalCommonSharesAttributableToShareBasedPaymentArrangements	1000000	shares
CY2015Q4	us-gaap	Intangible Assets Net Excluding Goodwill IntangibleAssetsNetExcludingGoodwill	464000000	USD
CY2016Q1	us-gaap	Intangible Assets Net Excluding Goodwill IntangibleAssetsNetExcludingGoodwill	460000000	USD
CY2015Q1	us-gaap	Interest Costs Capitalized Adjustment InterestCostsCapitalizedAdjustment	6000000	USD
CY2016Q1	us-gaap	Interest Costs Capitalized Adjustment InterestCostsCapitalizedAdjustment	11000000	USD
CY2015Q1	us-gaap	Interest Expense InterestExpense	32000000	USD
CY2016Q1	us-gaap	Interest Expense InterestExpense	30000000	USD
CY2015Q1	us-gaap	Interest On Convertible Debt Net Of Tax InterestOnConvertibleDebtNetOfTax	1000000	USD
CY2016Q1	us-gaap	Interest On Convertible Debt Net Of Tax InterestOnConvertibleDebtNetOfTax	1000000	USD
CY2015Q1	us-gaap	Interest Paid Net InterestPaidNet	32000000	USD
CY2016Q1	us-gaap	Interest Paid Net InterestPaidNet	27000000	USD
CY2015Q1	us-gaap	Investment Income Interest InvestmentIncomeInterest	1000000	USD
CY2016Q1	us-gaap	Investment Income Interest InvestmentIncomeInterest	5000000	USD
CY2015Q1	us-gaap	Labor And Related Expense LaborAndRelatedExpense	1419000000	USD
CY2016Q1	us-gaap	Labor And Related Expense LaborAndRelatedExpense	1539000000	USD
CY2015Q1	us-gaap	Landing Fees And Other Rentals LandingFeesAndOtherRentals	285000000	USD
CY2016Q1	us-gaap	Landing Fees And Other Rentals LandingFeesAndOtherRentals	302000000	USD
CY2015Q4	us-gaap	Liabilities And Stockholders Equity LiabilitiesAndStockholdersEquity	21312000000	USD
CY2016Q1	us-gaap	Liabilities And Stockholders Equity LiabilitiesAndStockholdersEquity	22241000000	USD
CY2015Q4	us-gaap	Liabilities Current LiabilitiesCurrent	7406000000	USD
CY2016Q1	us-gaap	Liabilities Current LiabilitiesCurrent	8253000000	USD
CY2015Q4	us-gaap	Long Term Debt And Capital Lease Obligations LongTermDebtAndCapitalLeaseObligations	2541000000	USD
CY2016Q1	us-gaap	Long Term Debt And Capital Lease Obligations LongTermDebtAndCapitalLeaseObligations	2355000000	USD
CY2015Q4	us-gaap	Long Term Debt And Capital Lease Obligations Current LongTermDebtAndCapitalLeaseObligationsCurrent	637000000	USD
CY2016Q1	us-gaap	Long Term Debt And Capital Lease Obligations Current LongTermDebtAndCapitalLeaseObligationsCurrent	953000000	USD
CY2015Q1	us-gaap	Net Cash Provided By Used In Financing Activities NetCashProvidedByUsedInFinancingActivities	-407000000	USD
CY2016Q1	us-gaap	Net Cash Provided By Used In Financing Activities NetCashProvidedByUsedInFinancingActivities	-636000000	USD
CY2015Q1	us-gaap	Net Cash Provided By Used In Investing Activities NetCashProvidedByUsedInInvestingActivities	-302000000	USD
CY2016Q1	us-gaap	Net Cash Provided By Used In Investing Activities NetCashProvidedByUsedInInvestingActivities	-175000000	USD
CY2015Q1	us-gaap	Net Cash Provided By Used In Operating Activities NetCashProvidedByUsedInOperatingActivities	1452000000	USD
CY2016Q1	us-gaap	Net Cash Provided By Used In Operating Activities NetCashProvidedByUsedInOperatingActivities	1616000000	USD
CY2015Q1	us-gaap	Net Income Loss NetIncomeLoss	453000000	USD
CY2016Q1	us-gaap	Net Income Loss NetIncomeLoss	511000000	USD
CY2015Q1	us-gaap	Net Income Loss Available To Common Stockholders Diluted NetIncomeLossAvailableToCommonStockholdersDiluted	454000000	USD
CY2016Q1	us-gaap	Net Income Loss Available To Common Stockholders Diluted NetIncomeLossAvailableToCommonStockholdersDiluted	512000000	USD
CY2016Q1	us-gaap	New Accounting Pronouncement Or Change In Accounting Principle Effect Of Change On Basic Earnings Per Share NewAccountingPronouncementOrChangeInAccountingPrincipleEffectOfChangeOnBasicEarningsPerShare	0.10
CY2016Q1	us-gaap	New Accounting Pronouncement Or Change In Accounting Principle Effect Of Change On Diluted Earnings Per Share NewAccountingPronouncementOrChangeInAccountingPrincipleEffectOfChangeOnDilutedEarningsPerShare	0.09
CY2016Q1	us-gaap	New Accounting Pronouncement Or Change In Accounting Principle Effect Of Change On Net Income NewAccountingPronouncementOrChangeInAccountingPrincipleEffectOfChangeOnNetIncome	62000000	USD
CY2016Q1	us-gaap	New Accounting Pronouncement Or Change In Accounting Principle Effect Of Change On Net Revenue NewAccountingPronouncementOrChangeInAccountingPrincipleEffectOfChangeOnNetRevenue	115000000	USD
CY2015Q1	us-gaap	Nonoperating Income Expense NonoperatingIncomeExpense	-57000000	USD
CY2016Q1	us-gaap	Nonoperating Income Expense NonoperatingIncomeExpense	-128000000	USD
CY2015Q1	us-gaap	Operating Expenses OperatingExpenses	3634000000	USD
CY2016Q1	us-gaap	Operating Expenses OperatingExpenses	3882000000	USD
CY2015Q1	us-gaap	Operating Income Loss OperatingIncomeLoss	780000000	USD
CY2016Q1	us-gaap	Operating Income Loss OperatingIncomeLoss	944000000	USD
CY2015Q4	us-gaap	Other Accrued Liabilities Current OtherAccruedLiabilitiesCurrent	246000000	USD
CY2016Q1	us-gaap	Other Accrued Liabilities Current OtherAccruedLiabilitiesCurrent	205000000	USD
CY2015Q4	us-gaap	Other Assets OtherAssets	717000000	USD
CY2016Q1	us-gaap	Other Assets OtherAssets	733000000	USD
CY2015Q4	us-gaap	Other Assets Miscellaneous OtherAssetsMiscellaneous	213000000	USD
CY2016Q1	us-gaap	Other Assets Miscellaneous OtherAssetsMiscellaneous	232000000	USD
CY2015Q4	us-gaap	Other Assets Noncurrent OtherAssetsNoncurrent	717000000	USD
CY2016Q1	us-gaap	Other Assets Noncurrent OtherAssetsNoncurrent	733000000	USD
CY2015Q1	us-gaap	Other Comprehensive Income Loss Net Of Tax OtherComprehensiveIncomeLossNetOfTax	-4000000	USD
CY2016Q1	us-gaap	Other Comprehensive Income Loss Net Of Tax OtherComprehensiveIncomeLossNetOfTax	157000000	USD
CY2015Q1	us-gaap	Other Cost And Expense Operating OtherCostAndExpenseOperating	497000000	USD
CY2016Q1	us-gaap	Other Cost And Expense Operating OtherCostAndExpenseOperating	578000000	USD
CY2015Q4	us-gaap	Other Deferred Compensation Arrangements Liability Classified Noncurrent OtherDeferredCompensationArrangementsLiabilityClassifiedNoncurrent	179000000	USD
CY2016Q1	us-gaap	Other Deferred Compensation Arrangements Liability Classified Noncurrent OtherDeferredCompensationArrangementsLiabilityClassifiedNoncurrent	168000000	USD
CY2015Q4	us-gaap	Other Liabilities Noncurrent OtherLiabilitiesNoncurrent	760000000	USD
CY2016Q1	us-gaap	Other Liabilities Noncurrent OtherLiabilitiesNoncurrent	703000000	USD
CY2015Q1	us-gaap	Other Nonoperating Income Expense OtherNonoperatingIncomeExpense	-32000000	USD
CY2016Q1	us-gaap	Other Nonoperating Income Expense OtherNonoperatingIncomeExpense	-114000000	USD
CY2015Q1	us-gaap	Other Operating Activities Cash Flow Statement OtherOperatingActivitiesCashFlowStatement	-35000000	USD
CY2016Q1	us-gaap	Other Operating Activities Cash Flow Statement OtherOperatingActivitiesCashFlowStatement	-49000000	USD
CY2015Q1	us-gaap	Other Sales Revenue Net OtherSalesRevenueNet	192000000	USD
CY2016Q1	us-gaap	Other Sales Revenue Net OtherSalesRevenueNet	386000000	USD
CY2015Q4	us-gaap	Other Sundry Liabilities Noncurrent OtherSundryLiabilitiesNoncurrent	98000000	USD
CY2016Q1	us-gaap	Other Sundry Liabilities Noncurrent OtherSundryLiabilitiesNoncurrent	88000000	USD
CY2015Q1	us-gaap	Passenger Revenue PassengerRevenue	4178000000	USD
CY2016Q1	us-gaap	Passenger Revenue PassengerRevenue	4398000000	USD
CY2015Q1	us-gaap	Payments For Repurchase Of Common Stock PaymentsForRepurchaseOfCommonStock	300000000	USD
CY2016Q1	us-gaap	Payments For Repurchase Of Common Stock PaymentsForRepurchaseOfCommonStock	500000000	USD
CY2015Q1	us-gaap	Payments Of Dividends PaymentsOfDividends	81000000	USD
CY2016Q1	us-gaap	Payments Of Dividends PaymentsOfDividends	96000000	USD
CY2015Q1	us-gaap	Payments To Acquire Productive Assets PaymentsToAcquireProductiveAssets	573000000	USD
CY2016Q1	us-gaap	Payments To Acquire Productive Assets PaymentsToAcquireProductiveAssets	438000000	USD
CY2015Q1	us-gaap	Payments For Construction In Process PaymentsForConstructionInProcess	22000000	USD
CY2016Q1	us-gaap	Payments For Construction In Process PaymentsForConstructionInProcess	11000000	USD
CY2015Q1	us-gaap	Payments To Acquire Short Term Investments PaymentsToAcquireShortTermInvestments	316000000	USD
CY2016Q1	us-gaap	Payments To Acquire Short Term Investments PaymentsToAcquireShortTermInvestments	256000000	USD
CY2015Q4	us-gaap	Pension And Other Postretirement Defined Benefit Plans Liabilities Noncurrent PensionAndOtherPostretirementDefinedBenefitPlansLiabilitiesNoncurrent	201000000	USD
CY2016Q1	us-gaap	Pension And Other Postretirement Defined Benefit Plans Liabilities Noncurrent PensionAndOtherPostretirementDefinedBenefitPlansLiabilitiesNoncurrent	206000000	USD
CY2015Q4	us-gaap	Prepaid Expense And Other Assets Current PrepaidExpenseAndOtherAssetsCurrent	188000000	USD
CY2016Q1	us-gaap	Prepaid Expense And Other Assets Current PrepaidExpenseAndOtherAssetsCurrent	192000000	USD
CY2016Q1	us-gaap	Price Risk Cash Flow Hedge Unrealized Gain Loss To Be Reclassified During Next12 Months PriceRiskCashFlowHedgeUnrealizedGainLossToBeReclassifiedDuringNext12Months	-547000000	USD
CY2015Q1	us-gaap	Proceeds From Payments For Other Financing Activities ProceedsFromPaymentsForOtherFinancingActivities	0	USD
CY2016Q1	us-gaap	Proceeds From Payments For Other Financing Activities ProceedsFromPaymentsForOtherFinancingActivities	-3000000	USD
CY2015Q1	us-gaap	Proceeds From Stock Plans ProceedsFromStockPlans	13000000	USD
CY2016Q1	us-gaap	Proceeds From Stock Plans ProceedsFromStockPlans	11000000	USD
CY2015Q4	us-gaap	Property Plant And Equipment Gross PropertyPlantAndEquipmentGross	24685000000	USD
CY2016Q1	us-gaap	Property Plant And Equipment Gross PropertyPlantAndEquipmentGross	25231000000	USD
CY2015Q4	us-gaap	Property Plant And Equipment Net PropertyPlantAndEquipmentNet	15601000000	USD
CY2016Q1	us-gaap	Property Plant And Equipment Net PropertyPlantAndEquipmentNet	15964000000	USD
CY2015Q4	us-gaap	Property Plant And Equipment Other PropertyPlantAndEquipmentOther	3219000000	USD
CY2016Q1	us-gaap	Property Plant And Equipment Other PropertyPlantAndEquipmentOther	3308000000	USD
CY2015Q1	us-gaap	Repayments Of Long Term Debt And Capital Securities RepaymentsOfLongTermDebtAndCapitalSecurities	51000000	USD
CY2016Q1	us-gaap	Repayments Of Long Term Debt And Capital Securities RepaymentsOfLongTermDebtAndCapitalSecurities	56000000	USD
CY2015Q4	us-gaap	Retained Earnings Accumulated Deficit RetainedEarningsAccumulatedDeficit	9409000000	USD
CY2016Q1	us-gaap	Retained Earnings Accumulated Deficit RetainedEarningsAccumulatedDeficit	9872000000	USD
CY2015Q1	us-gaap	Revenues Revenues	4414000000	USD
CY2016Q1	us-gaap	Revenues Revenues	4826000000	USD
CY2015Q4	us-gaap	Sale Leaseback Transaction Deferred Gain Net SaleLeasebackTransactionDeferredGainNet	43000000	USD
CY2016Q1	us-gaap	Sale Leaseback Transaction Deferred Gain Net SaleLeasebackTransactionDeferredGainNet	40000000	USD
CY2015Q4	us-gaap	Short Term Investments ShortTermInvestments	1468000000	USD
CY2016Q1	us-gaap	Short Term Investments ShortTermInvestments	1194000000	USD
CY2015Q4	us-gaap	Stockholders Equity StockholdersEquity	7358000000	USD
CY2016Q1	us-gaap	Stockholders Equity StockholdersEquity	7496000000	USD
CY2015Q4	us-gaap	Taxes Payable Current TaxesPayableCurrent	179000000	USD
CY2016Q1	us-gaap	Taxes Payable Current TaxesPayableCurrent	246000000	USD
CY2015Q4	us-gaap	Treasury Stock Value TreasuryStockValue	3182000000	USD
CY2016Q1	us-gaap	Treasury Stock Value TreasuryStockValue	3677000000	USD
CY2015Q1	us-gaap	Unrealized Gain Loss On Derivatives UnrealizedGainLossOnDerivatives	-11000000	USD
CY2016Q1	us-gaap	Unrealized Gain Loss On Derivatives UnrealizedGainLossOnDerivatives	-88000000	USD
CY2015Q1	us-gaap	Weighted Average Number Of Diluted Shares Outstanding WeightedAverageNumberOfDilutedSharesOutstanding	682000000	shares
CY2016Q1	us-gaap	Weighted Average Number Of Diluted Shares Outstanding WeightedAverageNumberOfDilutedSharesOutstanding	648000000	shares
CY2015Q1	us-gaap	Weighted Average Number Of Shares Outstanding Basic WeightedAverageNumberOfSharesOutstandingBasic	674000000	shares
CY2016Q1	us-gaap	Weighted Average Number Of Shares Outstanding Basic WeightedAverageNumberOfSharesOutstandingBasic	641000000	shares
CY2015Q4	us-gaap	Workers Compensation Liability Current WorkersCompensationLiabilityCurrent	187000000	USD
CY2016Q1	us-gaap	Workers Compensation Liability Current WorkersCompensationLiabilityCurrent	191000000	USD
CY2016Q1	us-gaap	Basis Of Accounting BasisOfAccounting	<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">BASIS OF PRESENTATION</font></div><div style="line-height:120%;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Southwest Airlines Co. (the “Company”) operates Southwest Airlines, a major passenger airline that provides scheduled air transportation in the United States and near-international markets. The unaudited Condensed Consolidated Financial Statements include accounts of the Company and its wholly owned subsidiaries, which include AirTran Holdings, LLC, the parent company of AirTran Airways, Inc. (“AirTran Airways”). On May 2, 2011 (the “acquisition date”), the Company acquired all of the outstanding equity of AirTran Holdings, Inc. (“AirTran Holdings”), the former parent company of AirTran Airways. Throughout this Form 10-Q, the Company makes reference to AirTran, which is meant to be inclusive of the following: (i) for periods prior to the acquisition date, AirTran Holdings and its subsidiaries, including, among others, AirTran Airways; and (ii) for periods on and after the acquisition date, AirTran Holdings, LLC, the successor to AirTran Holdings, and its subsidiaries, including among others, AirTran Airways. AirTran's final passenger service was on December 28, 2014.</font></div><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">The accompanying unaudited Condensed Consolidated Financial Statements of the Company and its subsidiaries have been prepared in accordance with accounting principles generally accepted in the United States for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles in the United States (“GAAP”) for complete financial statements. The unaudited Condensed Consolidated Financial Statements for the interim periods ended </font><font style="font-family:Times New Roman;font-size:11pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">March 31, 2016</font><font style="font-family:inherit;font-size:11pt;"> and </font><font style="font-family:Times New Roman;font-size:11pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">2015</font><font style="font-family:inherit;font-size:11pt;"> include all adjustments which are, in the opinion of management, necessary for a fair presentation of the results for the interim periods. This includes all normal and recurring adjustments and elimination of significant intercompany transactions. Financial results for the Company and airlines in general can be seasonal in nature. In many years, the Company's revenues, as well as its operating income and net income, have been better in its second and third fiscal quarters than in its first and fourth fiscal quarters. Air travel is also significantly impacted by general economic conditions, the amount of disposable income available to consumers, unemployment levels, corporate travel budgets, and other factors beyond the Company's control. These and other factors, such as the price of jet fuel in some periods, the nature of the Company's fuel hedging program, the periodic volatility of commodities used by the Company for hedging jet fuel, and the requirements related to hedge accounting, have created, and may continue to create, significant volatility in the Company's financial results. See</font><font style="font-family:inherit;font-size:10pt;"> </font><font style="font-family:inherit;font-size:11pt;color:#000000;text-decoration:none;">Note 3</font><font style="font-family:inherit;font-size:11pt;"> for further information on fuel and the Company's hedging program. Operating results for the </font><font style="font-family:inherit;font-size:11pt;">three months ended</font><font style="font-family:inherit;font-size:10pt;"> </font><font style="font-family:inherit;font-size:11pt;color:#000000;text-decoration:none;">March 31, 2016</font><font style="font-family:inherit;font-size:11pt;">, are not necessarily indicative of the results that may be expected for future quarters or for the year ended </font><font style="font-family:inherit;font-size:11pt;color:#000000;text-decoration:none;">December 31, 2016</font><font style="font-family:inherit;font-size:11pt;">. For further information, refer to the Consolidated Financial Statements and footnotes thereto included in the Southwest Airlines Co. Annual Report on Form 10-K for the year ended </font><font style="font-family:inherit;font-size:11pt;">December 31, 2015</font><font style="font-family:inherit;font-size:11pt;">.</font></div></div>
CY2016Q1	us-gaap	Revenue Recognition Multiple Element Arrangements RevenueRecognitionMultipleElementArrangements	<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Southwest sells frequent flyer points and related services to companies participating in its frequent flyer program. Historically, funds received from the sale of points associated with these agreements were accounted for under the residual method. Under this method, the Company estimated the portion of the amounts received from the sale of frequent flyer points that related to free travel and these amounts were deferred and recognized as Passenger revenue when the ultimate free travel awards were flown. On July 1, 2015, the Company executed an amended co-branded credit card agreement ("Agreement") with Chase Bank USA, N.A. (“Chase”), through which the Company sells loyalty points and other items to Chase. This material modification triggered an accounting change under ASU No. 2009-13, which is recorded on a prospective basis. The impact of the accounting change is that the Company estimated the selling prices and volumes over the term of the Agreement in order to determine the allocation of proceeds to each of the deliverables (travel points to be awarded; use of the Southwest Airlines’ brand and access to Rapid Reward Member lists; advertising elements; and the Company’s resource team). The Company records passenger revenue related to air transportation and certificates for discounted companion travel when the transportation is delivered. The other elements are recognized as Other - net revenue when earned. </font></div><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">The Company followed the transition approach of ASU No. 2009-13, which required that the Company adjust the existing deferred revenue balance to reflect the value, on a relative selling price basis, of any undelivered element remaining at the date of contract modification. The relative selling price of the undelivered element (air transportation) was lower than the rate at which it had been deferred under the residual method.</font></div></div>

Files In Submission

Name	View Source	Status
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luv-20160331.xml	Edgar Link	completed
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luv-3312016xex101.htm	Edgar Link	pending
luv-3312016xex311.htm	Edgar Link	pending
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$LUV
SOUTHWEST AIRLINES CO Stock $luv

2016 Q1 Form 10-Q Financial Statement

#000009238016000213 Filed on April 29, 2016

Income Statement

Balance Sheet

Cashflow Statement

Facts In Submission

Files In Submission

$LUV SOUTHWEST AIRLINES CO Stock $luv

2016 Q1 Form 10-Q Financial Statement

#000009238016000213 Filed on April 29, 2016

Income Statement

Balance Sheet

Cashflow Statement

Facts In Submission

Files In Submission

$LUV
SOUTHWEST AIRLINES CO Stock $luv