$LUV
SOUTHWEST AIRLINES CO

2019 Q4 Form 10-Q Financial Statement

#000009238019000085 Filed on November 08, 2019

View on sec.gov

Income Statement

Concept 2019 Q4 2019 Q3 2018 Q3
Revenue $5.729B $5.639B $5.575B
YoY Change 0.44% 1.15% 5.13%
Cost Of Revenue $1.432B $1.435B $1.583B
YoY Change -7.85% -9.35% 12.11%
Gross Profit $4.298B $4.204B $3.992B
YoY Change 3.57% 5.31% 2.6%
Gross Profit Margin 75.02% 74.55% 71.61%
Selling, General & Admin $2.605B $2.360B $2.195B
YoY Change 14.1% 7.52% 6.86%
% of Gross Profit 60.61% 56.14% 54.98%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $313.0M $308.0M $301.0M
YoY Change -5.44% 2.33% -0.33%
% of Gross Profit 7.28% 7.33% 7.54%
Operating Expenses $3.633B $4.820B $4.777B
YoY Change 9.1% 0.9% 7.16%
Operating Profit $665.0M $819.0M $798.0M
YoY Change -18.9% 2.63% -5.56%
Interest Expense $1.000M $30.00M $33.00M
YoY Change -200.0% -9.09% 17.86%
% of Operating Profit 0.15% 3.66% 4.14%
Other Income/Expense, Net $0.00 $0.00 -$12.00M
YoY Change -100.0% -100.0% -7.69%
Pretax Income $666.0M $819.0M $786.0M
YoY Change -18.48% 4.2% -5.53%
Income Tax $184.0M $160.0M $171.0M
% Of Pretax Income 27.63% 19.54% 21.76%
Net Earnings $514.0M $659.0M $615.0M
YoY Change -21.41% 7.15% 16.48%
Net Earnings / Revenue 8.97% 11.69% 11.03%
Basic Earnings Per Share $0.98 $1.24 $1.08
Diluted Earnings Per Share $0.98 $1.23 $1.08
COMMON SHARES
Basic Shares Outstanding 526.3M shares 533.0M shares 569.0M shares
Diluted Shares Outstanding 534.0M shares 569.0M shares

Balance Sheet

Concept 2019 Q4 2019 Q3 2018 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $4.072B $4.016B $3.820B
YoY Change 10.38% 5.13% 25.66%
Cash & Equivalents $2.548B $2.488B $2.104B
Short-Term Investments $1.524B $1.528B $1.716B
Other Short-Term Assets $287.0M $239.0M $514.0M
YoY Change -7.42% -53.5% 130.49%
Inventory $529.0M $528.0M $483.0M
Prepaid Expenses
Receivables $1.086B $867.0M $784.0M
Other Receivables $55.00M $0.00 $0.00
Total Short-Term Assets $5.974B $5.650B $5.601B
YoY Change 18.81% 0.87% 30.86%
LONG-TERM ASSETS
Property, Plant & Equipment $17.03B $17.84B $19.28B
YoY Change -12.8% -7.45% 6.19%
Goodwill $970.0M $970.0M $970.0M
YoY Change 0.0% 0.0% 0.0%
Intangibles $296.0M $311.0M $403.0M
YoY Change -26.0% -22.83% -3.13%
Long-Term Investments
YoY Change
Other Assets $577.0M $653.0M $1.032B
YoY Change -19.86% -36.72% 22.42%
Total Long-Term Assets $19.92B $20.82B $21.28B
YoY Change -6.1% -2.18% 6.57%
TOTAL ASSETS
Total Short-Term Assets $5.974B $5.650B $5.601B
Total Long-Term Assets $19.92B $20.82B $21.28B
Total Assets $25.90B $26.47B $26.88B
YoY Change -1.33% -1.54% 10.86%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.574B $1.274B $1.224B
YoY Change 11.16% 4.08% 8.9%
Accrued Expenses $1.749B $1.456B $1.517B
YoY Change 0.0% -4.02% -4.77%
Deferred Revenue $4.457B
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $819.0M $637.0M $346.0M
YoY Change 35.15% 84.1% 9.49%
Total Short-Term Liabilities $8.952B $8.629B $7.843B
YoY Change 13.24% 10.02% 12.61%
LONG-TERM LIABILITIES
Long-Term Debt $1.846B $2.398B $3.156B
YoY Change -34.52% -24.02% 10.47%
Other Long-Term Liabilities $706.0M $644.0M $748.0M
YoY Change 8.62% -13.9% 4.91%
Total Long-Term Liabilities $706.0M $644.0M $748.0M
YoY Change 8.62% -13.9% 4.91%
TOTAL LIABILITIES
Total Short-Term Liabilities $8.952B $8.629B $7.843B
Total Long-Term Liabilities $706.0M $644.0M $748.0M
Total Liabilities $9.658B $9.273B $8.591B
YoY Change 12.89% 7.94% 11.89%
SHAREHOLDERS EQUITY
Retained Earnings $17.95B $17.53B $15.40B
YoY Change 12.39% 13.78% 20.27%
Common Stock $2.389B $2.362B $2.293B
YoY Change 3.06% 3.01% 2.18%
Preferred Stock
YoY Change
Treasury Stock (at cost) $10.44B $9.893B $7.954B
YoY Change 23.53% 24.38% 30.09%
Treasury Stock Shares 288.5M shares
Shareholders Equity $9.832B $9.931B $10.15B
YoY Change
Total Liabilities & Shareholders Equity $25.90B $26.47B $26.88B
YoY Change -1.33% -1.54% 10.86%

Cashflow Statement

Concept 2019 Q4 2019 Q3 2018 Q3
OPERATING ACTIVITIES
Net Income $514.0M $659.0M $615.0M
YoY Change -21.41% 7.15% 16.48%
Depreciation, Depletion And Amortization $313.0M $308.0M $301.0M
YoY Change -5.44% 2.33% -0.33%
Cash From Operating Activities $824.0M $1.091B $1.271B
YoY Change -16.68% -14.16% 27.61%
INVESTING ACTIVITIES
Capital Expenditures -$261.0M -$376.0M -$463.0M
YoY Change -51.93% -18.79% -29.2%
Acquisitions
YoY Change
Other Investing Activities $405.0M $0.00 -$5.000M
YoY Change -424.0% -100.0%
Cash From Investing Activities $144.0M -$359.0M -$604.0M
YoY Change -121.56% -40.56% -2.58%
FINANCING ACTIVITIES
Cash Dividend Paid $96.00M $91.00M
YoY Change 5.49% 21.33%
Common Stock Issuance & Retirement, Net $500.0M $500.0M
YoY Change 0.0% 66.67%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -908.0M -$690.0M -$677.0M
YoY Change 59.02% 1.92% 49.45%
NET CHANGE
Cash From Operating Activities 824.0M $1.091B $1.271B
Cash From Investing Activities 144.0M -$359.0M -$604.0M
Cash From Financing Activities -908.0M -$690.0M -$677.0M
Net Change In Cash 60.00M $42.00M -$10.00M
YoY Change -124.0% -520.0% -87.01%
FREE CASH FLOW
Cash From Operating Activities $824.0M $1.091B $1.271B
Capital Expenditures -$261.0M -$376.0M -$463.0M
Free Cash Flow $1.085B $1.467B $1.734B
YoY Change -29.18% -15.4% 5.09%

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BASIS OF PRESENTATION<div style="line-height:120%;font-size:11pt;"><span style="font-family:inherit;font-size:11pt;"><br/></span></div><div style="line-height:120%;text-align:justify;font-size:11pt;"><span style="font-family:inherit;font-size:11pt;">Southwest Airlines Co. (the "Company" or "Southwest") 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.</span></div><div style="line-height:120%;text-align:justify;font-size:11pt;"><span style="font-family:inherit;font-size:11pt;"><br/></span></div><div style="line-height:120%;text-align:justify;font-size:11pt;"><span 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 </span><span style="font-family:Times New Roman;font-size:11pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">September 30, 2019</span><span style="font-family:inherit;font-size:11pt;"> and </span><span style="font-family:Times New Roman;font-size:11pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">2018</span><span 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, extreme or severe weather and natural disasters, fears of terrorism or war, 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, and the periodic volatility of commodities used by the Company for hedging jet fuel, have created, and may continue to create, significant volatility in the Company's financial results. See</span><span style="font-family:inherit;font-size:10pt;"> </span><span style="font-family:inherit;font-size:11pt;color:#000000;text-decoration:none;">Note 3</span><span style="font-family:inherit;font-size:11pt;"> for further information on fuel and the Company's hedging program. Operating results for the </span><span style="font-family:inherit;font-size:11pt;">three and nine months ended</span><span style="font-family:inherit;font-size:10pt;"> </span><span style="font-family:inherit;font-size:11pt;color:#000000;text-decoration:none;">September 30, 2019</span><span 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 </span><span style="font-family:inherit;font-size:11pt;color:#000000;text-decoration:none;">December 31, 2019</span><span style="font-family:inherit;font-size:11pt;">. For further information, refer to the Consolidated Financial Statements and footnotes thereto included in the Company's Annual Report on Form 10-K for the year ended </span><span style="font-family:inherit;font-size:11pt;">December 31, 2018</span><span style="font-family:inherit;font-size:11pt;">.</span></div><div style="line-height:120%;text-align:justify;font-size:11pt;"><span style="font-family:inherit;font-size:11pt;"><br/></span></div><span style="font-family:inherit;font-size:11pt;">Effective as of January 1, 2019, the Company adopted Accounting Standards Update ("ASU") No. 2016-02, Leases, codified in Accounting Standards Codification ("ASC") 842 (the "New Lease Standard"). All amounts and disclosures set forth in this Form 10-Q for the </span><span style="font-family:inherit;font-size:11pt;">three and nine months ended</span><span style="font-family:inherit;font-size:11pt;"> </span><span style="font-family:inherit;font-size:11pt;">September 30, 2019</span><span style="font-family:inherit;font-size:11pt;"> reflect the adoption of this ASU, while all periods prior to 2019 remain in accordance with prior accounting requirements. See Note </span><span style="font-family:inherit;font-size:11pt;">2</span> for further information.
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MaximumSumOfDerivativesOfCounterpartyToBeIncludedInOther
7000000 USD
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LetterofCreditPercentofCollateral
1
CY2019Q3 luv Cash Collateral Percent Of Fair Value Fuel Derivatives Contracts
CashCollateralPercentOfFairValueFuelDerivativesContracts
1
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2229000000 USD
CY2018Q3 us-gaap Deferred Revenue
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2948000000 USD
CY2019Q3 us-gaap Deferred Revenue
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3339000000 USD
CY2018Q3 us-gaap Deferred Revenue
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2948000000 USD
CY2019Q3 luv Air Traffic Liability Passenger Revenueand Ancillary Passenger Services
AirTrafficLiabilityPassengerRevenueandAncillaryPassengerServices
2627000000 USD
CY2018Q4 luv Air Traffic Liability Passenger Revenueand Ancillary Passenger Services
AirTrafficLiabilityPassengerRevenueandAncillaryPassengerServices
2059000000 USD
CY2019Q3 luv Air Traffic Liability Loyalty Program
AirTrafficLiabilityLoyaltyProgram
3339000000 USD
CY2018Q4 luv Air Traffic Liability Loyalty Program
AirTrafficLiabilityLoyaltyProgram
3011000000 USD
CY2019Q3 luv Air Traffic Liability Total
AirTrafficLiabilityTotal
5966000000 USD
CY2018Q4 luv Air Traffic Liability Total
AirTrafficLiabilityTotal
5070000000 USD
CY2019Q2 us-gaap Deferred Revenue
DeferredRevenue
3289000000 USD
CY2018Q2 us-gaap Deferred Revenue
DeferredRevenue
2919000000 USD
CY2018Q4 us-gaap Deferred Revenue
DeferredRevenue
3011000000 USD
CY2017Q4 us-gaap Deferred Revenue
DeferredRevenue
2667000000 USD
CY2019Q3 luv Revenue Amounts Deferred Associated With Points Awarded
RevenueAmountsDeferredAssociatedWithPointsAwarded
727000000 USD
CY2018Q3 luv Revenue Amounts Deferred Associated With Points Awarded
RevenueAmountsDeferredAssociatedWithPointsAwarded
669000000 USD
luv Revenue Amounts Deferred Associated With Points Awarded
RevenueAmountsDeferredAssociatedWithPointsAwarded
2195000000 USD
luv Revenue Amounts Deferred Associated With Points Awarded
RevenueAmountsDeferredAssociatedWithPointsAwarded
2027000000 USD
CY2019Q3 luv Passenger Revenue Recognized From Points Redeemed
PassengerRevenueRecognizedFromPointsRedeemed
-657000000 USD
CY2018Q3 luv Passenger Revenue Recognized From Points Redeemed
PassengerRevenueRecognizedFromPointsRedeemed
-623000000 USD
luv Passenger Revenue Recognized From Points Redeemed
PassengerRevenueRecognizedFromPointsRedeemed
-1814000000 USD
luv Passenger Revenue Recognized From Points Redeemed
PassengerRevenueRecognizedFromPointsRedeemed
-1702000000 USD
CY2019Q3 luv Other Revenue Recognized From Points Redeemed
OtherRevenueRecognizedFromPointsRedeemed
-20000000 USD
CY2018Q3 luv Other Revenue Recognized From Points Redeemed
OtherRevenueRecognizedFromPointsRedeemed
-17000000 USD
luv Other Revenue Recognized From Points Redeemed
OtherRevenueRecognizedFromPointsRedeemed
-53000000 USD
luv Other Revenue Recognized From Points Redeemed
OtherRevenueRecognizedFromPointsRedeemed
-44000000 USD
CY2019Q3 us-gaap Deferred Revenue
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3339000000 USD
CY2018Q4 luv Air Traffic Liability Total
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5070000000 USD
luv Air Traffic Liability Current Period Sales
AirTrafficLiabilityCurrentPeriodSales
16410000000 USD
luv Air Traffic Liability Revenueamountsinbeginningbalance
AirTrafficLiabilityRevenueamountsinbeginningbalance
-3160000000 USD
luv Air Traffic Liability Revenuefrom Current Period Sales
AirTrafficLiabilityRevenuefromCurrentPeriodSales
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CY2019Q3 luv Air Traffic Liability Total
AirTrafficLiabilityTotal
5966000000 USD
CY2017Q4 luv Air Traffic Liability Total
AirTrafficLiabilityTotal
4565000000 USD
luv Air Traffic Liability Current Period Sales
AirTrafficLiabilityCurrentPeriodSales
16200000000 USD
luv Air Traffic Liability Revenueamountsinbeginningbalance
AirTrafficLiabilityRevenueamountsinbeginningbalance
-3098000000 USD
luv Air Traffic Liability Revenuefrom Current Period Sales
AirTrafficLiabilityRevenuefromCurrentPeriodSales
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AirTrafficLiabilityTotal
5583000000 USD
CY2019Q3 us-gaap Net Income Loss
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659000000 USD
CY2018Q3 us-gaap Net Income Loss
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615000000 USD
us-gaap Net Income Loss
NetIncomeLoss
1787000000 USD
us-gaap Net Income Loss
NetIncomeLoss
1811000000 USD
CY2019Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
533000000 shares
CY2018Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
569000000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
542000000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
578000000 shares
CY2019Q3 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
1000000 shares
CY2018Q3 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
0 shares
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IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
1000000 shares
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
1000000 shares
CY2019Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
534000000 shares
CY2018Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
569000000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
543000000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
579000000 shares
CY2019Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.24
CY2018Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.08
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
3.30
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
3.13
CY2019Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.23
CY2018Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.08
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
3.29
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
3.13
CY2019Q3 us-gaap Operating Leases Future Minimum Payments Due Current
OperatingLeasesFutureMinimumPaymentsDueCurrent
23000000 USD
CY2019Q3 us-gaap Operating Leases Future Minimum Payments Due In Two Years
OperatingLeasesFutureMinimumPaymentsDueInTwoYears
78000000 USD
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OperatingLeasesFutureMinimumPaymentsDueInThreeYears
41000000 USD
CY2019Q3 us-gaap Operating Leases Future Minimum Payments Due In Four Years
OperatingLeasesFutureMinimumPaymentsDueInFourYears
17000000 USD
CY2019Q3 us-gaap Operating Leases Future Minimum Payments Due In Five Years
OperatingLeasesFutureMinimumPaymentsDueInFiveYears
7000000 USD
CY2019Q3 luv Operating Leases Future Minimum Payments Duein Six Years
OperatingLeasesFutureMinimumPaymentsDueinSixYears
1000000 USD
us-gaap Finance Lease Interest Expense
FinanceLeaseInterestExpense
20000000 USD
CY2019Q3 us-gaap Lease Cost
LeaseCost
439000000 USD
CY2019Q3 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
1352000000 USD
CY2019Q3 us-gaap Finance Lease Right Of Use Asset
FinanceLeaseRightOfUseAsset
835000000 USD
CY2019Q3 luv Lease Rightof Use Asset
LeaseRightofUseAsset
2187000000 USD
CY2019Q3 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
332000000 USD
CY2019Q3 us-gaap Finance Lease Liability Current
FinanceLeaseLiabilityCurrent
86000000 USD
CY2019Q3 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
1014000000 USD
CY2019Q3 us-gaap Finance Lease Liability Noncurrent
FinanceLeaseLiabilityNoncurrent
586000000 USD
CY2019Q3 luv Lease Liability
LeaseLiability
2018000000 USD
CY2019Q3 us-gaap Short Term Lease Cost
ShortTermLeaseCost
1000000 USD
us-gaap Short Term Lease Cost
ShortTermLeaseCost
3000000 USD
CY2019Q3 us-gaap Variable Lease Cost
VariableLeaseCost
337000000 USD
us-gaap Variable Lease Cost
VariableLeaseCost
1016000000 USD
CY2019Q3 us-gaap Finance Lease Right Of Use Asset Amortization
FinanceLeaseRightOfUseAssetAmortization
29000000 USD
us-gaap Finance Lease Right Of Use Asset Amortization
FinanceLeaseRightOfUseAssetAmortization
87000000 USD
CY2019Q3 us-gaap Finance Lease Interest Expense
FinanceLeaseInterestExpense
6000000 USD
us-gaap Lease Cost
LeaseCost
1324000000 USD
CY2019Q3 us-gaap Sublease Income
SubleaseIncome
25000000 USD
us-gaap Sublease Income
SubleaseIncome
75000000 USD
CY2019Q3 us-gaap Operating Lease Payments
OperatingLeasePayments
95000000 USD
us-gaap Operating Lease Payments
OperatingLeasePayments
298000000 USD
CY2019Q3 us-gaap Finance Lease Interest Payment On Liability
FinanceLeaseInterestPaymentOnLiability
6000000 USD
us-gaap Finance Lease Interest Payment On Liability
FinanceLeaseInterestPaymentOnLiability
20000000 USD
CY2019Q3 us-gaap Finance Lease Principal Payments
FinanceLeasePrincipalPayments
21000000 USD
us-gaap Finance Lease Principal Payments
FinanceLeasePrincipalPayments
64000000 USD
CY2019Q3 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
6000000 USD
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
130000000 USD
CY2019Q3 us-gaap Right Of Use Asset Obtained In Exchange For Finance Lease Liability
RightOfUseAssetObtainedInExchangeForFinanceLeaseLiability
0 USD
us-gaap Right Of Use Asset Obtained In Exchange For Finance Lease Liability
RightOfUseAssetObtainedInExchangeForFinanceLeaseLiability
1000000 USD
CY2018Q4 luv Operating Leases Future Minimum Payments Net In Four Years
OperatingLeasesFutureMinimumPaymentsNetInFourYears
155000000 USD
CY2018Q4 us-gaap Capital Leases Future Minimum Payments Due In Five Years
CapitalLeasesFutureMinimumPaymentsDueInFiveYears
97000000 USD
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due In Five Years
OperatingLeasesFutureMinimumPaymentsDueInFiveYears
146000000 USD
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Receivable In Five Years
OperatingLeasesFutureMinimumPaymentsReceivableInFiveYears
7000000 USD
CY2019Q3 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P9Y
CY2019Q3 us-gaap Finance Lease Weighted Average Remaining Lease Term1
FinanceLeaseWeightedAverageRemainingLeaseTerm1
P8Y
CY2018Q4 luv Operating Leases Future Minimum Payments Net In Five Years
OperatingLeasesFutureMinimumPaymentsNetInFiveYears
139000000 USD
CY2018Q4 us-gaap Capital Leases Future Minimum Payments Due Thereafter
CapitalLeasesFutureMinimumPaymentsDueThereafter
335000000 USD
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due Thereafter
OperatingLeasesFutureMinimumPaymentsDueThereafter
474000000 USD
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Receivable Thereafter
OperatingLeasesFutureMinimumPaymentsReceivableThereafter
1000000 USD
CY2018Q4 luv Operating Leases Future Minimum Payments Net Thereafter
OperatingLeasesFutureMinimumPaymentsNetThereafter
473000000 USD
CY2018Q4 us-gaap Capital Leases Future Minimum Payments Due
CapitalLeasesFutureMinimumPaymentsDue
857000000 USD
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due
OperatingLeasesFutureMinimumPaymentsDue
1741000000 USD
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Receivable
OperatingLeasesFutureMinimumPaymentsReceivable
236000000 USD
CY2018Q4 luv Operating Leases Future Minimum Payments Net
OperatingLeasesFutureMinimumPaymentsNet
1505000000 USD
CY2018Q4 us-gaap Capital Leases Future Minimum Payments Interest Included In Payments
CapitalLeasesFutureMinimumPaymentsInterestIncludedInPayments
126000000 USD
CY2019Q3 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.038
CY2019Q3 us-gaap Finance Lease Weighted Average Discount Rate Percent
FinanceLeaseWeightedAverageDiscountRatePercent
0.038
CY2019Q3 us-gaap Unrecorded Unconditional Purchase Obligation Balance Sheet Amount
UnrecordedUnconditionalPurchaseObligationBalanceSheetAmount
533000000 USD
CY2019Q3 luv Lessee Operating Lease Lease Notyet Commenced
LesseeOperatingLeaseLeaseNotyetCommenced
16 aircraft
CY2018Q4 us-gaap Capital Leases Future Minimum Payments Due Current
CapitalLeasesFutureMinimumPaymentsDueCurrent
111000000 USD
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due Current
OperatingLeasesFutureMinimumPaymentsDueCurrent
348000000 USD
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Receivable Current
OperatingLeasesFutureMinimumPaymentsReceivableCurrent
92000000 USD
CY2018Q4 luv Operating Leases Future Minimum Payments Net Current
OperatingLeasesFutureMinimumPaymentsNetCurrent
256000000 USD
CY2018Q4 us-gaap Capital Leases Future Minimum Payments Due In Two Years
CapitalLeasesFutureMinimumPaymentsDueInTwoYears
109000000 USD
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due In Two Years
OperatingLeasesFutureMinimumPaymentsDueInTwoYears
357000000 USD
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Receivable In Two Years
OperatingLeasesFutureMinimumPaymentsReceivableInTwoYears
78000000 USD
CY2018Q4 luv Operating Leases Future Minimum Payments Net In Two Years
OperatingLeasesFutureMinimumPaymentsNetInTwoYears
279000000 USD
CY2018Q4 us-gaap Capital Leases Future Minimum Payments Due In Three Years
CapitalLeasesFutureMinimumPaymentsDueInThreeYears
105000000 USD
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due In Three Years
OperatingLeasesFutureMinimumPaymentsDueInThreeYears
244000000 USD
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Receivable In Three Years
OperatingLeasesFutureMinimumPaymentsReceivableInThreeYears
41000000 USD
CY2018Q4 luv Operating Leases Future Minimum Payments Net In Three Years
OperatingLeasesFutureMinimumPaymentsNetInThreeYears
203000000 USD
CY2018Q4 us-gaap Capital Leases Future Minimum Payments Due In Four Years
CapitalLeasesFutureMinimumPaymentsDueInFourYears
100000000 USD
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due In Four Years
OperatingLeasesFutureMinimumPaymentsDueInFourYears
172000000 USD
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Receivable In Four Years
OperatingLeasesFutureMinimumPaymentsReceivableInFourYears
17000000 USD
CY2018Q4 us-gaap Capital Leases Future Minimum Payments Present Value Of Net Minimum Payments
CapitalLeasesFutureMinimumPaymentsPresentValueOfNetMinimumPayments
731000000 USD
CY2018Q4 us-gaap Capital Lease Obligations Current
CapitalLeaseObligationsCurrent
85000000 USD
CY2018Q4 us-gaap Capital Lease Obligations Noncurrent
CapitalLeaseObligationsNoncurrent
646000000 USD
CY2018Q4 us-gaap Lease Incentive Receivable
LeaseIncentiveReceivable
114000000 USD
CY2019Q3 luv Fair Value Measurementwith Unobservable Inputs Reconciliation Recurring Basis Gain Loss Includedin Other Comprehensive Income Loss Total
FairValueMeasurementwithUnobservableInputsReconciliationRecurringBasisGainLossIncludedinOtherComprehensiveIncomeLossTotal
-123000000 USD
luv Fair Value Measurementwith Unobservable Inputs Reconciliation Recurring Basis Gain Loss Includedin Other Comprehensive Income Loss Total
FairValueMeasurementwithUnobservableInputsReconciliationRecurringBasisGainLossIncludedinOtherComprehensiveIncomeLossTotal
-101000000 USD
CY2019Q3 luv Derivative Asset Fair Value Amount Offset Against Collateral Total
DerivativeAssetFairValueAmountOffsetAgainstCollateralTotal
80000000 USD
CY2018Q4 luv Derivative Asset Fair Value Amount Offset Against Collateral Total
DerivativeAssetFairValueAmountOffsetAgainstCollateralTotal
95000000 USD
CY2019Q3 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
311000000 USD
CY2018Q4 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
400000000 USD
CY2019Q3 us-gaap Capital Leases Future Minimum Payments Receivable
CapitalLeasesFutureMinimumPaymentsReceivable
50000000 USD
CY2018Q4 us-gaap Capital Leases Future Minimum Payments Receivable
CapitalLeasesFutureMinimumPaymentsReceivable
61000000 USD
CY2019Q3 us-gaap Other Assets Miscellaneous
OtherAssetsMiscellaneous
212000000 USD
CY2018Q4 us-gaap Other Assets Miscellaneous
OtherAssetsMiscellaneous
164000000 USD
CY2019Q3 us-gaap Other Assets
OtherAssets
653000000 USD
CY2018Q4 us-gaap Other Assets
OtherAssets
720000000 USD
CY2019Q3 us-gaap Accounts Payable Trade Current
AccountsPayableTradeCurrent
270000000 USD
CY2018Q4 us-gaap Accounts Payable Trade Current
AccountsPayableTradeCurrent
263000000 USD
CY2019Q3 us-gaap Accrued Salaries Current
AccruedSalariesCurrent
199000000 USD
CY2018Q4 us-gaap Accrued Salaries Current
AccruedSalariesCurrent
216000000 USD
CY2019Q3 us-gaap Taxes Payable Current
TaxesPayableCurrent
188000000 USD
CY2018Q4 us-gaap Taxes Payable Current
TaxesPayableCurrent
220000000 USD
CY2019Q3 luv Aircraft Maintenance Payable
AircraftMaintenancePayable
109000000 USD
CY2018Q4 luv Aircraft Maintenance Payable
AircraftMaintenancePayable
69000000 USD
CY2019Q3 luv Fuel Payable
FuelPayable
120000000 USD
CY2018Q4 luv Fuel Payable
FuelPayable
122000000 USD
CY2019Q3 us-gaap Accounts Payable Other Current
AccountsPayableOtherCurrent
388000000 USD
CY2018Q4 us-gaap Accounts Payable Other Current
AccountsPayableOtherCurrent
526000000 USD
CY2019Q3 us-gaap Accounts Payable Current
AccountsPayableCurrent
1274000000 USD
CY2018Q4 us-gaap Accounts Payable Current
AccountsPayableCurrent
1416000000 USD
CY2019Q3 us-gaap Deferred Compensation Cash Based Arrangements Liability Current
DeferredCompensationCashBasedArrangementsLiabilityCurrent
423000000 USD
CY2018Q4 us-gaap Deferred Compensation Cash Based Arrangements Liability Current
DeferredCompensationCashBasedArrangementsLiabilityCurrent
580000000 USD
CY2019Q3 us-gaap Accrued Vacation Current
AccruedVacationCurrent
427000000 USD
CY2018Q4 us-gaap Accrued Vacation Current
AccruedVacationCurrent
403000000 USD
CY2019Q3 us-gaap Accrued Employee Benefits Current
AccruedEmployeeBenefitsCurrent
118000000 USD
CY2018Q4 us-gaap Accrued Employee Benefits Current
AccruedEmployeeBenefitsCurrent
107000000 USD
CY2019Q3 us-gaap Workers Compensation Liability Current
WorkersCompensationLiabilityCurrent
169000000 USD
CY2018Q4 us-gaap Workers Compensation Liability Current
WorkersCompensationLiabilityCurrent
166000000 USD
CY2019Q3 luv Accrualfor Propertyand Income Taxes
AccrualforPropertyandIncomeTaxes
70000000 USD
CY2018Q4 luv Accrualfor Propertyand Income Taxes
AccrualforPropertyandIncomeTaxes
68000000 USD
CY2019Q3 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
249000000 USD
CY2018Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
425000000 USD
CY2019Q3 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
1456000000 USD
CY2018Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
1749000000 USD
CY2019Q3 us-gaap Pension And Other Postretirement Defined Benefit Plans Liabilities Noncurrent
PensionAndOtherPostretirementDefinedBenefitPlansLiabilitiesNoncurrent
245000000 USD
CY2018Q4 us-gaap Pension And Other Postretirement Defined Benefit Plans Liabilities Noncurrent
PensionAndOtherPostretirementDefinedBenefitPlansLiabilitiesNoncurrent
232000000 USD
CY2019Q3 us-gaap Other Deferred Compensation Arrangements Liability Classified Noncurrent
OtherDeferredCompensationArrangementsLiabilityClassifiedNoncurrent
288000000 USD
CY2018Q4 us-gaap Other Deferred Compensation Arrangements Liability Classified Noncurrent
OtherDeferredCompensationArrangementsLiabilityClassifiedNoncurrent
247000000 USD
CY2019Q3 us-gaap Other Sundry Liabilities Noncurrent
OtherSundryLiabilitiesNoncurrent
111000000 USD
CY2018Q4 us-gaap Other Sundry Liabilities Noncurrent
OtherSundryLiabilitiesNoncurrent
171000000 USD
CY2019Q3 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
644000000 USD
CY2018Q4 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
650000000 USD
CY2019Q3 us-gaap Construction In Progress Gross
ConstructionInProgressGross
172000000 USD
CY2019Q3 luv Assets Constructed For Others Net
AssetsConstructedForOthersNet
172000000 USD
CY2019Q3 us-gaap Contractual Obligation
ContractualObligation
172000000 USD
CY2018Q4 us-gaap Construction In Progress Gross
ConstructionInProgressGross
1768000000 USD
CY2018Q4 luv Assets Constructed For Others Net
AssetsConstructedForOthersNet
1637000000 USD
CY2018Q4 us-gaap Contractual Obligation
ContractualObligation
1701000000 USD
CY2019Q3 luv Numberof Aircraft Grounded Under Emergency Order
NumberofAircraftGroundedUnderEmergencyOrder
34
CY2019Q3 luv Potential Concessionsand Other Considerations
PotentialConcessionsandOtherConsiderations
4900000000 USD
CY2019Q3 luv Numberof Max Aircraft Expected To Be Deliveredin Fourth Quarter2019
NumberofMAXAircraftExpectedToBeDeliveredinFourthQuarter2019
7 aircraft
CY2019Q3 luv Numberof Max Aircraft Expected To Be Deliveredin2020
NumberofMAXAircraftExpectedToBeDeliveredin2020
34 aircraft

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