$LUV
SOUTHWEST AIRLINES CO Stock $luv

$luv Overview Financials Valuation SEC Filings Company Website

2020 Q1 Form 10-Q Financial Statement

#000009238020000060 Filed on April 28, 2020

Income Statement

Concept	2020 Q1	2019 Q1
Revenue	$4.234B	$5.149B
YoY Change	-17.77%	4.15%
Cost Of Revenue	$1.209B	$1.348B
YoY Change	-10.31%	-2.88%
Gross Profit	$3.025B	$3.801B
YoY Change	-20.42%	6.89%
Gross Profit Margin	71.45%	73.82%
Selling, General & Admin	$2.126B	$2.270B
YoY Change	-6.34%	9.24%
% of Gross Profit	70.28%	59.72%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization	$311.0M	$297.0M
YoY Change	4.71%	7.22%
% of Gross Profit	10.28%	7.81%
Operating Expenses	$3.135B	$4.644B
YoY Change	-32.49%	7.3%
Operating Profit	-$110.0M	$505.0M
YoY Change	-121.78%	-18.02%
Interest Expense	-$6.000M	$31.00M
YoY Change	-119.35%	-3.13%
% of Operating Profit		6.14%
Other Income/Expense, Net	-$34.00M	-$1.000M
YoY Change	3300.0%	-92.86%
Pretax Income	-$144.0M	$504.0M
YoY Change	-128.57%	-16.28%
Income Tax	-$50.00M	$117.0M
% Of Pretax Income		23.21%
Net Earnings	-$94.00M	$387.0M
YoY Change	-124.29%	-16.41%
Net Earnings / Revenue	-2.22%	7.52%
Basic Earnings Per Share	-$0.18	$0.70
Diluted Earnings Per Share	-$0.18	$0.70
COMMON SHARES
Basic Shares Outstanding	515.0M shares	551.0M shares
Diluted Shares Outstanding	515.0M shares	552.0M shares

Balance Sheet

Concept	2020 Q1	2019 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments	$5.545B	$3.861B
YoY Change	43.62%	19.06%
Cash & Equivalents	$3.940B	$2.344B
Short-Term Investments	$1.605B	$1.517B
Other Short-Term Assets	$256.0M	$354.0M
YoY Change	-27.68%	-20.98%
Inventory	$518.0M	$484.0M
Prepaid Expenses
Receivables	$579.0M	$784.0M
Other Receivables	$38.00M	$0.00
Total Short-Term Assets	$7.028B	$5.483B
YoY Change	28.18%	14.21%
LONG-TERM ASSETS
Property, Plant & Equipment	$16.99B	$17.77B
YoY Change	-4.41%	-5.33%
Goodwill	$970.0M	$970.0M
YoY Change	0.0%	0.0%
Intangibles	$296.0M	$313.0M
YoY Change	-5.43%	-23.66%
Long-Term Investments
YoY Change
Other Assets	$620.0M	$725.0M
YoY Change	-14.48%	-24.4%
Total Long-Term Assets	$19.86B	$20.98B
YoY Change	-5.33%	1.32%
TOTAL ASSETS
Total Short-Term Assets	$7.028B	$5.483B
Total Long-Term Assets	$19.86B	$20.98B
Total Assets	$26.89B	$26.46B
YoY Change	1.61%	3.75%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable	$1.043B	$1.412B
YoY Change	-26.13%	13.6%
Accrued Expenses	$1.037B	$1.350B
YoY Change	-23.19%	19.05%
Deferred Revenue	$5.036B
YoY Change
Short-Term Debt	$0.00	$0.00
YoY Change
Long-Term Debt Due	$2.795B	$571.0M
YoY Change	389.49%	56.44%
Total Short-Term Liabilities	$10.24B	$8.723B
YoY Change	17.4%	21.8%
LONG-TERM LIABILITIES
Long-Term Debt	$2.288B	$2.602B
YoY Change	-12.07%	-21.2%
Other Long-Term Liabilities	$694.0M	$608.0M
YoY Change	14.14%	-13.88%
Total Long-Term Liabilities	$694.0M	$608.0M
YoY Change	14.14%	-13.88%
TOTAL LIABILITIES
Total Short-Term Liabilities	$10.24B	$8.723B
Total Long-Term Liabilities	$694.0M	$608.0M
Total Liabilities	$10.94B	$9.331B
YoY Change	17.19%	18.59%
SHAREHOLDERS EQUITY
Retained Earnings	$17.76B	$16.32B
YoY Change	8.81%	14.62%
Common Stock	$2.390B	$2.321B
YoY Change	2.97%	2.7%
Preferred Stock
YoY Change
Treasury Stock (at cost)	$10.89B	$8.946B
YoY Change	21.69%	28.59%
Treasury Stock Shares
Shareholders Equity	$9.075B	$9.791B
YoY Change
Total Liabilities & Shareholders Equity	$26.89B	$26.46B
YoY Change	1.61%	3.75%

Cashflow Statement

Concept	2020 Q1	2019 Q1
OPERATING ACTIVITIES
Net Income	-$94.00M	$387.0M
YoY Change	-124.29%	-16.41%
Depreciation, Depletion And Amortization	$311.0M	$297.0M
YoY Change	4.71%	7.22%
Cash From Operating Activities	-$377.0M	$1.105B
YoY Change	-134.12%	10.28%
INVESTING ACTIVITIES
Capital Expenditures	-$224.0M	-$160.0M
YoY Change	40.0%	-63.05%
Acquisitions
YoY Change
Other Investing Activities	$219.0M	$324.0M
YoY Change	-32.41%	-10.0%
Cash From Investing Activities	-$5.000M	$164.0M
YoY Change	-103.05%	-324.66%
FINANCING ACTIVITIES
Cash Dividend Paid	$188.0M	$178.0M
YoY Change	5.62%	20.27%
Common Stock Issuance & Retirement, Net	$451.0M	$500.0M
YoY Change	-9.8%	0.0%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities	$1.774B	-$779.0M
YoY Change	-327.73%	29.4%
NET CHANGE
Cash From Operating Activities	-$377.0M	$1.105B
Cash From Investing Activities	-$5.000M	$164.0M
Cash From Financing Activities	$1.774B	-$779.0M
Net Change In Cash	$1.392B	$490.0M
YoY Change	184.08%	49.85%
FREE CASH FLOW
Cash From Operating Activities	-$377.0M	$1.105B
Capital Expenditures	-$224.0M	-$160.0M
Free Cash Flow	-$153.0M	$1.265B
YoY Change	-112.09%	-11.85%

Facts In Submission

Frame	Concept Type	Concept / XBRL Key	Value	Unit
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CY2020Q1	us-gaap	Earnings Per Share Basic EarningsPerShareBasic	-0.18
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CY2020Q1	dei	Document Fiscal Period Focus DocumentFiscalPeriodFocus	Q1
CY2020Q1	dei	Document Fiscal Year Focus DocumentFiscalYearFocus	2020
CY2020Q1	us-gaap	Accumulated Other Comprehensive Income Loss Net Of Tax AccumulatedOtherComprehensiveIncomeLossNetOfTax	-186000000	USD
CY2019Q1	us-gaap	Stock Issued During Period Value Employee Stock Purchase Plan StockIssuedDuringPeriodValueEmployeeStockPurchasePlan	4000000	USD
CY2019Q4	us-gaap	Accumulated Other Comprehensive Income Loss Net Of Tax AccumulatedOtherComprehensiveIncomeLossNetOfTax	-61000000	USD
CY2020Q1	us-gaap	Treasury Stock Value TreasuryStockValue	10886000000	USD
CY2019Q4	us-gaap	Treasury Stock Value TreasuryStockValue	10441000000	USD
CY2020Q1	us-gaap	Stockholders Equity StockholdersEquity	9075000000	USD
CY2019Q4	us-gaap	Stockholders Equity StockholdersEquity	9832000000	USD
CY2020Q1	us-gaap	Liabilities And Stockholders Equity LiabilitiesAndStockholdersEquity	26885000000	USD
CY2019Q4	us-gaap	Liabilities And Stockholders Equity LiabilitiesAndStockholdersEquity	25895000000	USD
CY2020Q1	us-gaap	Revenue From Contract With Customer Excluding Assessed Tax RevenueFromContractWithCustomerExcludingAssessedTax	4234000000	USD
CY2019Q1	us-gaap	Revenue From Contract With Customer Excluding Assessed Tax RevenueFromContractWithCustomerExcludingAssessedTax	5149000000	USD
CY2020Q1	us-gaap	Labor And Related Expense LaborAndRelatedExpense	1854000000	USD
CY2019Q1	us-gaap	Labor And Related Expense LaborAndRelatedExpense	1976000000	USD
CY2020Q1	us-gaap	Fuel Costs FuelCosts	870000000	USD
CY2019Q1	us-gaap	Fuel Costs FuelCosts	1015000000	USD
CY2020Q1	us-gaap	Aircraft Maintenance Materials And Repairs AircraftMaintenanceMaterialsAndRepairs	272000000	USD
CY2019Q1	us-gaap	Aircraft Maintenance Materials And Repairs AircraftMaintenanceMaterialsAndRepairs	293000000	USD
CY2020Q1	dei	Entity Address State Or Province EntityAddressStateOrProvince	TX
CY2020Q1	us-gaap	Landing Fees And Other Rentals LandingFeesAndOtherRentals	339000000	USD
CY2020Q1	dei	Entity Address Postal Zip Code EntityAddressPostalZipCode	75235-1611
CY2020Q1	dei	City Area Code CityAreaCode	214
CY2020Q1	dei	Local Phone Number LocalPhoneNumber	792-4000
CY2020Q1	dei	Entity Current Reporting Status EntityCurrentReportingStatus	Yes
CY2020Q1	dei	Entity Interactive Data Current EntityInteractiveDataCurrent	Yes
CY2020Q1	dei	Entity Filer Category EntityFilerCategory	Large Accelerated Filer
CY2020Q1	dei	Entity Small Business EntitySmallBusiness	false
CY2020Q1	dei	Entity Emerging Growth Company EntityEmergingGrowthCompany	false
CY2020Q1	dei	Entity Shell Company EntityShellCompany	false
CY2019Q1	us-gaap	Landing Fees And Other Rentals LandingFeesAndOtherRentals	333000000	USD
CY2020Q1	us-gaap	Depreciation And Amortization DepreciationAndAmortization	311000000	USD
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CY2019Q4	us-gaap	Accounts And Other Receivables Net Current AccountsAndOtherReceivablesNetCurrent	1086000000	USD
CY2020Q1	us-gaap	Airline Related Inventory AirlineRelatedInventory	518000000	USD
CY2019Q4	us-gaap	Airline Related Inventory AirlineRelatedInventory	529000000	USD
CY2020Q1	us-gaap	Prepaid Expense And Other Assets Current PrepaidExpenseAndOtherAssetsCurrent	256000000	USD
CY2019Q4	us-gaap	Prepaid Expense And Other Assets Current PrepaidExpenseAndOtherAssetsCurrent	287000000	USD
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CY2019Q4	us-gaap	Additional Paid In Capital Common Stock AdditionalPaidInCapitalCommonStock	1581000000	USD
CY2020Q1	us-gaap	Flight Equipment Gross FlightEquipmentGross	21580000000	USD
CY2019Q4	us-gaap	Flight Equipment Gross FlightEquipmentGross	21629000000	USD
CY2020Q1	us-gaap	Property Plant And Equipment Other PropertyPlantAndEquipmentOther	5818000000	USD
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CY2020Q1	us-gaap	Goodwill Goodwill	970000000	USD
CY2019Q4	us-gaap	Goodwill Goodwill	970000000	USD
CY2020Q1	us-gaap	Operating Lease Right Of Use Asset OperatingLeaseRightOfUseAsset	1278000000	USD
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CY2019Q1	us-gaap	Earnings Per Share Diluted EarningsPerShareDiluted	0.70
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CY2020Q1	us-gaap	Assets Assets	26885000000	USD
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CY2020Q1	us-gaap	Long Term Debt And Capital Lease Obligations Current LongTermDebtAndCapitalLeaseObligationsCurrent	2795000000	USD
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CY2020Q1	us-gaap	Retained Earnings Accumulated Deficit RetainedEarningsAccumulatedDeficit	17757000000	USD
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CY2020Q1	us-gaap	Deferred Income Tax Liabilities Net DeferredIncomeTaxLiabilitiesNet	2278000000	USD
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CY2020Q1	luv	Construction Obligation Noncurrent ConstructionObligationNoncurrent	198000000	USD
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CY2020Q1	dei	Entity Central Index Key EntityCentralIndexKey	0000092380
CY2020Q1	luv	Residual Travel Funds ResidualTravelFunds	0.33
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CY2019Q1	us-gaap	Other Comprehensive Income Loss Tax Portion Attributable To Parent1 OtherComprehensiveIncomeLossTaxPortionAttributableToParent1	3000000	USD
CY2020Q1	us-gaap	Other Comprehensive Income Loss Tax Portion Attributable To Parent1 OtherComprehensiveIncomeLossTaxPortionAttributableToParent1	-9000000	USD
CY2020Q1	dei	Document Type DocumentType	10-Q
CY2020Q1	dei	Document Quarterly Report DocumentQuarterlyReport	true
CY2020Q1	dei	Document Period End Date DocumentPeriodEndDate	2020-03-31
CY2020Q1	dei	Document Transition Report DocumentTransitionReport	false
CY2020Q1	dei	Entity File Number EntityFileNumber	1-7259
CY2020Q1	dei	Entity Registrant Name EntityRegistrantName	SOUTHWEST AIRLINES CO.
CY2020Q1	dei	Entity Incorporation State Country Code EntityIncorporationStateCountryCode	TX
CY2020Q1	dei	Entity Tax Identification Number EntityTaxIdentificationNumber	74-1563240
CY2020Q1	dei	Entity Address Address Line1 EntityAddressAddressLine1	P.O. Box 36611
CY2020Q1	dei	Entity Address City Or Town EntityAddressCityOrTown	Dallas,
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CY2019Q1	us-gaap	Proceeds From Issuance Of Debt ProceedsFromIssuanceOfDebt	0	USD
CY2020Q1	us-gaap	Proceeds From Lines Of Credit ProceedsFromLinesOfCredit	1000000000	USD
CY2019Q1	us-gaap	Proceeds From Lines Of Credit ProceedsFromLinesOfCredit	0	USD
CY2020Q1	us-gaap	Proceeds From Notes Payable ProceedsFromNotesPayable	1000000000	USD
CY2020Q1	us-gaap	Derivative Fair Value Of Derivative Asset DerivativeFairValueOfDerivativeAsset	89000000	USD
CY2020Q1	us-gaap	Other Operating Activities Cash Flow Statement OtherOperatingActivitiesCashFlowStatement	-61000000	USD
CY2019Q1	us-gaap	Other Operating Activities Cash Flow Statement OtherOperatingActivitiesCashFlowStatement	-32000000	USD
CY2020Q1	us-gaap	Net Cash Provided By Used In Operating Activities NetCashProvidedByUsedInOperatingActivities	-377000000	USD
CY2019Q1	us-gaap	Net Cash Provided By Used In Operating Activities NetCashProvidedByUsedInOperatingActivities	1105000000	USD
CY2020Q1	us-gaap	Payments To Acquire Productive Assets PaymentsToAcquireProductiveAssets	224000000	USD
CY2019Q1	us-gaap	Payments To Acquire Productive Assets PaymentsToAcquireProductiveAssets	160000000	USD
CY2020Q1	luv	Supplier Proceeds SupplierProceeds	-300000000	USD
CY2019Q1	luv	Supplier Proceeds SupplierProceeds	0	USD
CY2020Q1	us-gaap	Payments To Acquire Short Term Investments PaymentsToAcquireShortTermInvestments	1029000000	USD
CY2019Q1	us-gaap	Payments To Acquire Short Term Investments PaymentsToAcquireShortTermInvestments	251000000	USD
CY2020Q1	us-gaap	Proceeds From Sale Of Short Term Investments ProceedsFromSaleOfShortTermInvestments	948000000	USD
CY2019Q1	us-gaap	Proceeds From Sale Of Short Term Investments ProceedsFromSaleOfShortTermInvestments	575000000	USD
CY2020Q1	us-gaap	Net Cash Provided By Used In Investing Activities NetCashProvidedByUsedInInvestingActivities	-5000000	USD
CY2019Q1	us-gaap	Net Cash Provided By Used In Investing Activities NetCashProvidedByUsedInInvestingActivities	164000000	USD
CY2019Q1	us-gaap	Proceeds From Notes Payable ProceedsFromNotesPayable	0	USD
CY2020Q1	us-gaap	Proceeds From Stock Plans ProceedsFromStockPlans	11000000	USD
CY2019Q1	us-gaap	Proceeds From Stock Plans ProceedsFromStockPlans	10000000	USD
CY2020Q1	us-gaap	Repayments Of Long Term Debt And Capital Securities RepaymentsOfLongTermDebtAndCapitalSecurities	78000000	USD
CY2019Q1	us-gaap	Repayments Of Long Term Debt And Capital Securities RepaymentsOfLongTermDebtAndCapitalSecurities	99000000	USD
CY2020Q1	us-gaap	Payments Of Dividends PaymentsOfDividends	188000000	USD
CY2019Q1	us-gaap	Payments Of Dividends PaymentsOfDividends	178000000	USD
CY2020Q1	us-gaap	Payments For Repurchase Of Common Stock PaymentsForRepurchaseOfCommonStock	451000000	USD
CY2019Q1	us-gaap	Payments For Repurchase Of Common Stock PaymentsForRepurchaseOfCommonStock	500000000	USD
CY2020Q1	us-gaap	Proceeds From Payments For Other Financing Activities ProceedsFromPaymentsForOtherFinancingActivities	-20000000	USD
CY2019Q1	us-gaap	Proceeds From Payments For Other Financing Activities ProceedsFromPaymentsForOtherFinancingActivities	-12000000	USD
CY2020Q1	us-gaap	Net Cash Provided By Used In Financing Activities NetCashProvidedByUsedInFinancingActivities	1774000000	USD
CY2019Q1	us-gaap	Net Cash Provided By Used In Financing Activities NetCashProvidedByUsedInFinancingActivities	-779000000	USD
CY2020Q1	us-gaap	Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect	1392000000	USD
CY2019Q1	us-gaap	Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect	490000000	USD
CY2019Q4	us-gaap	Cash And Cash Equivalents At Carrying Value CashAndCashEquivalentsAtCarryingValue	2548000000	USD
CY2018Q4	us-gaap	Cash And Cash Equivalents At Carrying Value CashAndCashEquivalentsAtCarryingValue	1854000000	USD
CY2020Q1	us-gaap	Cash And Cash Equivalents At Carrying Value CashAndCashEquivalentsAtCarryingValue	3940000000	USD
CY2019Q1	us-gaap	Cash And Cash Equivalents At Carrying Value CashAndCashEquivalentsAtCarryingValue	2344000000	USD
CY2020Q1	us-gaap	Interest Paid Net InterestPaidNet	14000000	USD
CY2019Q1	us-gaap	Interest Paid Net InterestPaidNet	15000000	USD
CY2019Q4	us-gaap	Derivative Fair Value Of Derivative Asset DerivativeFairValueOfDerivativeAsset	112000000	USD
CY2020Q1	us-gaap	Derivative Fair Value Of Derivative Liability DerivativeFairValueOfDerivativeLiability	71000000	USD
CY2019Q4	us-gaap	Derivative Fair Value Of Derivative Liability DerivativeFairValueOfDerivativeLiability	6000000	USD
CY2020Q1	luv	Required Minimum Liquidity Levelat All Times After March312021 RequiredMinimumLiquidityLevelatAllTimesAfterMarch312021	2500000000	USD
CY2020Q1	us-gaap	Other Comprehensive Income Loss Net Of Tax OtherComprehensiveIncomeLossNetOfTax	-125000000	USD
CY2019Q1	us-gaap	Other Comprehensive Income Loss Net Of Tax OtherComprehensiveIncomeLossNetOfTax	76000000	USD
CY2020Q1	us-gaap	Unsecured Debt UnsecuredDebt	500000000	USD
CY2020Q1	us-gaap	Long Term Debt And Capital Lease Obligations Maturities Repayments Of Principal Remainder Of Fiscal Year LongTermDebtAndCapitalLeaseObligationsMaturitiesRepaymentsOfPrincipalRemainderOfFiscalYear	741000000	USD
CY2020Q1	us-gaap	Long Term Debt And Capital Lease Obligations Maturities Repayments Of Principal In Year Two LongTermDebtAndCapitalLeaseObligationsMaturitiesRepaymentsOfPrincipalInYearTwo	2200000000	USD
CY2020Q1	us-gaap	Long Term Debt And Capital Lease Obligations Maturities Repayments Of Principal In Year Three LongTermDebtAndCapitalLeaseObligationsMaturitiesRepaymentsOfPrincipalInYearThree	475000000	USD
CY2020Q1	us-gaap	Long Term Debt And Capital Lease Obligations Maturities Repayments Of Principal In Year Four LongTermDebtAndCapitalLeaseObligationsMaturitiesRepaymentsOfPrincipalInYearFour	103000000	USD
CY2020Q1	us-gaap	Long Term Debt And Capital Lease Obligations Maturities Repayments Of Principal In Year Five LongTermDebtAndCapitalLeaseObligationsMaturitiesRepaymentsOfPrincipalInYearFive	103000000	USD
CY2020Q1	luv	Longterm Debtand Capital Lease Obligations Maturities Repaymentsof Principalin Year Six LongtermDebtandCapitalLeaseObligationsMaturitiesRepaymentsofPrincipalinYearSix	90000000	USD
CY2020Q1	us-gaap	Income Taxes Paid IncomeTaxesPaid	5000000	USD
CY2019Q1	us-gaap	Income Taxes Paid IncomeTaxesPaid	4000000	USD
CY2020Q1	us-gaap	Right Of Use Asset Obtained In Exchange For Operating Lease Liability RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability	25000000	USD
CY2019Q1	us-gaap	Right Of Use Asset Obtained In Exchange For Operating Lease Liability RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability	119000000	USD
CY2020Q1	us-gaap	Right Of Use Asset Obtained In Exchange For Finance Lease Liability RightOfUseAssetObtainedInExchangeForFinanceLeaseLiability	0	USD
CY2019Q1	us-gaap	Right Of Use Asset Obtained In Exchange For Finance Lease Liability RightOfUseAssetObtainedInExchangeForFinanceLeaseLiability	1000000	USD
CY2020Q1	luv	Assets Constructedfor Others During Period AssetsConstructedforOthersDuringPeriod	34000000	USD
CY2019Q1	luv	Assets Constructedfor Others During Period AssetsConstructedforOthersDuringPeriod	21000000	USD
CY2020Q1	us-gaap	Comprehensive Income Net Of Tax ComprehensiveIncomeNetOfTax	-219000000	USD
CY2020Q1	us-gaap	Basis Of Accounting BasisOfAccounting	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><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;">March 31, 2020</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;">2019</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, impact of fears or actual outbreak of disease or pandemics, 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;">Note </span><span style="font-family:inherit;font-size:11pt;">4</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 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;">March 31, 2020</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, 2020</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, 2019</span>.
CY2020Q1	us-gaap	Goodwill Goodwill	970000000	USD
CY2020Q1	us-gaap	Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate	0.343
CY2019Q1	us-gaap	Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate	0.231
CY2020Q1	luv	Longterm Debtand Capital Lease Obligations Maturities Repaymentsof Principal Thereafter LongtermDebtandCapitalLeaseObligationsMaturitiesRepaymentsofPrincipalThereafter	1400000000	USD
CY2020Q1	luv	Percentageofactualconsumptionhedged Percentageofactualconsumptionhedged	0.70
CY2020Q1	us-gaap	Deferred Gain Loss On Discontinuation Of Interest Rate Fair Value Hedge DeferredGainLossOnDiscontinuationOfInterestRateFairValueHedge	18000000	USD
CY2019Q1	us-gaap	Deferred Gain Loss On Discontinuation Of Interest Rate Fair Value Hedge DeferredGainLossOnDiscontinuationOfInterestRateFairValueHedge	20000000	USD
CY2019Q1	us-gaap	Comprehensive Income Net Of Tax ComprehensiveIncomeNetOfTax	463000000	USD
CY2019Q1	us-gaap	Net Income Loss NetIncomeLoss	387000000	USD
CY2020Q1	us-gaap	Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent	-28000000	USD
CY2020Q1	us-gaap	Derivative Cost Of Hedge DerivativeCostOfHedge	24000000	USD
CY2019Q1	us-gaap	Derivative Cost Of Hedge DerivativeCostOfHedge	28000000	USD
CY2020Q1	us-gaap	Price Risk Cash Flow Hedge Unrealized Gain Loss To Be Reclassified During Next12 Months PriceRiskCashFlowHedgeUnrealizedGainLossToBeReclassifiedDuringNext12Months	67000000	USD
CY2020Q1	luv	Maximum Sum Of Derivatives Of Counterparty To Be Included In Other MaximumSumOfDerivativesOfCounterpartyToBeIncludedInOther	8000000	USD
CY2020Q1	luv	Letterof Credit Percentof Collateral LetterofCreditPercentofCollateral	1
CY2020Q1	luv	Cash Collateral Percent Of Fair Value Fuel Derivatives Contracts CashCollateralPercentOfFairValueFuelDerivativesContracts	1
CY2019Q1	us-gaap	Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent	11000000	USD
CY2020Q1	us-gaap	Net Income Loss NetIncomeLoss	-94000000	USD
CY2019Q4	us-gaap	Deferred Revenue DeferredRevenue	3385000000	USD
CY2018Q4	us-gaap	Deferred Revenue DeferredRevenue	3011000000	USD
CY2019Q1	luv	Air Traffic Liability Current Period Sales AirTrafficLiabilityCurrentPeriodSales	5704000000	USD
CY2019Q1	luv	Air Traffic Liability Revenueamountsinbeginningbalance AirTrafficLiabilityRevenueamountsinbeginningbalance	-2008000000	USD
CY2019Q1	luv	Air Traffic Liability Revenuefrom Current Period Sales AirTrafficLiabilityRevenuefromCurrentPeriodSales	-2752000000	USD
CY2019Q1	luv	Air Traffic Liability Total AirTrafficLiabilityTotal	6014000000	USD
CY2019Q4	luv	Residual Travel Funds ResidualTravelFunds	0.13
CY2020Q1	luv	Air Traffic Liability Passenger Revenueand Ancillary Passenger Services AirTrafficLiabilityPassengerRevenueandAncillaryPassengerServices	2650000000	USD
CY2019Q4	luv	Air Traffic Liability Passenger Revenueand Ancillary Passenger Services AirTrafficLiabilityPassengerRevenueandAncillaryPassengerServices	2125000000	USD
CY2020Q1	luv	Air Traffic Liability Loyalty Program AirTrafficLiabilityLoyaltyProgram	3561000000	USD
CY2019Q4	luv	Air Traffic Liability Loyalty Program AirTrafficLiabilityLoyaltyProgram	3385000000	USD
CY2020Q1	luv	Air Traffic Liability Total AirTrafficLiabilityTotal	6211000000	USD
CY2019Q4	luv	Air Traffic Liability Total AirTrafficLiabilityTotal	5510000000	USD
CY2020Q1	luv	Revenue Amounts Deferred Associated With Points Awarded RevenueAmountsDeferredAssociatedWithPointsAwarded	656000000	USD
CY2019Q1	luv	Revenue Amounts Deferred Associated With Points Awarded RevenueAmountsDeferredAssociatedWithPointsAwarded	711000000	USD
CY2020Q1	luv	Passenger Revenue Recognized From Points Redeemed PassengerRevenueRecognizedFromPointsRedeemed	-461000000	USD
CY2019Q1	luv	Passenger Revenue Recognized From Points Redeemed PassengerRevenueRecognizedFromPointsRedeemed	-535000000	USD
CY2020Q1	luv	Other Revenue Recognized From Points Redeemed OtherRevenueRecognizedFromPointsRedeemed	-19000000	USD
CY2019Q1	luv	Other Revenue Recognized From Points Redeemed OtherRevenueRecognizedFromPointsRedeemed	-16000000	USD
CY2020Q1	us-gaap	Deferred Revenue DeferredRevenue	3561000000	USD
CY2019Q1	us-gaap	Deferred Revenue DeferredRevenue	3171000000	USD
CY2019Q4	luv	Air Traffic Liability Total AirTrafficLiabilityTotal	5510000000	USD
CY2020Q1	luv	Air Traffic Liability Current Period Sales AirTrafficLiabilityCurrentPeriodSales	4565000000	USD
CY2020Q1	luv	Air Traffic Liability Revenueamountsinbeginningbalance AirTrafficLiabilityRevenueamountsinbeginningbalance	-1949000000	USD
CY2020Q1	luv	Air Traffic Liability Revenuefrom Current Period Sales AirTrafficLiabilityRevenuefromCurrentPeriodSales	-1915000000	USD
CY2020Q1	luv	Air Traffic Liability Total AirTrafficLiabilityTotal	6211000000	USD
CY2018Q4	luv	Air Traffic Liability Total AirTrafficLiabilityTotal	5070000000	USD
CY2020Q1	us-gaap	Net Income Loss NetIncomeLoss	-94000000	USD
CY2019Q1	us-gaap	Net Income Loss NetIncomeLoss	387000000	USD
CY2020Q1	us-gaap	Weighted Average Number Of Shares Outstanding Basic WeightedAverageNumberOfSharesOutstandingBasic	515000000	shares
CY2019Q1	us-gaap	Weighted Average Number Of Shares Outstanding Basic WeightedAverageNumberOfSharesOutstandingBasic	551000000	shares
CY2020Q1	us-gaap	Incremental Common Shares Attributable To Share Based Payment Arrangements IncrementalCommonSharesAttributableToShareBasedPaymentArrangements	0	shares
CY2019Q1	us-gaap	Incremental Common Shares Attributable To Share Based Payment Arrangements IncrementalCommonSharesAttributableToShareBasedPaymentArrangements	1000000	shares
CY2020Q1	us-gaap	Weighted Average Number Of Diluted Shares Outstanding WeightedAverageNumberOfDilutedSharesOutstanding	515000000	shares
CY2019Q1	us-gaap	Weighted Average Number Of Diluted Shares Outstanding WeightedAverageNumberOfDilutedSharesOutstanding	552000000	shares
CY2020Q1	us-gaap	Earnings Per Share Basic EarningsPerShareBasic	-0.18
CY2019Q1	us-gaap	Earnings Per Share Basic EarningsPerShareBasic	0.70
CY2020Q1	us-gaap	Earnings Per Share Diluted EarningsPerShareDiluted	-0.18
CY2019Q1	us-gaap	Earnings Per Share Diluted EarningsPerShareDiluted	0.70
CY2020Q1	luv	Trade Receivables TradeReceivables	44000000	USD
CY2019Q4	luv	Trade Receivables TradeReceivables	53000000	USD
CY2020Q1	us-gaap	Credit Card Receivables CreditCardReceivables	4000000	USD
CY2019Q4	us-gaap	Credit Card Receivables CreditCardReceivables	112000000	USD
CY2020Q1	luv	Business Partners And Other Suppliers BusinessPartnersAndOtherSuppliers	535000000	USD
CY2019Q4	luv	Business Partners And Other Suppliers BusinessPartnersAndOtherSuppliers	779000000	USD
CY2020Q1	us-gaap	Income Taxes Receivable IncomeTaxesReceivable	88000000	USD
CY2019Q4	us-gaap	Income Taxes Receivable IncomeTaxesReceivable	87000000	USD
CY2020Q1	us-gaap	Other Receivables Net Current OtherReceivablesNetCurrent	38000000	USD
CY2019Q4	us-gaap	Other Receivables Net Current OtherReceivablesNetCurrent	55000000	USD
CY2020Q1	us-gaap	Accounts And Other Receivables Net Current AccountsAndOtherReceivablesNetCurrent	709000000	USD
CY2019Q4	us-gaap	Accounts And Other Receivables Net Current AccountsAndOtherReceivablesNetCurrent	1086000000	USD
CY2020Q1	luv	Derivative Asset Fair Value Amount Offset Against Collateral Total DerivativeAssetFairValueAmountOffsetAgainstCollateralTotal	60000000	USD
CY2019Q4	luv	Derivative Asset Fair Value Amount Offset Against Collateral Total DerivativeAssetFairValueAmountOffsetAgainstCollateralTotal	49000000	USD
CY2020Q1	us-gaap	Intangible Assets Net Excluding Goodwill IntangibleAssetsNetExcludingGoodwill	296000000	USD
CY2019Q4	us-gaap	Intangible Assets Net Excluding Goodwill IntangibleAssetsNetExcludingGoodwill	296000000	USD
CY2020Q1	us-gaap	Other Assets Miscellaneous OtherAssetsMiscellaneous	264000000	USD
CY2019Q4	us-gaap	Other Assets Miscellaneous OtherAssetsMiscellaneous	232000000	USD
CY2020Q1	us-gaap	Other Assets OtherAssets	620000000	USD
CY2019Q4	us-gaap	Other Assets OtherAssets	577000000	USD
CY2019Q4	us-gaap	Other Accrued Liabilities Current OtherAccruedLiabilitiesCurrent	250000000	USD
CY2020Q1	us-gaap	Accrued Liabilities Current AccruedLiabilitiesCurrent	1037000000	USD
CY2019Q4	us-gaap	Accrued Liabilities Current AccruedLiabilitiesCurrent	1749000000	USD
CY2020Q1	us-gaap	Accounts Payable Trade Current AccountsPayableTradeCurrent	218000000	USD
CY2019Q4	us-gaap	Accounts Payable Trade Current AccountsPayableTradeCurrent	304000000	USD
CY2020Q1	us-gaap	Accrued Salaries Current AccruedSalariesCurrent	226000000	USD
CY2019Q4	us-gaap	Accrued Salaries Current AccruedSalariesCurrent	231000000	USD
CY2020Q1	us-gaap	Taxes Payable Current TaxesPayableCurrent	66000000	USD
CY2019Q4	us-gaap	Taxes Payable Current TaxesPayableCurrent	227000000	USD
CY2020Q1	luv	Aircraft Maintenance Payable AircraftMaintenancePayable	156000000	USD
CY2019Q4	luv	Aircraft Maintenance Payable AircraftMaintenancePayable	162000000	USD
CY2020Q1	luv	Fuel Payable FuelPayable	57000000	USD
CY2019Q4	luv	Fuel Payable FuelPayable	129000000	USD
CY2020Q1	us-gaap	Dividends Payable Current And Noncurrent DividendsPayableCurrentAndNoncurrent	0	USD
CY2019Q4	us-gaap	Dividends Payable Current And Noncurrent DividendsPayableCurrentAndNoncurrent	93000000	USD
CY2020Q1	us-gaap	Accounts Payable Other Current AccountsPayableOtherCurrent	320000000	USD
CY2019Q4	us-gaap	Accounts Payable Other Current AccountsPayableOtherCurrent	428000000	USD
CY2020Q1	us-gaap	Accounts Payable Current AccountsPayableCurrent	1043000000	USD
CY2019Q4	us-gaap	Accounts Payable Current AccountsPayableCurrent	1574000000	USD
CY2020Q1	us-gaap	Deferred Compensation Cash Based Arrangements Liability Current DeferredCompensationCashBasedArrangementsLiabilityCurrent	25000000	USD
CY2019Q4	us-gaap	Deferred Compensation Cash Based Arrangements Liability Current DeferredCompensationCashBasedArrangementsLiabilityCurrent	695000000	USD
CY2020Q1	us-gaap	Accrued Vacation Current AccruedVacationCurrent	443000000	USD
CY2019Q4	us-gaap	Accrued Vacation Current AccruedVacationCurrent	434000000	USD
CY2020Q1	us-gaap	Accrued Employee Benefits Current AccruedEmployeeBenefitsCurrent	99000000	USD
CY2019Q4	us-gaap	Accrued Employee Benefits Current AccruedEmployeeBenefitsCurrent	120000000	USD
CY2020Q1	us-gaap	Workers Compensation Liability Current WorkersCompensationLiabilityCurrent	168000000	USD
CY2019Q4	us-gaap	Workers Compensation Liability Current WorkersCompensationLiabilityCurrent	166000000	USD
CY2020Q1	luv	Accrualfor Propertyand Income Taxes AccrualforPropertyandIncomeTaxes	67000000	USD
CY2019Q4	luv	Accrualfor Propertyand Income Taxes AccrualforPropertyandIncomeTaxes	79000000	USD
CY2020Q1	us-gaap	Other Accrued Liabilities Current OtherAccruedLiabilitiesCurrent	180000000	USD
CY2020Q1	us-gaap	Pension And Other Postretirement Defined Benefit Plans Liabilities Noncurrent PensionAndOtherPostretirementDefinedBenefitPlansLiabilitiesNoncurrent	294000000	USD
CY2019Q4	us-gaap	Pension And Other Postretirement Defined Benefit Plans Liabilities Noncurrent PensionAndOtherPostretirementDefinedBenefitPlansLiabilitiesNoncurrent	288000000	USD
CY2020Q1	us-gaap	Other Deferred Compensation Arrangements Liability Classified Noncurrent OtherDeferredCompensationArrangementsLiabilityClassifiedNoncurrent	286000000	USD
CY2019Q4	us-gaap	Other Deferred Compensation Arrangements Liability Classified Noncurrent OtherDeferredCompensationArrangementsLiabilityClassifiedNoncurrent	313000000	USD
CY2020Q1	us-gaap	Other Sundry Liabilities Noncurrent OtherSundryLiabilitiesNoncurrent	114000000	USD
CY2019Q4	us-gaap	Other Sundry Liabilities Noncurrent OtherSundryLiabilitiesNoncurrent	105000000	USD
CY2020Q1	us-gaap	Other Liabilities Noncurrent OtherLiabilitiesNoncurrent	694000000	USD
CY2019Q4	us-gaap	Other Liabilities Noncurrent OtherLiabilitiesNoncurrent	706000000	USD
CY2020Q1	luv	Numberof Aircraft Grounded Under Emergency Order NumberofAircraftGroundedUnderEmergencyOrder	34
CY2020Q1	luv	After Tax Potential Concessionsand Other Considerations Announced July2019 AfterTaxPotentialConcessionsandOtherConsiderationsAnnouncedJuly2019	4900000000	USD
CY2020Q1	luv	Pre Tax Potential Concessionsand Other Considerations Announced January2020 PreTaxPotentialConcessionsandOtherConsiderationsAnnouncedJanuary2020	2600000000	USD
CY2020Q1	luv	Numberof Aircraft Grounded Under Emergency Order NumberofAircraftGroundedUnderEmergencyOrder	34
CY2020Q1	luv	Numberof Aircraft Not Delivered Dueto Grounding Under Emergency Order NumberofAircraftNotDeliveredDuetoGroundingUnderEmergencyOrder	41	aircraft
CY2020Q1	luv	Supplier Proceeds SupplierProceeds	-300000000	USD
CY2020Q1	dei	Entity Number Of Employees EntityNumberOfEmployees	60000

Files In Submission

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$LUV
SOUTHWEST AIRLINES CO Stock $luv

2020 Q1 Form 10-Q Financial Statement

#000009238020000060 Filed on April 28, 2020

Income Statement

Balance Sheet

Cashflow Statement

Facts In Submission

Files In Submission

$LUV SOUTHWEST AIRLINES CO Stock $luv

2020 Q1 Form 10-Q Financial Statement

#000009238020000060 Filed on April 28, 2020

Income Statement

Balance Sheet

Cashflow Statement

Facts In Submission

Files In Submission

$LUV
SOUTHWEST AIRLINES CO Stock $luv