2020 Q2 Form 10-Q Financial Statement

#000009238020000122 Filed on July 27, 2020

View on sec.gov

Income Statement

Concept 2020 Q2 2019 Q2 2019 Q1
Revenue $1.008B $5.909B $5.149B
YoY Change -82.94% 2.91% 4.15%
Cost Of Revenue $532.0M $1.493B $1.348B
YoY Change -64.37% -5.86% -2.88%
Gross Profit $476.0M $4.416B $3.801B
YoY Change -89.22% 6.26% 6.89%
Gross Profit Margin 47.22% 74.73% 73.82%
Selling, General & Admin $1.854B $2.423B $2.270B
YoY Change -23.48% 10.09% 9.24%
% of Gross Profit 389.5% 54.87% 59.72%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $313.0M $301.0M $297.0M
YoY Change 3.99% 3.08% 7.22%
% of Gross Profit 65.76% 6.82% 7.81%
Operating Expenses $2.609B $4.941B $4.644B
YoY Change -47.2% 3.58% 7.3%
Operating Profit -$1.127B $968.0M $505.0M
YoY Change -216.43% -0.41% -18.02%
Interest Expense -$80.00M $31.00M $31.00M
YoY Change -358.06% -6.06% -3.13%
% of Operating Profit 3.2% 6.14%
Other Income/Expense, Net -$112.0M $0.00 -$1.000M
YoY Change -100.0% -92.86%
Pretax Income -$1.239B $968.0M $504.0M
YoY Change -228.0% 0.83% -16.28%
Income Tax -$324.0M $227.0M $117.0M
% Of Pretax Income 23.45% 23.21%
Net Earnings -$915.0M $741.0M $387.0M
YoY Change -223.48% 1.09% -16.41%
Net Earnings / Revenue -90.77% 12.54% 7.52%
Basic Earnings Per Share -$1.63 $1.37 $0.70
Diluted Earnings Per Share -$1.63 $1.37 $0.70
COMMON SHARES
Basic Shares Outstanding 563.0M shares 542.0M shares 551.0M shares
Diluted Shares Outstanding 563.0M shares 542.0M shares 552.0M shares

Balance Sheet

Concept 2020 Q2 2019 Q2 2019 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $14.46B $3.986B $3.861B
YoY Change 262.69% 8.14% 19.06%
Cash & Equivalents $12.35B $2.446B $2.344B
Short-Term Investments $2.106B $1.540B $1.517B
Other Short-Term Assets $223.0M $281.0M $354.0M
YoY Change -20.64% -43.57% -20.98%
Inventory $422.0M $510.0M $484.0M
Prepaid Expenses
Receivables $480.0M $777.0M $784.0M
Other Receivables $21.00M $0.00 $0.00
Total Short-Term Assets $15.87B $5.554B $5.483B
YoY Change 185.78% 2.7% 14.21%
LONG-TERM ASSETS
Property, Plant & Equipment $16.25B $17.73B $17.77B
YoY Change -8.38% -6.99% -5.33%
Goodwill $970.0M $970.0M $970.0M
YoY Change 0.0% 0.0% 0.0%
Intangibles $295.0M $312.0M $313.0M
YoY Change -5.45% -23.15% -23.66%
Long-Term Investments
YoY Change
Other Assets $662.0M $693.0M $725.0M
YoY Change -4.47% -32.13% -24.4%
Total Long-Term Assets $19.72B $20.82B $20.98B
YoY Change -5.26% -1.13% 1.32%
TOTAL ASSETS
Total Short-Term Assets $15.87B $5.554B $5.483B
Total Long-Term Assets $19.72B $20.82B $20.98B
Total Assets $35.60B $26.37B $26.46B
YoY Change 34.97% -0.34% 3.75%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $970.0M $1.330B $1.412B
YoY Change -27.07% -0.6% 13.6%
Accrued Expenses $2.372B $1.315B $1.350B
YoY Change 80.38% -3.38% 19.05%
Deferred Revenue $4.988B
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $695.0M $654.0M $571.0M
YoY Change 6.27% 79.18% 56.44%
Total Short-Term Liabilities $9.361B $8.611B $8.723B
YoY Change 8.71% 11.6% 21.8%
LONG-TERM LIABILITIES
Long-Term Debt $8.905B $2.449B $2.602B
YoY Change 263.62% -23.94% -21.2%
Other Long-Term Liabilities $722.0M $639.0M $608.0M
YoY Change 12.99% -7.66% -13.88%
Total Long-Term Liabilities $722.0M $639.0M $608.0M
YoY Change 12.99% -7.66% -13.88%
TOTAL LIABILITIES
Total Short-Term Liabilities $9.361B $8.611B $8.723B
Total Long-Term Liabilities $722.0M $639.0M $608.0M
Total Liabilities $10.08B $9.250B $9.331B
YoY Change 9.01% 10.01% 18.59%
SHAREHOLDERS EQUITY
Retained Earnings $16.84B $16.96B $16.32B
YoY Change -0.71% 14.01% 14.62%
Common Stock $5.047B $2.342B $2.321B
YoY Change 115.5% 2.85% 2.7%
Preferred Stock
YoY Change
Treasury Stock (at cost) $10.88B $9.394B $8.946B
YoY Change 15.83% 25.99% 28.59%
Treasury Stock Shares
Shareholders Equity $10.88B $9.940B $9.791B
YoY Change
Total Liabilities & Shareholders Equity $35.60B $26.37B $26.46B
YoY Change 34.97% -0.34% 3.75%

Cashflow Statement

Concept 2020 Q2 2019 Q2 2019 Q1
OPERATING ACTIVITIES
Net Income -$915.0M $741.0M $387.0M
YoY Change -223.48% 1.09% -16.41%
Depreciation, Depletion And Amortization $313.0M $301.0M $297.0M
YoY Change 3.99% 3.08% 7.22%
Cash From Operating Activities $897.0M $966.0M $1.105B
YoY Change -7.14% -40.77% 10.28%
INVESTING ACTIVITIES
Capital Expenditures -$112.0M -$230.0M -$160.0M
YoY Change -51.3% -57.17% -63.05%
Acquisitions
YoY Change
Other Investing Activities $444.0M -$21.00M $324.0M
YoY Change -2214.29% -86.54% -10.0%
Cash From Investing Activities $332.0M -$252.0M $164.0M
YoY Change -231.75% -63.69% -324.66%
FINANCING ACTIVITIES
Cash Dividend Paid $0.00 $98.00M $178.0M
YoY Change -100.0% 5.38% 20.27%
Common Stock Issuance & Retirement, Net -$2.294B $450.0M $500.0M
YoY Change -609.78% -10.0% 0.0%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $7.182B -$612.0M -$779.0M
YoY Change -1273.53% -5.12% 29.4%
NET CHANGE
Cash From Operating Activities $897.0M $966.0M $1.105B
Cash From Investing Activities $332.0M -$252.0M $164.0M
Cash From Financing Activities $7.182B -$612.0M -$779.0M
Net Change In Cash $8.411B $102.0M $490.0M
YoY Change 8146.08% -65.07% 49.85%
FREE CASH FLOW
Cash From Operating Activities $897.0M $966.0M $1.105B
Capital Expenditures -$112.0M -$230.0M -$160.0M
Free Cash Flow $1.009B $1.196B $1.265B
YoY Change -15.64% -44.83% -11.85%

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us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
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CY2020Q2 luv Sale Leaseback Cash Proceeds Investing
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us-gaap Payments To Acquire Short Term Investments
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us-gaap Payments To Acquire Short Term Investments
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us-gaap Proceeds From Issuance Of Common Stock
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us-gaap Proceeds From Notes Payable
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us-gaap Proceeds From Lines Of Credit
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CY2020Q2 luv Proceeds From Payroll Support Program Loans And Warrants
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luv Proceeds From Payroll Support Program Loans And Warrants
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us-gaap Proceeds From Stock Plans
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us-gaap Repayments Of Long Term Debt And Capital Securities
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CY2020Q2 luv Unsecured Term Loan Through Payroll Support Programof Cares Act
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CY2020Q2 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
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CY2020Q2 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
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us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
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us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
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CY2020Q2 luv Assets Constructedfor Others During Period
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CY2019Q2 luv Assets Constructedfor Others During Period
AssetsConstructedforOthersDuringPeriod
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luv Assets Constructedfor Others During Period
AssetsConstructedforOthersDuringPeriod
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luv Assets Constructedfor Others During Period
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us-gaap Basis Of Accounting
BasisOfAccounting
BASIS OF PRESENTATION<div style="text-align:justify;"><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:120%;">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="text-align:justify;"><span><br/></span></div><div style="text-align:justify;"><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:120%;">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 June 30, 2020 and 2019 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. However, in 2020, as a result of the COVID-19 pandemic, the Company's results were not in line with such historical trends. See Note 2 for further information. 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="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;"> </span><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:120%;">Note 4 for further information on fuel and the Company's hedging program. Operating results for the three and six months ended</span><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;"> </span><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:120%;">June 30, 2020, are not necessarily indicative of the results that may be expected for future quarters or for the year ended December 31, 2020. 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 December 31, 2019. </span></div>Certain prior period amounts have been reclassified to conform to the current presentation. In the Consolidated Statement of Cash Flows for the six months ended June 30, 2020, the Company has reclassified debt issuance costs of $5 million from Other, net, within the financing activities section to Capitalized financing costs.
us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
5000000 USD
luv Cash Raised Net Of Fees
CashRaisedNetOfFees
17300000000 USD
CY2020Q2 luv Total Expected Receiptsof Relief Through Payroll Support Programof Cares Act
TotalExpectedReceiptsofReliefThroughPayrollSupportProgramofCARESAct
3300000000 USD
CY2020Q2 luv Proceedsfrom Payroll Support Program Grant
ProceedsfromPayrollSupportProgramGrant
2900000000 USD
CY2020Q2 luv Proceeds From Payroll Support Program Grant Received In April2020
ProceedsFromPayrollSupportProgramGrantReceivedInApril2020
1600000000 USD
CY2020Q2 luv Proceeds From Payroll Support Program Grant Received In May2020
ProceedsFromPayrollSupportProgramGrantReceivedInMay2020
652000000 USD
CY2020Q2 luv Proceeds From Payroll Support Program Grant Allocated To Payroll Support Voluntary Separation Net
ProceedsFromPayrollSupportProgramGrantAllocatedToPayrollSupportVoluntarySeparationNet
1100000000 USD
CY2020Q2 luv Proceeds From Payroll Support Program Grant Remaining To Be Allocated To Payroll Support Voluntary Separation Net
ProceedsFromPayrollSupportProgramGrantRemainingToBeAllocatedToPayrollSupportVoluntarySeparationNet
957000000 USD
CY2020Q2 luv Percent Of Proceeds From Payroll Support Program Grant Remaining To Be Allocated
PercentOfProceedsFromPayrollSupportProgramGrantRemainingToBeAllocated
0.10
CY2020Q2 luv Proceeds From Payroll Support Program Grant To Be Received In July2020
ProceedsFromPayrollSupportProgramGrantToBeReceivedInJuly2020
326000000 USD
CY2020Q2 luv Unsecured Term Loan To Be Issued Through Payroll Support Program Of Cares Act
UnsecuredTermLoanToBeIssuedThroughPayrollSupportProgramOfCARESAct
98000000 USD
CY2020Q2 luv Expected Eligibility Amountfor Secured Loans Through Cares Act
ExpectedEligibilityAmountforSecuredLoansThroughCARESAct
2800000000 USD
CY2020Q2 luv Voluntary Separation Program2020 Participants
VoluntarySeparationProgram2020Participants
4200 employees
CY2020Q2 luv Voluntary Separation Program2020 Accrual For Employees Who Accepted Through June302020
VoluntarySeparationProgram2020AccrualForEmployeesWhoAcceptedThroughJune302020
307000000 USD
CY2020Q2 us-gaap Goodwill
Goodwill
970000000 USD
us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.270
us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.234
CY2020Q2 us-gaap Derivative Fair Value Of Derivative Asset
DerivativeFairValueOfDerivativeAsset
109000000 USD
CY2019Q4 us-gaap Derivative Fair Value Of Derivative Asset
DerivativeFairValueOfDerivativeAsset
112000000 USD
CY2020Q2 us-gaap Derivative Fair Value Of Derivative Liability
DerivativeFairValueOfDerivativeLiability
74000000 USD
CY2019Q4 us-gaap Derivative Fair Value Of Derivative Liability
DerivativeFairValueOfDerivativeLiability
6000000 USD
CY2020Q2 us-gaap Deferred Gain Loss On Discontinuation Of Interest Rate Fair Value Hedge
DeferredGainLossOnDiscontinuationOfInterestRateFairValueHedge
18000000 USD
CY2019Q2 us-gaap Deferred Gain Loss On Discontinuation Of Interest Rate Fair Value Hedge
DeferredGainLossOnDiscontinuationOfInterestRateFairValueHedge
19000000 USD
CY2020Q2 us-gaap Price Risk Cash Flow Hedge Unrealized Gain Loss To Be Reclassified During Next12 Months
PriceRiskCashFlowHedgeUnrealizedGainLossToBeReclassifiedDuringNext12Months
63000000 USD
CY2020Q2 luv Terminated Interest Rate Swap Liability
TerminatedInterestRateSwapLiability
31000000 USD
CY2020Q2 luv Maximum Sum Of Derivatives Of Counterparty To Be Included In Other
MaximumSumOfDerivativesOfCounterpartyToBeIncludedInOther
8000000 USD
CY2020Q2 luv Letterof Credit Percentof Collateral
LetterofCreditPercentofCollateral
1
CY2020Q2 luv Cash Collateral Percent Of Fair Value Fuel Derivatives Contracts
CashCollateralPercentOfFairValueFuelDerivativesContracts
1
CY2020Q2 us-gaap Net Income Loss
NetIncomeLoss
-915000000 USD
CY2019Q2 us-gaap Net Income Loss
NetIncomeLoss
741000000 USD
CY2020Q2 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
25000000 USD
CY2019Q2 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
5000000 USD
CY2020Q2 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
56000000 USD
CY2019Q2 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
-66000000 USD
CY2020Q2 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
-859000000 USD
CY2019Q2 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
675000000 USD
us-gaap Net Income Loss
NetIncomeLoss
-1009000000 USD
us-gaap Net Income Loss
NetIncomeLoss
1128000000 USD
us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
-3000000 USD
us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
16000000 USD
us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
-69000000 USD
us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
10000000 USD
us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
-1078000000 USD
us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
-1078000000 USD
us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
1138000000 USD
CY2020Q2 luv Air Traffic Liability Passenger Revenueand Ancillary Passenger Services
AirTrafficLiabilityPassengerRevenueandAncillaryPassengerServices
3023000000 USD
CY2019Q4 luv Air Traffic Liability Passenger Revenueand Ancillary Passenger Services
AirTrafficLiabilityPassengerRevenueandAncillaryPassengerServices
2125000000 USD
CY2020Q2 luv Air Traffic Liability Loyalty Program
AirTrafficLiabilityLoyaltyProgram
3856000000 USD
CY2019Q4 luv Air Traffic Liability Loyalty Program
AirTrafficLiabilityLoyaltyProgram
3385000000 USD
CY2020Q2 luv Air Traffic Liability Total
AirTrafficLiabilityTotal
6879000000 USD
CY2019Q4 luv Air Traffic Liability Total
AirTrafficLiabilityTotal
5510000000 USD
CY2020Q1 us-gaap Deferred Revenue
DeferredRevenue
3561000000 USD
CY2019Q1 us-gaap Deferred Revenue
DeferredRevenue
3171000000 USD
CY2019Q4 us-gaap Deferred Revenue
DeferredRevenue
3385000000 USD
CY2018Q4 us-gaap Deferred Revenue
DeferredRevenue
3011000000 USD
CY2020Q2 luv Revenue Amounts Deferred Associated With Points Awarded
RevenueAmountsDeferredAssociatedWithPointsAwarded
385000000 USD
CY2019Q2 luv Revenue Amounts Deferred Associated With Points Awarded
RevenueAmountsDeferredAssociatedWithPointsAwarded
757000000 USD
luv Revenue Amounts Deferred Associated With Points Awarded
RevenueAmountsDeferredAssociatedWithPointsAwarded
1041000000 USD
luv Revenue Amounts Deferred Associated With Points Awarded
RevenueAmountsDeferredAssociatedWithPointsAwarded
1468000000 USD
CY2020Q2 luv Passenger Revenue Recognized From Points Redeemed
PassengerRevenueRecognizedFromPointsRedeemed
-81000000 USD
CY2019Q2 luv Passenger Revenue Recognized From Points Redeemed
PassengerRevenueRecognizedFromPointsRedeemed
-622000000 USD
luv Passenger Revenue Recognized From Points Redeemed
PassengerRevenueRecognizedFromPointsRedeemed
-542000000 USD
luv Passenger Revenue Recognized From Points Redeemed
PassengerRevenueRecognizedFromPointsRedeemed
-1158000000 USD
CY2020Q2 luv Other Revenue Recognized From Points Redeemed
OtherRevenueRecognizedFromPointsRedeemed
-9000000 USD
CY2019Q2 luv Other Revenue Recognized From Points Redeemed
OtherRevenueRecognizedFromPointsRedeemed
-17000000 USD
luv Other Revenue Recognized From Points Redeemed
OtherRevenueRecognizedFromPointsRedeemed
-28000000 USD
luv Other Revenue Recognized From Points Redeemed
OtherRevenueRecognizedFromPointsRedeemed
-32000000 USD
CY2020Q2 us-gaap Deferred Revenue
DeferredRevenue
3856000000 USD
CY2019Q2 us-gaap Deferred Revenue
DeferredRevenue
3289000000 USD
CY2020Q2 us-gaap Deferred Revenue
DeferredRevenue
3856000000 USD
CY2019Q2 us-gaap Deferred Revenue
DeferredRevenue
3289000000 USD
CY2019Q4 luv Air Traffic Liability Total
AirTrafficLiabilityTotal
5510000000 USD
luv Air Traffic Liability Current Period Sales
AirTrafficLiabilityCurrentPeriodSales
5946000000 USD
luv Air Traffic Liability Revenueamountsinbeginningbalance
AirTrafficLiabilityRevenueamountsinbeginningbalance
-1936000000 USD
luv Air Traffic Liability Revenuefrom Current Period Sales
AirTrafficLiabilityRevenuefromCurrentPeriodSales
-2641000000 USD
CY2020Q2 luv Air Traffic Liability Total
AirTrafficLiabilityTotal
6879000000 USD
CY2018Q4 luv Air Traffic Liability Total
AirTrafficLiabilityTotal
5070000000 USD
luv Air Traffic Liability Current Period Sales
AirTrafficLiabilityCurrentPeriodSales
11178000000 USD
luv Air Traffic Liability Revenueamountsinbeginningbalance
AirTrafficLiabilityRevenueamountsinbeginningbalance
-2855000000 USD
luv Air Traffic Liability Revenuefrom Current Period Sales
AirTrafficLiabilityRevenuefromCurrentPeriodSales
-7409000000 USD
CY2019Q2 luv Air Traffic Liability Total
AirTrafficLiabilityTotal
5984000000 USD
CY2020Q2 luv Residual Travel Funds
ResidualTravelFunds
0.28
CY2019Q4 luv Residual Travel Funds
ResidualTravelFunds
0.01
CY2020Q2 us-gaap Net Income Loss
NetIncomeLoss
-915000000 USD
CY2019Q2 us-gaap Net Income Loss
NetIncomeLoss
741000000 USD
us-gaap Net Income Loss
NetIncomeLoss
-1009000000 USD
us-gaap Net Income Loss
NetIncomeLoss
1128000000 USD
CY2020Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
563000000 shares
CY2019Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
542000000 shares
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
539000000 shares
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
547000000 shares
CY2020Q2 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-1.63
CY2019Q2 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
1.37
us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-1.87
us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
2.06
CY2020Q2 luv Required Minimum Liquidity Levelat All Times After March312021
RequiredMinimumLiquidityLevelatAllTimesAfterMarch312021
2500000000 USD
CY2020Q2 us-gaap Debt Instrument Face Amount
DebtInstrumentFaceAmount
2000000000.0 USD
CY2020Q2 us-gaap Debt Instrument Face Amount
DebtInstrumentFaceAmount
1800000000 USD
CY2020Q2 us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
80500000 shares
CY2020Q2 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
1.00
CY2020Q2 us-gaap Shares Issued Price Per Share
SharesIssuedPricePerShare
28.50
CY2020Q2 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
2200000000 USD
CY2020Q2 us-gaap Long Term Debt And Capital Lease Obligations Maturities Repayments Of Principal Remainder Of Fiscal Year
LongTermDebtAndCapitalLeaseObligationsMaturitiesRepaymentsOfPrincipalRemainderOfFiscalYear
596000000 USD
CY2020Q2 us-gaap Long Term Debt And Capital Lease Obligations Maturities Repayments Of Principal In Year Two
LongTermDebtAndCapitalLeaseObligationsMaturitiesRepaymentsOfPrincipalInYearTwo
195000000 USD
CY2020Q2 us-gaap Long Term Debt And Capital Lease Obligations Maturities Repayments Of Principal In Year Three
LongTermDebtAndCapitalLeaseObligationsMaturitiesRepaymentsOfPrincipalInYearThree
499000000 USD
CY2020Q2 us-gaap Long Term Debt And Capital Lease Obligations Maturities Repayments Of Principal In Year Four
LongTermDebtAndCapitalLeaseObligationsMaturitiesRepaymentsOfPrincipalInYearFour
1400000000 USD
CY2020Q2 us-gaap Long Term Debt And Capital Lease Obligations Maturities Repayments Of Principal In Year Five
LongTermDebtAndCapitalLeaseObligationsMaturitiesRepaymentsOfPrincipalInYearFive
127000000 USD
CY2020Q2 luv Longterm Debtand Capital Lease Obligations Maturities Repaymentsof Principalin Year Six
LongtermDebtandCapitalLeaseObligationsMaturitiesRepaymentsofPrincipalinYearSix
3700000000 USD
CY2020Q2 luv Longterm Debtand Capital Lease Obligations Maturities Repaymentsof Principal Thereafter
LongtermDebtandCapitalLeaseObligationsMaturitiesRepaymentsofPrincipalThereafter
3700000000 USD
CY2020Q2 luv Trade Receivables
TradeReceivables
46000000 USD
CY2019Q4 luv Trade Receivables
TradeReceivables
53000000 USD
CY2020Q2 us-gaap Credit Card Receivables
CreditCardReceivables
38000000 USD
CY2019Q4 us-gaap Credit Card Receivables
CreditCardReceivables
112000000 USD
CY2020Q2 luv Business Partners And Other Suppliers
BusinessPartnersAndOtherSuppliers
434000000 USD
CY2019Q4 luv Business Partners And Other Suppliers
BusinessPartnersAndOtherSuppliers
779000000 USD
CY2020Q2 us-gaap Income Taxes Receivable
IncomeTaxesReceivable
231000000 USD
CY2019Q4 us-gaap Income Taxes Receivable
IncomeTaxesReceivable
87000000 USD
CY2020Q2 us-gaap Other Receivables Net Current
OtherReceivablesNetCurrent
21000000 USD
CY2019Q4 us-gaap Other Receivables Net Current
OtherReceivablesNetCurrent
55000000 USD
CY2020Q2 us-gaap Accounts And Other Receivables Net Current
AccountsAndOtherReceivablesNetCurrent
770000000 USD
CY2020Q2 us-gaap Accounts And Other Receivables Net Current
AccountsAndOtherReceivablesNetCurrent
770000000 USD
CY2019Q4 us-gaap Accounts And Other Receivables Net Current
AccountsAndOtherReceivablesNetCurrent
1086000000 USD
CY2019Q4 us-gaap Accounts And Other Receivables Net Current
AccountsAndOtherReceivablesNetCurrent
1086000000 USD
CY2020Q2 luv Derivative Asset Fair Value Amount Offset Against Collateral Total
DerivativeAssetFairValueAmountOffsetAgainstCollateralTotal
68000000 USD
CY2019Q4 luv Derivative Asset Fair Value Amount Offset Against Collateral Total
DerivativeAssetFairValueAmountOffsetAgainstCollateralTotal
49000000 USD
CY2020Q2 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
295000000 USD
CY2019Q4 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
296000000 USD
CY2020Q2 us-gaap Other Assets Miscellaneous
OtherAssetsMiscellaneous
299000000 USD
CY2019Q4 us-gaap Other Assets Miscellaneous
OtherAssetsMiscellaneous
232000000 USD
CY2020Q2 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
662000000 USD
CY2020Q2 us-gaap Other Assets
OtherAssets
662000000 USD
CY2019Q4 us-gaap Other Assets
OtherAssets
577000000 USD
CY2019Q4 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
577000000 USD
CY2020Q2 us-gaap Accounts Payable Trade Current
AccountsPayableTradeCurrent
139000000 USD
CY2019Q4 us-gaap Accounts Payable Trade Current
AccountsPayableTradeCurrent
304000000 USD
CY2020Q2 us-gaap Accrued Salaries Current
AccruedSalariesCurrent
207000000 USD
CY2019Q4 us-gaap Accrued Salaries Current
AccruedSalariesCurrent
231000000 USD
CY2020Q2 us-gaap Taxes Payable Current
TaxesPayableCurrent
38000000 USD
CY2019Q4 us-gaap Taxes Payable Current
TaxesPayableCurrent
227000000 USD
CY2020Q2 luv Aircraft Maintenance Payable
AircraftMaintenancePayable
129000000 USD
CY2019Q4 luv Aircraft Maintenance Payable
AircraftMaintenancePayable
162000000 USD
CY2020Q2 luv Fuel Payable
FuelPayable
68000000 USD
CY2019Q4 luv Fuel Payable
FuelPayable
129000000 USD
CY2020Q2 us-gaap Dividends Payable Current And Noncurrent
DividendsPayableCurrentAndNoncurrent
0 USD
CY2019Q4 us-gaap Dividends Payable Current And Noncurrent
DividendsPayableCurrentAndNoncurrent
93000000 USD
CY2020Q2 us-gaap Accounts Payable Other Current
AccountsPayableOtherCurrent
389000000 USD
CY2019Q4 us-gaap Accounts Payable Other Current
AccountsPayableOtherCurrent
428000000 USD
CY2020Q2 us-gaap Accounts Payable Current
AccountsPayableCurrent
970000000 USD
CY2020Q2 us-gaap Accounts Payable Current
AccountsPayableCurrent
970000000 USD
CY2019Q4 us-gaap Accounts Payable Current
AccountsPayableCurrent
1574000000 USD
CY2019Q4 us-gaap Accounts Payable Current
AccountsPayableCurrent
1574000000 USD
CY2020Q2 luv Proceeds From Payroll Support Program Grant Remaining To Be Allocated To Payroll Support Voluntary Separation Net
ProceedsFromPayrollSupportProgramGrantRemainingToBeAllocatedToPayrollSupportVoluntarySeparationNet
957000000 USD
CY2019Q4 luv Proceeds From Payroll Support Program Grant Remaining To Be Allocated To Payroll Support Voluntary Separation Net
ProceedsFromPayrollSupportProgramGrantRemainingToBeAllocatedToPayrollSupportVoluntarySeparationNet
0 USD
CY2020Q2 luv Voluntary Separation Program2020 Accrued Liability
VoluntarySeparationProgram2020AccruedLiability
307000000 USD
CY2019Q4 luv Voluntary Separation Program2020 Accrued Liability
VoluntarySeparationProgram2020AccruedLiability
0 USD
CY2020Q2 us-gaap Deferred Compensation Cash Based Arrangements Liability Current
DeferredCompensationCashBasedArrangementsLiabilityCurrent
26000000 USD
CY2019Q4 us-gaap Deferred Compensation Cash Based Arrangements Liability Current
DeferredCompensationCashBasedArrangementsLiabilityCurrent
695000000 USD
CY2020Q2 us-gaap Accrued Vacation Current
AccruedVacationCurrent
454000000 USD
CY2019Q4 us-gaap Accrued Vacation Current
AccruedVacationCurrent
434000000 USD
CY2020Q2 us-gaap Accrued Employee Benefits Current
AccruedEmployeeBenefitsCurrent
104000000 USD
CY2019Q4 us-gaap Accrued Employee Benefits Current
AccruedEmployeeBenefitsCurrent
120000000 USD
CY2020Q2 us-gaap Workers Compensation Liability Current
WorkersCompensationLiabilityCurrent
159000000 USD
CY2019Q4 us-gaap Workers Compensation Liability Current
WorkersCompensationLiabilityCurrent
166000000 USD
CY2020Q2 luv Accrualfor Propertyand Income Taxes
AccrualforPropertyandIncomeTaxes
72000000 USD
CY2019Q4 luv Accrualfor Propertyand Income Taxes
AccrualforPropertyandIncomeTaxes
79000000 USD
CY2020Q2 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
233000000 USD
CY2019Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
250000000 USD
CY2020Q2 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
2372000000 USD
CY2020Q2 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
2372000000 USD
CY2019Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
1749000000 USD
CY2019Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
1749000000 USD
CY2020Q2 us-gaap Pension And Other Postretirement Defined Benefit Plans Liabilities Noncurrent
PensionAndOtherPostretirementDefinedBenefitPlansLiabilitiesNoncurrent
299000000 USD
CY2019Q4 us-gaap Pension And Other Postretirement Defined Benefit Plans Liabilities Noncurrent
PensionAndOtherPostretirementDefinedBenefitPlansLiabilitiesNoncurrent
288000000 USD
CY2020Q2 us-gaap Other Deferred Compensation Arrangements Liability Classified Noncurrent
OtherDeferredCompensationArrangementsLiabilityClassifiedNoncurrent
315000000 USD
CY2019Q4 us-gaap Other Deferred Compensation Arrangements Liability Classified Noncurrent
OtherDeferredCompensationArrangementsLiabilityClassifiedNoncurrent
313000000 USD
CY2020Q2 us-gaap Other Sundry Liabilities Noncurrent
OtherSundryLiabilitiesNoncurrent
108000000 USD
CY2019Q4 us-gaap Other Sundry Liabilities Noncurrent
OtherSundryLiabilitiesNoncurrent
105000000 USD
CY2020Q2 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
722000000 USD
CY2020Q2 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
722000000 USD
CY2019Q4 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
706000000 USD
CY2019Q4 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
706000000 USD
CY2020Q2 us-gaap Sale And Leaseback Transaction Gain Loss Net
SaleAndLeasebackTransactionGainLossNet
-222000000 USD
CY2020Q2 luv Assets Constructed For Others
AssetsConstructedForOthers
239000000 USD
CY2019Q4 luv Assets Constructed For Others
AssetsConstructedForOthers
164000000 USD
CY2020Q2 luv Numberof Aircraft Grounded Under Emergency Order
NumberofAircraftGroundedUnderEmergencyOrder
34
CY2020Q2 luv After Tax Potential Concessionsand Other Considerations Announced July2019
AfterTaxPotentialConcessionsandOtherConsiderationsAnnouncedJuly2019
4900000000 USD
CY2020Q2 luv Pre Tax Potential Concessionsand Other Considerations Announced January2020
PreTaxPotentialConcessionsandOtherConsiderationsAnnouncedJanuary2020
2600000000 USD
CY2020Q2 luv Numberof Aircraft Grounded Under Emergency Order
NumberofAircraftGroundedUnderEmergencyOrder
34
CY2020Q2 luv Numberof Aircraft Not Delivered Dueto Grounding Under Emergency Order
NumberofAircraftNotDeliveredDuetoGroundingUnderEmergencyOrder
41 aircraft
luv Supplier Proceeds
SupplierProceeds
-428000000 USD

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