SOUTHWEST AIRLINES CO
For the period ended Mar 31, 2024. Filed Apr 26, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2024 · Filed Apr 26, 2024
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4. Comprehensive Loss
| Notes to Condensed Consolidated Financial Statements | Southwest Airlines Co.Notes to Condensed Consolidated Financial Statements(unaudited) |
|---|
- COMPREHENSIVE LOSS
Comprehensive income (loss) includes changes in the fair value of certain financial derivative instruments that qualify for hedge accounting and actuarial gains/losses arising from the Company’s postretirement benefit obligation. The differences between Net loss and Comprehensive loss for the three months ended March 31, 2024 and 2023 were as follows:
| Three months ended March 31, | ||
|---|---|---|
| (in millions) | 2024 | 2023 |
| NET LOSS | $(231) | $(159) |
| Unrealized gain (loss) on fuel derivative instruments, net of deferred taxes of $6 and ($44) | 17 | (147) |
| Other, net of deferred taxes of $— and $— | 2 | — |
| Total other comprehensive income (loss) | $19 | $(147) |
| COMPREHENSIVE LOSS | $(212) | $(306) |
A rollforward of the amounts included in AOCI, net of taxes, is shown below for the three months ended March 31, 2024:
| (in millions) | Fuel derivatives | Defined benefit plan items | Other | Deferred tax impact | Accumulated other comprehensive income (loss) |
|---|---|---|---|---|---|
| Balance at December 31, 2023 | $(135) | $149 | $(15) | $1 | $— |
| Changes in fair value | 1 | — | — | — | 1 |
| Reclassification to earnings | 22 | — | 2 | (6) | 18 |
| Balance at March 31, 2024 | $(112) | $149 | $(13) | $(5) | $19 |
The following table illustrates the significant amounts reclassified out of each component of AOCI for the three months ended March 31, 2024:
| Three months ended March 31, 2024 | ||
|---|---|---|
| (in millions) | Amounts reclassified from AOCI | Affected line item in the unaudited Condensed Consolidated Statement of Comprehensive Loss |
| AOCI components | ||
| Unrealized loss on fuel derivative instruments | $22 | Fuel and oil expense |
| 6 | Less: Tax expense | |
| $16 | Net of tax | |
| Other | $2 | Other operating expenses |
| — | Less: Tax expense | |
| $2 | Net of tax | |
| Total reclassifications for the period | $18 | Net of tax |
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