SOUTHWEST AIRLINES CO
For the period ended Mar 31, 2024. Filed Apr 26, 2024.
View on SEC.govAbout this filing
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
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
8. Supplemental Financial Information
- SUPPLEMENTAL FINANCIAL INFORMATION
| (in millions) | March 31, 2024 | December 31, 2023 |
|---|---|---|
| Trade receivables | $58 | $104 |
| Credit card receivables | 280 | 200 |
| Business partners and other suppliers | 612 | 501 |
| Taxes receivable | 13 | 35 |
| Fuel hedging and receivables | 8 | 12 |
| Reinsurance receivable | 251 | 145 |
| Other | 132 | 157 |
| Accounts and other receivables | $1,354 | $1,154 |
| (in millions) | March 31, 2024 | December 31, 2023 |
|---|---|---|
| Derivative contracts | $116 | $102 |
| Intangible assets, net | 295 | 296 |
| Equity securities | 286 | 280 |
| Prepaid maintenance | 264 | 258 |
| Other | 63 | 28 |
| Other assets | $1,024 | $964 |
| (in millions) | March 31, 2024 | December 31, 2023 |
|---|---|---|
| Accounts payable trade | $281 | $265 |
| Salaries, withholdings and payroll taxes | 446 | 400 |
| Ticket taxes and fees | 443 | 302 |
| Aircraft maintenance payable | 151 | 140 |
| Fuel payable | 144 | 161 |
| Dividends payable | — | 107 |
| Accrued third party services | 229 | 269 |
| Other payable | 255 | 218 |
| Accounts payable | $1,949 | $1,862 |
| Notes to Condensed Consolidated Financial Statements | Southwest Airlines Co.Notes to Condensed Consolidated Financial Statements(unaudited) |
|---|
| (in millions) | March 31, 2024 | December 31, 2023 |
|---|---|---|
| Voluntary Separation Program | $64 | $65 |
| Profitsharing and savings plans | 41 | 141 |
| Vacation pay | 541 | 516 |
| Health | 174 | 163 |
| Workers compensation | 137 | 133 |
| Property and income taxes | 56 | 63 |
| Interest | 73 | 34 |
| Bonus and incentive pay (a) | 736 | 2,022 |
| Reinsurance payable | 300 | 190 |
| Other | 278 | 279 |
| Accrued liabilities | $2,400 | $3,606 |
| (in millions) | March 31, 2024 | December 31, 2023 |
|---|---|---|
| Voluntary Separation Program | $40 | $61 |
| Postretirement obligation | 273 | 269 |
| Other deferred compensation | 358 | 358 |
| Other | 266 | 293 |
| Other noncurrent liabilities | $937 | $981 |
(a) Primarily consists of anticipated contract labor ratification bonuses and/or accruals. Also includes non-contract incentive pay. Approximately $1.35 billion was paid in first quarter 2024 to Pilots as a ratification bonus upon the ratification of the labor contract agreement with the Southwest Airlines Pilots Association ("SWAPA").
For further information on derivative instruments, see Note 3.
Other Operating Expenses
Other operating expenses consist of aircraft rentals, distribution costs, advertising expenses, personnel expenses, professional fees, and other operating costs, none of which individually exceeded 10 percent of Total operating expenses.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.