SOUTHWEST AIRLINES CO
For the period ended Jun 30, 2024. Filed Jul 29, 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.
Jun 30, 2024 · Filed Jul 29, 2024
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8. Supplemental Financial Information
| Notes to Condensed Consolidated Financial Statements | Southwest Airlines Co.Notes to Condensed Consolidated Financial Statements(unaudited) |
|---|
- SUPPLEMENTAL FINANCIAL INFORMATION
| (in millions) | June 30, 2024 | December 31, 2023 |
|---|---|---|
| Trade receivables | $67 | $104 |
| Credit card receivables | 238 | 200 |
| Business partners and other suppliers | 640 | 501 |
| Taxes receivable | 13 | 35 |
| Fuel hedging and receivables | 6 | 12 |
| Reinsurance receivable | 226 | 145 |
| Other | 156 | 157 |
| Accounts and other receivables | $1,346 | $1,154 |
| (in millions) | June 30, 2024 | December 31, 2023 |
|---|---|---|
| Derivative contracts | $122 | $102 |
| Intangible assets, net | 300 | 296 |
| Equity securities | 302 | 280 |
| Prepaid maintenance | 263 | 258 |
| Other | 58 | 28 |
| Other assets | $1,045 | $964 |
| (in millions) | June 30, 2024 | December 31, 2023 |
|---|---|---|
| Accounts payable trade | $330 | $265 |
| Salaries, withholdings and payroll taxes | 479 | 400 |
| Ticket taxes and fees | 426 | 302 |
| Aircraft maintenance payable | 140 | 140 |
| Fuel payable | 119 | 161 |
| Dividends payable | 108 | 107 |
| Accrued third party services | 181 | 269 |
| Other payable | 245 | 218 |
| Accounts payable | $2,028 | $1,862 |
| (in millions) | June 30, 2024 | December 31, 2023 |
|---|---|---|
| Voluntary Separation Program | $64 | $65 |
| Profitsharing and savings plans | 63 | 141 |
| Vacation pay | 578 | 516 |
| Health | 183 | 163 |
| Workers compensation | 141 | 133 |
| Property and income taxes | 70 | 63 |
| Interest | 34 | 34 |
| Bonus and incentive pay (a) | 186 | 2,022 |
| Reinsurance payable | 282 | 190 |
| Other | 269 | 279 |
| Accrued liabilities | $1,870 | $3,606 |
| Notes to Condensed Consolidated Financial Statements | Southwest Airlines Co.Notes to Condensed Consolidated Financial Statements(unaudited) |
|---|
| (in millions) | June 30, 2024 | December 31, 2023 |
|---|---|---|
| Voluntary Separation Program | $20 | $61 |
| Postretirement obligation | 277 | 269 |
| Other deferred compensation | 379 | 358 |
| Other | 250 | 293 |
| Other noncurrent liabilities | $926 | $981 |
(a) Primarily consists of contract labor ratification bonuses and/or accruals. Also includes non-contract incentive pay. Approximately $1.9 billion was paid in the six months ended June 30, 2024 to Pilots, Flight Attendants, and Ramp, Operations, Provisioning, and Cargo Agents as bonuses upon the ratification of the labor contract agreements with the Southwest Airlines Pilots Association ("SWAPA"), Transport Workers of America Union Local 556 ("TWU 556"), and the Transport Workers Union Local 555 ("TWU 555"), respectively.
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, certain technology-related costs, and other operating costs, none of which individually exceeded 10 percent of Total operating expenses.
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