SOUTHWEST AIRLINES CO
For the period ended Sep 30, 2024. Filed Oct 28, 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.
Sep 30, 2024 · Filed Oct 28, 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) | September 30, 2024 | December 31, 2023 |
|---|---|---|
| Trade receivables | $50 | $104 |
| Credit card receivables | 168 | 200 |
| Business partners and other suppliers | 632 | 501 |
| Taxes receivable | 10 | 35 |
| Fuel hedging and receivables | 1 | 12 |
| Reinsurance receivable | 203 | 145 |
| Other | 113 | 157 |
| Accounts and other receivables | $1,177 | $1,154 |
| (in millions) | September 30, 2024 | December 31, 2023 |
|---|---|---|
| Derivative contracts | $92 | $102 |
| Intangible assets, net | 300 | 296 |
| Equity securities | 354 | 280 |
| Prepaid maintenance | 271 | 258 |
| Other | 56 | 28 |
| Other assets | $1,073 | $964 |
| (in millions) | September 30, 2024 | December 31, 2023 |
|---|---|---|
| Accounts payable trade | $389 | $265 |
| Salaries, withholdings and payroll taxes | 437 | 400 |
| Ticket taxes and fees | 278 | 302 |
| Aircraft maintenance payable | 31 | 140 |
| Fuel payable | 55 | 161 |
| Dividends payable | — | 107 |
| Third party services | 123 | 269 |
| Other payable | 205 | 218 |
| Accounts payable | $1,518 | $1,862 |
| (in millions) | September 30, 2024 | December 31, 2023 |
|---|---|---|
| Voluntary Separation Program | $65 | $65 |
| Profitsharing and savings plans | 72 | 141 |
| Vacation pay | 619 | 516 |
| Health | 171 | 163 |
| Workers compensation | 162 | 133 |
| Property and income taxes | 73 | 63 |
| Interest | 72 | 34 |
| Bonus and incentive pay (a) | 180 | 2,022 |
| Reinsurance payable | 265 | 190 |
| Aircraft maintenance | 122 | 26 |
| Other | 295 | 253 |
| Accrued liabilities | $2,096 | $3,606 |
| Notes to Condensed Consolidated Financial Statements | Southwest Airlines Co.Notes to Condensed Consolidated Financial Statements(unaudited) |
|---|
| (in millions) | September 30, 2024 | December 31, 2023 |
|---|---|---|
| Voluntary Separation Program | $7 | $61 |
| Postretirement obligation | 280 | 269 |
| Other deferred compensation | 412 | 358 |
| Other | 234 | 293 |
| Other noncurrent liabilities | $933 | $981 |
(a) Balance as of December 31, 2023 primarily consists of contract labor ratification bonuses and/or accruals. Also includes non-contract incentive pay. Approximately $1.9 billion was paid in the nine months ended September 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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