SOUTHWEST AIRLINES CO
For the period ended Dec 31, 2024. Filed Feb 7, 2025.
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FY2024 · Filed Feb 7, 2025
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12. Accumulated Other Comprehensive Income (Loss)
- ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)
Comprehensive income 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. A rollforward of the amounts included in AOCI, net of taxes, is shown below for 2024 and 2023:
| (in millions) | Fuel derivatives | Defined benefit plan items | Other | Deferred tax impact | Accumulated othercomprehensive income (loss) |
|---|---|---|---|---|---|
| Balance at December 31, 2022 | $305 | $170 | $(32) | $(99) | $344 |
| Changes in fair value | (312) | (11) | 10 | 73 | (240) |
| Reclassification to earnings | (128) | (10) | 7 | 27 | (104) |
| Balance at December 31, 2023 | $(135) | $149 | $(15) | $1 | $— |
| Changes in fair value | (130) | 25 | — | 25 | (80) |
| Reclassification to earnings | 72 | (7) | 8 | (18) | 55 |
| Balance at December 31, 2024 | $(193) | $167 | $(7) | $8 | $(25) |
The following table illustrates the significant amounts reclassified out of each component of AOCI for the year ended December 31, 2024:
| Year ended December 31, 2024 | ||
|---|---|---|
| (in millions) | Amounts reclassified from AOCI | Affected line item in the Consolidated Statement of Income |
| AOCI components | ||
| Unrealized loss on fuel derivative instruments | $72 | Fuel and oil expense |
| 17 | Less: Tax expense | |
| $55 | Net of tax | |
| Unrealized (gain) on defined benefit plan | $(7) | Other (gains) losses, net |
| (2) | Less: Tax expense | |
| $(5) | Net of tax | |
| Other | 8 | Other operating expenses |
| 3 | Less: Tax expense | |
| $5 | Net of tax | |
| Total reclassifications for the period | $55 | Net of tax |
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