form10qa.htm

-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, VJI3HY0I39Nzu6JyVpKhyo4YW+8qKaxeiVEdUl/rkpgPQCGJ2RLot9v2kGb2OQVF Tq5V7uW54T7OaSJv/HcPYw== 0000092380-09-000018.txt : 20090429 0000092380-09-000018.hdr.sgml : 20090429 20090428175139 ACCESSION NUMBER: 0000092380-09-000018 CONFORMED SUBMISSION TYPE: 10-Q/A PUBLIC DOCUMENT COUNT: 17 CONFORMED PERIOD OF REPORT: 20090331 FILED AS OF DATE: 20090429 DATE AS OF CHANGE: 20090428 FILER: COMPANY DATA: COMPANY CONFORMED NAME: SOUTHWEST AIRLINES CO CENTRAL INDEX KEY: 0000092380 STANDARD INDUSTRIAL CLASSIFICATION: AIR TRANSPORTATION, SCHEDULED [4512] IRS NUMBER: 741563240 STATE OF INCORPORATION: TX FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q/A SEC ACT: 1934 Act SEC FILE NUMBER: 001-07259 FILM NUMBER: 09776859 BUSINESS ADDRESS: STREET 1: 2702 LOVE FIELD DR STREET 2: P O BOX 36611 CITY: DALLAS STATE: TX ZIP: 75235 BUSINESS PHONE: 2147924000 MAIL ADDRESS: STREET 1: PO BOX 36611 CITY: DALLAS STATE: TX ZIP: 75235-1611 FORMER COMPANY: FORMER CONFORMED NAME: AIR SOUTHWEST CO DATE OF NAME CHANGE: 19760108 10-Q/A 1 form10qa.htm 1ST QUARTER 2009 FORM 10Q/A form10qa.htm

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q/A

Amendment No. 1

(Mark One)

þ	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2009

¨	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ________ to ________

Commission File No. 1-7259

Southwest Airlines Co.

(Exact name of registrant as specified in its charter)

TEXAS	74-1563240
(State or other jurisdiction of	(IRS Employer
incorporation or organization)	Identification No.)

P.O. Box 36611, Dallas, Texas	75235-1611
(Address of principal executive offices)	(Zip Code)

Registrant's telephone number, including area code: (214) 792-4000

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes þ No ¨

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes þ (registrant is not yet required to provide financial disclosure in an Interactive Data File format, but has been providing the information in this format voluntarily) No ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer þ Accelerated filer ¨

Non-accelerated filer ¨ (Do not check if a smaller reporting company) Smaller reporting company ¨

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).Yes ¨No þ

Number of shares of Common Stock outstanding as of the close of business on April 15, 2009: 740,813,556

EXPLANATORY NOTE

The sole purpose of this Amendment No. 1 to our Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2009 (the “Form 10-Q”) is to file Exhibit 101 to the Form 10-Q. Exhibit 101 consists of the following materials from Southwest Airlines Co.’s Form 10-Q for the quarterly period ended March 31, 2009, filed with the Securities and Exchange Commission on April 20, 2009, formatted in XBRL (eXtensible Business Reporting Language): (i) unaudited Condensed Consolidated Balance Sheet, (ii) unaudited Condensed Consolidated Statement of Income, (iii) unaudited Condensed Consolidated Statement of Cash Flows, and (iv) the Notes to the unaudited condensed consolidated financial statements, tagged as blocks of text. Users of this data are advised pursuant to Rule 401 of Regulation S-T that the financial information contained in the XBRL documents is unaudited and these are not the official publicly filed financial statements of Southwest Airlines Co. No other changes have been made to the Form 10-Q. This Form 10-Q/A speaks as of the original filing date and has not been updated to reflect events occurring subsequent to the original filing date.

Item 6. Exhibits

Exhibits

	3.1	Restated Articles of Incorporation of Southwest (incorporated by reference to
		Exhibit 4.1 to Southwest’s Registration Statement on Form S-3 (File
		No. 33-52155)); Amendment to Restated Articles of Incorporation of Southwest
		(incorporated by reference to Exhibit 3.1 to Southwest’s Quarterly Report on
		Form 10-Q for the quarter ended June 30, 1996 (File No. 1-7259));
		Amendment to Restated Articles of Incorporation of Southwest (incorporated by
		reference to Exhibit 3.1 to Southwest’s Quarterly Report on Form 10-Q for the
		quarter ended June 30, 1998 (File No. 1-7259)); Amendment to Restated Articles of
		Incorporation of Southwest (incorporated by reference to Exhibit 4.2 to Southwest’s
		Registration Statement on Form S-8 (File No. 333-82735));
		Amendment to Restated Articles of Incorporation of Southwest (incorporated by
		reference to Exhibit 3.1 to Southwest’s Quarterly Report on Form 10-Q for the
		quarter ended June 30, 2001 (File No. 1-7259)); Articles of Amendment to
		Articles of Incorporation of Southwest (incorporated by
		reference to Exhibit 3.1 to Southwest’s Quarterly Report on Form 10-Q for the
		quarter ended June 30, 2007 (File No. 1-7259)).
	3.2	Amended and Restated Bylaws of Southwest, effective January 15,
		2009 (incorporated by reference to Exhibit 3.1 to Southwest’s Current Report
		on Form 8-K dated January 15, 2009 (File No. 1-7259)).
	10.1	Supplemental Agreement No. 62 to Purchase Agreement No. 1810,
		dated January 19, 1994, between The Boeing Company and Southwest (previously
		filed as Exhibit 10.1 to Southwest’s Quarterly Report on form 10-Q for
		the quarter ended March 31, 2009 (File No. 1-7259)). (1)
	10.2	Supplemental Agreement No. 63 to Purchase Agreement No. 1810,
		dated January 19, 1994, between The Boeing Company and Southwest (previously
		filed as Exhibit 10.2 to Southwest’s Quarterly Report on form 10-Q for
		the quarter ended March 31, 2009 (File No. 1-7259)). (1)
	31.1	Rule 13a-14(a) Certification of Chief Executive Officer (previously filed as
		Exhibit 31.1 to Southwest’s Quarterly Report on form 10-Q for the
		quarter ended March 31, 2009 (File No. 1-7259)).
	31.2	Rule 13a-14(a) Certification of Chief Financial Officer (previously filed as
		Exhibit 31.2 to Southwest’s Quarterly Report on form 10-Q for the
		quarter ended March 31, 2009 (File No. 1-7259)).
	32.1	Section 1350 Certifications of Chief Executive Officer and Chief Financial
		Officer (previously filed as Exhibit 32.1 to Southwest’s Quarterly Report on
		form 10-Q for the quarter ended March 31, 2009 (File No. 1-7259)).
	101*	The following financial statements from Southwest Airlines Co.’s Quarterly Report
		on form 10-Q for the quarter ended March 31, 2009, filed on April 20, 2009,
		formatted in XBRL: (i) unaudited Condensed Consolidated Balance Sheet, (ii)
		unaudited Condensed Consolidated Statement of Income, (iii) unaudited Condensed
		Consolidated Statement of Cash Flows, and (iv) the Notes to unaudited condensed
		consolidated financial statements, tagged as blocks of text.

(1) Pursuant to 17 CRF 240.24b-2, confidential information has been omitted and has been filed separately with the Securities and Exchange Commission pursuant to a Confidential Treatment Application filed with the Commission.

* Filed Herewith.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

	SOUTHWEST AIRLINES CO.

April 28, 2009	By	/s/ Laura Wright

		Laura Wright
		Chief Financial Officer
		(On behalf of the Registrant and in
		her capacity as Principal Financial
		and Accounting Officer)

EXHIBIT INDEX

	3.1	Restated Articles of Incorporation of Southwest (incorporated by reference to
		Exhibit 4.1 to Southwest’s Registration Statement on Form S-3 (File
		No. 33-52155)); Amendment to Restated Articles of Incorporation of Southwest
		(incorporated by reference to Exhibit 3.1 to Southwest’s Quarterly Report on
		Form 10-Q for the quarter ended June 30, 1996 (File No. 1-7259));
		Amendment to Restated Articles of Incorporation of Southwest (incorporated by
		reference to Exhibit 3.1 to Southwest’s Quarterly Report on Form 10-Q for the
		quarter ended June 30, 1998 (File No. 1-7259)); Amendment to Restated Articles of
		Incorporation of Southwest (incorporated by reference to Exhibit 4.2 to Southwest’s
		Registration Statement on Form S-8 (File No. 333-82735));
		Amendment to Restated Articles of Incorporation of Southwest (incorporated by
		reference to Exhibit 3.1 to Southwest’s Quarterly Report on Form 10-Q for the
		quarter ended June 30, 2001 (File No. 1-7259)); Articles of Amendment to
		Articles of Incorporation of Southwest (incorporated by
		reference to Exhibit 3.1 to Southwest’s Quarterly Report on Form 10-Q for the
		quarter ended June 30, 2007 (File No. 1-7259)).
	3.2	Amended and Restated Bylaws of Southwest, effective January 15,
		2009 (incorporated by reference to Exhibit 3.1 to Southwest’s Current Report
		on Form 8-K dated January 15, 2009 (File No. 1-7259)).
	10.1	Supplemental Agreement No. 62 to Purchase Agreement No. 1810,
		dated January 19, 1994, between The Boeing Company and Southwest (previously
		filed as Exhibit 10.1 to Southwest’s Quarterly Report on form 10-Q for
		the quarter ended March 31, 2009 (File No. 1-7259)). (1)
	10.2	Supplemental Agreement No. 63 to Purchase Agreement No. 1810,
		dated January 19, 1994, between The Boeing Company and Southwest (previously
		filed as Exhibit 10.2 to Southwest’s Quarterly Report on form 10-Q for
		the quarter ended March 31, 2009 (File No. 1-7259)). (1)
	31.1	Rule 13a-14(a) Certification of Chief Executive Officer (previously filed as
		Exhibit 31.1 to Southwest’s Quarterly Report on form 10-Q for the
		quarter ended March 31, 2009 (File No. 1-7259)).
	31.2	Rule 13a-14(a) Certification of Chief Financial Officer (previously filed as
		Exhibit 31.2 to Southwest’s Quarterly Report on form 10-Q for the
		quarter ended March 31, 2009 (File No. 1-7259)).
	32.1	Section 1350 Certifications of Chief Executive Officer and Chief Financial
		Officer (previously filed as Exhibit 32.1 to Southwest’s Quarterly Report on
		form 10-Q for the quarter ended March 31, 2009 (File No. 1-7259)).
	101*	The following financial statements from Southwest Airlines Co.’s Quarterly Report
		on form 10-Q for the quarter ended March 31, 2009, filed on April 20, 2009,
		formatted in XBRL: (i) unaudited Condensed Consolidated Balance Sheet, (ii)
		unaudited Condensed Consolidated Statement of Income, (iii) unaudited Condensed
		Consolidated Statement of Cash Flows, and (iv) the Notes to unaudited condensed
		consolidated financial statements, tagged as blocks of text.

* Filed Herewith.

EX-101.INS 2 luv-20090331.xml XBRL INSTANCE DOCUMENT 0000092380 2008-03-31 Unaudited 0000092380 2008-01-01 2008-03-31 Unaudited 0000092380 2009-01-01 2009-03-31 Unaudited 0000092380 2009-03-31 Unaudited 0000092380 2009-01-01 Unaudited 0000092380 2008-01-01 Unaudited 0000092380 2008-12-31 iso4217:USD xbrli:shares true

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9. SALE-LEASEBACK TRANSACTIONS In December 2008, the Company entered into a two tranche sale and leaseback transaction with a third party aircraft lessor for the sale and leaseback of ten of the Company's Boeing 737-700 aircraft. Under the first tranche of the transaction, which closed on December 23, 2008, the Company sold five of its Boeing 737-700 aircraft for a total of approximately $173 million and immediately leased the aircraft back for 12 years. Under the second tranche of the transaction, which closed on January 8, 2009, the Company sold five of its Boeing 737-700 aircraft for a total of approximately $173 million and immediately leased the aircraft back for 16 years. These sale and leasebacks resulted in a deferred gain of $21 million, which will be amortized over the respective terms of the leases. All of the leases from these sale-leasebacks are accounted for as operating leases. Under the terms of the lease agreements, the Company will continue to operate and maintain the aircraft. Payments under the lease agreements will be reset every six months based on changes in the six-month LIBOR rate. The lease agreements contain standard termination events, including termination upon a breach of the Company's obligations to make rental payments and upon any other material breach of the Company's obligations under the leases, and standard maintenance and return condition provisions. Upon a termination of the lease upon a breach by the Company, the Company would be liable for standard contractual damages, possibly including damages suffered by the lessor in connection with remarketing the aircraft or while the aircraft is not leased to another party.

Amended to include XBRL filing

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13650000000 13722000000 Large Accelerated Filer Yes

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7. ACCRUED LIABILITIES March 31, December 31,(In millions) 2009 2008 Retirement Plans $85 $86 Aircraft Rentals 98 118 Vacation Pay 178 175 Advances and deposits 20 23 Fuel derivative contracts 213 246 Deferred income taxes 67 36 Workers compensation 123 122 Other 232 206 Accrued liabilities $1,016 $1,012

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4. NET INCOME (LOSS) PER SHARE The following table sets forth the computation of basic and diluted net income (loss) per share (in millions except per share amounts): Three months ended March 31, 2009 2008 NUMERATOR: Net income (loss) $(91) $34 DENOMINATOR: Weighted-average shares outstanding, basic 740 733 Dilutive effect of Employee stock options - 1 Adjusted weighted-average shares outstanding, diluted 740 734 NET INCOME (LOSS) PER SHARE: Basic $(.12) $.05 Diluted $(.12) $.05

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12. TAX RATE The Company's effective tax rate was 15.3 percent in first quarter 2009. Thislow rate in first quarter 2009 was impacted by the Company's lower expectedearnings for 2009 and the related impact that permanent tax differences have on these projections.

Yes 0000092380

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1. BASIS OF PRESENTATION The accompanying unaudited condensed consolidated financial statements ofSouthwest Airlines Co. (Company or Southwest) have been prepared in accordancewith accounting principles generally accepted in the United States for interimfinancial information and with the instructions to Form 10-Q and Article 10 ofRegulation S-X. Accordingly, they do not include all of the information andfootnotes required by accounting principles generally accepted in the UnitedStates for complete financial statements. The unaudited condensed consolidatedfinancial statements for the interim periods ended March 31, 2009 and 2008,include all adjustments which are, in the opinion of management, necessary for afair presentation of the results for the interim periods. This includes allnormal and recurring adjustments, but does not include all of the informationand footnotes required by generally accepted accounting principles for completefinancial statements. Financial results for the Company, and airlines ingeneral, are seasonal in nature. Historically, the Company's financialperformance is better in the second and third fiscal quarters than its first andfourth fiscal quarters. However, as a result of significant fluctuations in theprice of jet fuel in some periods, the nature of the Company's fuel hedgingprogram, the periodic volatility of commodities used by the Company for hedgingjet fuel, and the accounting requirements of Statement of Financial AccountingStandards (SFAS) No. 133, "Accounting for Derivative Instruments and HedgingActivities," as amended (SFAS 133), the Company has experienced and may continueto experience significant volatility in its results in certain fiscal periods.See Note 5 for further information. Operating results for the three months endedMarch 31, 2009, are not necessarily indicative of the results that may beexpected for the year ended December 31, 2009. For further information, referto the consolidated financial statements and footnotes thereto included in theSouthwest Airlines Co. Annual Report on Fo rm 10-K for the year ended December31, 2008. Certain prior period amounts have been reclassified to conform to the currentpresentation. In the unaudited Condensed Consolidated Balance Sheet as ofDecember 31, 2008, the Company's cash collateral deposits related to fuelderivatives that have been provided to a counterparty have been adjusted to showa "net" presentation against the fair value of the Company's fuel derivativeinstruments. The entire portion of cash collateral deposits as of December 31,2008, $240 million, has been reclassified to reduce "Other deferred liabilities." In the Company's 2008 Form 10-K filing, these cash collateraldeposits were presented "gross" and all were included as an increase to "Prepaidexpenses and other current assets." This change in presentation was made inorder to comply with the requirements of Financial Accounting Standards Board(FASB) Staff Position FIN 39-1 (FIN 39-1), which was required to be adopted bythe Company effective January 1, 2008. Following the Company's 2008 Form 10-Kfiling on February 2, 2009, the Company became aware that the requirements ofFIN 39-1 had not been properly applied to its financial derivative instrumentswithin the financial statements. The Company determined that the effect of thiserror was not material to its financial statements and disclosures taken as awhole, and decided to apply FIN 39-1 prospectively beginning with this firstquarter 2009 Form 10-Q. The Company has made related retrospective adjustmentsto "Other current assets," "Accounts payable and accrued liabilities" and"Other, net" withi n the unaudited Condensed Consolidated Statement of Cash Flowsfor the three months ended March 31, 2008; however, these adjustments have nonet impact on "Net cash provided by operating activities," as previouslyreported for such period. See Note 5 for further information on cashcollateral deposits and the fair value of the Company's fuel derivative instruments.

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6. COMPREHENSIVE INCOME (LOSS) Comprehensive income (loss) included changes in the fair value of certainfinancial derivative instruments, which qualify for hedge accounting, andunrealized gains and losses on certain investments. The differences between netincome (loss) and comprehensive income (loss) for the three month periods endedMarch 31, 2009 and 2008, were as follows: Three months ended March 31, (In millions) 2009 2008 Net income (loss) $(91) $34 Unrealized gain (loss) on derivative instruments,net of deferred taxes of $36 and ($151) 58 260Other, net of deferred taxes of $3 and $6 4 (9) Total other comprehensive income 62 251 Comprehensive income (loss) $(29) $285 A rollforward of the amounts included in "AOCI," net of taxes, is shown below: Accumulated Fuel other hedge comprehensive(In millions) derivatives Other income (loss)Balance at December 31, 2008 $(946) $(38) $(984) 2009 changes in value (52) 4 (48) Reclassification to earnings 110 - 110Balance at March 31, 2009 $(888) $(34) $(922)

2. NEW ACCOUNTING PRONOUNCEMENTS In March 2008, the FASB issued statement No. 161, "Disclosures about DerivativeInstruments and Hedging Activities, an amendment of FASB Statement No. 133"(SFAS 161). SFAS 161 requires entities that use derivative instruments toprovide qualitative disclosures about their objectives and strategies for usingsuch instruments, as well as any details of credit-risk-related contingentfeatures contained within derivatives. SFAS 161 also requires entities todisclose additional information about the amounts and location of derivativeslocated within the financial statements, how the provisions of SFAS 133 havebeen applied, and the impact that hedges have on an entity's financial position,financial performance, and cash flows. The Company adopted the provisions ofSFAS 161 effective January 1, 2009. See Note 5 for the Company's disclosuresabout its derivative instruments and hedging activities. In January 2009, the FASB released Proposed Staff Position SFAS 107-b andAccounting Principles Board (APB) Opinion No. 28-a, "Interim Disclosures aboutFair Value of Financial Instruments" (SFAS 107-b and APB 28-a). This proposalamends FASB Statement No. 107, "Disclosures about Fair Values of FinancialInstruments," to require disclosures about fair value of financial instrumentsin interim financial statements as well as in annual financial statements. Theproposal also amends APB Opinion No. 28, "Interim Financial Reporting," torequire those disclosures in all interim financial statements. This proposal iseffective for interim periods ending after June 15, 2009, but early adoption ispermitted for interim periods ending after March 15, 2009. The Company plans toadopt SFAS 107-b and APB 28-a and provide the additional disclosure requirementsfor second quarter 2009. In March 2009, the FASB released Proposed Staff Position SFAS 157-e,"Determining Whether a Market Is Not Active and a Transaction Is Not Distressed"(SFAS 157-e). This proposal provides additional guidance in determining whethera market for a financial asset is not active and a transaction is not distressedfor fair value measurement purposes as defined in SFAS 157, "Fair ValueMeasurements." SFAS 157-e is effective for interim periods ending after June15, 2009, but early adoption is permitted for interim periods ending after March15, 2009. The Company plans to adopt the provisions of SFAS 157-e during secondquarter 2009, but does not believe this guidance will have a significant impacton the Company's financial position, cash flows, or disclosures. In March 2009, the FASB issued Proposed Staff Position SFAS 115-a, SFAS 124-a,and EITF 99-20-b, "Recognition and Presentation of Other-Than-Temporary Impairments." This proposal provides guidance in determining whetherimpairments in debt securities are other than temporary, and modifies thepresentation and disclosures surrounding such instruments. This Proposed StaffPosition is effective for interim periods ending after June 15, 2009, but earlyadoption is permitted for interim periods ending after March 15, 2009. TheCompany plans to adopt the provisions of this Proposed Staff Position duringsecond quarter 2009, but does not believe this guidance will have a significantimpact on the Company's financial position, cash flows, or disclosures.

10-Q

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11. FAIR VALUE MEASUREMENTS The Company adopted SFAS No. 157, "Fair Value Measurements" (SFAS 157) as ofJanuary 1, 2008. SFAS 157 establishes a three-tier fair value hierarchy, whichprioritizes the inputs used in measuring fair value. These tiers include: Level1, defined as observable inputs such as quoted prices in active markets; Level2, defined as inputs other than quoted prices in active markets that are eitherdirectly or indirectly observable; and Level 3, defined as unobservable inputsin which little or no market data exists, therefore requiring an entity todevelop its own assumptions. FASB Staff Position 157-2, "Effective Date of FASBStatement No. 157," applies to nonfinancial assets and nonfinancial liabilitiesand was effective January 1, 2009. The adoption of this standard had no impacton the Company in first quarter 2009. As of March 31, 2009, the Company held certain items that are required to bemeasured at fair value on a recurring basis. These included cash equivalents,short-term investments, certain noncurrent investments, interest rate derivativecontracts, fuel derivative contracts, and available-for-sale securities. Cashequivalents consist of short-term, highly liquid, income-producing investments,all of which have maturities of 90 days or less, including money market funds,U.S. Government obligations, and obligations of U.S. Government backed agencies.Short-term investments consist of short-term, highly liquid, income-producinginvestments, which have maturities of greater than 90 days but less than oneyear, including U.S. Government obligations, obligations of U.S. Governmentbacked agencies, and certain non-taxable auction rate securities. Derivativeinstruments are related to the Company's attempts to hedge fuel costs andinterest rates. Noncurrent investments consist of auction rate securitiescollateralized by stud ent loan portfolios, which are guaranteed by the U.S.Government. Other available-for-sale securities primarily consist ofinvestments associated with the Company's Excess Benefit Plan. The Company's fuel derivative instruments consist of over-the-counter (OTC)contracts, which are not traded on a public exchange. These contracts includeboth swaps as well as different types of option contracts. See Note 5 forfurther information on the Company's derivative instruments and hedgingactivities. The fair values of swap contracts are determined based on inputsthat are readily available in public markets or can be derived from informationavailable in publicly quoted markets. Therefore, the Company has categorizedthese swap contracts as Level 2. The Company determines the value of optioncontracts utilizing a standard option pricing model based on inputs that areeither readily available in public markets, can be derived from informationavailable in publicly quoted markets, or are quoted by financial institutionsthat trade these contracts. In situations where the Company obtains inputs viaquotes from financial institutions, it verifies the reasonableness of thesequotes via similar quotes from ano ther financial institution as of each date forwhich financial statements are prepared. The Company also considers counterparty credit risk and its own credit risk in its determination of allestimated fair values. The Company has consistently applied these valuationtechniques in all periods presented and believes it has obtained the mostaccurate information available for the types of derivative contracts it holds.Due to the fact that certain of the inputs used to determine the fair value ofoption contracts are unobservable (principally implied volatility), the Companyhas categorized these option contracts as Level 3. The Company's interest rate derivative instruments also consist of OTC swapcontracts. The inputs used to determine the fair values of these contracts areobtained in quoted public markets. The Company has consistently applied thesevaluation techniques in all periods presented. The Company's investments associated with its Excess Benefit Plan consist ofmutual funds that are publicly traded and for which market prices are readilyavailable. All of the Company's auction rate security instruments are reflected atestimated fair value in the unaudited Condensed Consolidated Balance Sheet. AtMarch 31, 2009, approximately $109 million of these instruments are classifiedas available for sale securities and $83 million are classified as tradingsecurities. The $83 million classified as trading securities are subject to anagreement the Company entered into in December 2008, as discussed below. Thecurrent portion of these securities, totaling $10 million, are included in"Short-term investments," and the noncurrent portion, totaling $73 million, areincluded in "Other assets" in the unaudited Condensed Consolidated BalanceSheet. In periods when an auction process successfully takes place every 30-35days, quoted market prices would be readily available, which would qualify asLevel 1 under SFAS 157. However, due to events in credit markets beginningduring first quarter 2008, the auction events for most of these instrumentsfailed, and, therefore, the Compa ny has subsequently determined the estimatedfair values of these securities utilizing a discounted cash flow analysis orother type of valuation model. In addition, during fourth quarter 2008, theCompany performed a valuation of a selected number of auction rate securityinstruments and considered these valuations in determining estimated fair valuesof other similar instruments within its portfolio. The Company's analysesconsider, among other items, the collateralization underlying the securityinvestments, the expected future cash flows, including the final maturity,associated with the securities, and estimates of the next time the security isexpected to have a successful auction or return to full par value. Thesesecurities were also compared, when possible, to other securities not owned bythe Company, but with similar characteristics. In association with this estimate of fair value, the Company has recorded atemporary unrealized decline in fair value of $11 million, with an offsettingentry to "AOCI." The Company currently believes that this temporary decline infair value is due entirely to liquidity issues, because the underlying assetsfor the majority of these auction rate securities held by the Company are almostentirely backed by the U.S. Government. In addition, for the $109 million ininstruments classified as available for sale, these auction rate securitiesrepresented approximately five percent of the Company's total cash, cashequivalent, and investment balance at March 31, 2009, which it believes allowsit sufficient time for the securities to return to full value. For the $83million in instruments classified as trading securities, the Company is party toan agreement with the counterparty that allows the Company to put theinstruments back to the counterparty at full par value in June 2010. Inconjunction with this agreement, the Company has applied the provisions of SFAS159, "The Fair Value Option for Financial Assets and Financial Liabilities" tothis put option. Part of this agreement also contains a line of credit in whichthe Company holds an $83 million loan that is secured by the auction ratesecurity instruments from that counterparty. Both the put option and theinstruments are being marked to market value through earnings each period;however, these adjustments offset and had minimal impact on net earnings impactfor first quarter 2009. At the time of the first failed auctions during firstquarter 2008, the Company held a total of $463 million in securities. Sincethat time, the Company has been able to sell $260 million of these instrumentsat par value in addition to the $83 million subject to the agreement to besettled at par in June 2010. During first quarter 2009, the Company also entered into a $46 million line ofcredit agreement with another counterparty secured by approximately $92 million(par value) of its remaining auction rate security instruments purchased throughthat counterparty. This agreement allows the Company the ability to drawagainst the line of credit secured by the auction rate security instruments fromthat counterparty. As of March 31, 2009, the Company had no borrowings againstthat available line of credit. The Company remains in discussions with itsother counterparties to determine whether mutually agreeable decisions can bereached regarding the effective repurchase of its remaining securities. TheCompany has continued to earn interest on virtually all of its auction ratesecurity instruments. Any future fluctuation in fair value related to theseinstruments that the Company deems to be temporary, including any recoveries ofprevious temporary write-downs, would be recorded to "AOCI." If the Companydetermines that any future valuation adjustment was other than temporary, itwould record a charge to earnings as appropriate. The following items are measured at fair value on a recurring basis subject tothe disclosure requirements of SFAS 157 at March 31, 2009: Fair Value Measurements at Reporting Date Using Quoted Prices in Significant Active Markets for Significant Other Unobservable Identical Assets Observable Inputs InputsDescription March 31, 2009 (Level 1) (Level 2)(Level 3)Assets (in millions)Cash equivalents $1,145 $1,145 $- $-Short-term investments 989 959 - 30Noncurrent investments (a) 162 - - 162Interest rate derivatives 75 - 75 -Fuel derivatives (b) 715 - 348 367Other available-for-sale securities 29 21 - 8Total assets $3,115 $2,125 $423 $567 Liabilities Fuel derivatives (b) $(1,646) $(498) $(1,148)(a) Included in "Other assets" in the unaudited Condensed Consolidated BalanceSheet.(b) In the unaudited Condensed Consolidated Balance Sheet, amounts are presentedas a net liability, and are also net of $300 million in cash collateral provided to counterparties. The following table presents the Company's activity for assets measured at fairvalue on a recurring basis using significant unobservable inputs (Level 3) asdefined in SFAS 157 for the three months ended March 31, 2009: Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Fuel Auction Rate Other(in millions) Derivatives Securities (a) SecuritiesTotalBalance at December 31, 2008 $(864) $200 $8$(656)Total gains or (losses) (realized or unrealized) Included in earnings (32) - - (32) Included in other comprehensive income (84) - -(84)Purchases and settlements (net) 199 (8) - 191Balance at March 31, 2009 $(781) $192 (b) $8$(581) The amount of total gains or (losses) for the period included in earnings attributable to the change in unrealized gains or losses relating to assets still held at March 31, 2009 $(10) $- $-$(10) (a) Includes those classified as short-term investments and noncurrentinvestments.(b) Includes $83 classified as trading securities.All settlements from fuel derivative contracts that are deemed "effective," asdefined in SFAS 133, are included in "Fuel and oil" expense in the period thatthe underlying fuel is consumed in operations. Any "ineffectiveness" associatedwith derivative contracts, as defined in SFAS 133, including amounts thatsettled in the current period (realized), and amounts that will settle in futureperiods (unrealized), is recorded in earnings immediately, as a component of"Other (gains) losses, net." See Note 5 for further information on SFAS 133 andhedging. Gains and losses (realized and unrealized) included in earnings related to otherinvestments for the three months ended March 31, 2009, are reported in "Other operating expenses."

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13. SUBSEQUENT EVENTS On April 2, 2009, the Company documented and closed the first tranche of what isexpected to be a two tranche sale and leaseback transaction with a third partyaircraft lessor for the sale and leaseback of a total of six of the Company'sBoeing 737-700 aircraft. On that date, the Company sold three of its Boeing737-700 aircraft for a total of approximately $105 million and immediatelyleased the aircraft back for approximately 12 years. This sale and leasebackresulted in a deferred gain of $8 million, which will be amortized over therespective terms of the leases. Under the second tranche of the transaction,which is expected to close in second quarter 2009, the Company will sell anadditional three of its Boeing 737-700 aircraft for approximately the sameamount and terms as in the first tranche. On April 16, 2009, the Company announced Freedom '09, a voluntary earlyretirement program offered to eligible Employees, in which the Company willoffer cash bonuses, medical/dental coverage for a specified period of time, andtravel privileges based on work group and years of service. Virtually all ofthe Company's Employees hired before March 31, 2008 are eligible to participatein the program. Participants' last day of work is expected to fall between July15, 2009 and April 15, 2010, based on the operational needs of particular worklocations and departments, which is to be determined. The Company does not havea target or expectation for the number of Employees expected to accept thepackage. The Company expects to determine the accounting for charges incurred withFreedom '09 and be able to estimate the cost of termination benefits in secondquarter 2009. Depending on the number of eligible Employees who accept theoffer, it may be necessary to replace a portion of the positions with newlyhired Employees to meet operational demands. Some of the positions will notneed to be filled based on the Company's recent capacity reductions. Thepurpose of this voluntary initiative and other initiatives is to reduceheadcount in conjunction with the Company's current plans to reduce its capacityby five percent in 2009 and to help reduce costs.

10. CONTINGENCIES On March 6, 2008, the Federal Aviation Administration (the "FAA") notified theCompany that it was seeking to fine the Company approximately $10 million inconnection with an incident concerning the Company's potential non-compliancewith an airworthiness directive. The Company accrued the proposed fine as anoperating expense in first quarter 2008. On March 2, 2009, the FAA and theCompany agreed to settle the matter, and other pending and potential regulatorycompliance matters, for $7.5 million. Approximately one-third of this amountwas paid in first quarter 2009, and the remainder will be paid in equalinstallments in 2010 and 2011. The Company also agreed, among other things, toimprove FAA access to information about its maintenance and engineering activities and make certain changes to its maintenance and engineering functions. Failure to perform these obligations could result in additionalfines of up to a maximum of $7.5 million. The agreement did not contain anyfinding of violation or admission of wrongdoing by the Company. In connection with the above incident, during the first quarter and early secondquarter of 2008, the Company was named as a defendant in two putative classactions on behalf of persons who purchased air travel from the Company while theCompany was allegedly in violation of FAA safety regulations. Claims alleged bythe plaintiffs in these two putative class actions include breach of contract,breach of warranty, fraud/misrepresentation, unjust enrichment, and negligentand reckless operation of an aircraft. The Company believes that the classaction lawsuits are without merit and intends to vigorously defend itself. Alsoin connection with the above incident, during the first quarter and early secondquarter of 2008, the Company received four letters from Shareholders demandingthe Company commence an action on behalf of the Company against members of itsBoard of Directors and any other allegedly culpable parties for damagesresulting from an alleged breach of fiduciary duties owed by them to theCompany. In August 2008, Carbon County Employees Retirement System and MarkCristello filed a related Shareholder derivative action in Texas state courtnaming certain directors and officers of the Company as individual defendantsand the Company as a nominal defendant. The derivative action claims breach offiduciary duty and seeks recovery by the Company of alleged monetary damagessustained as a result of the purported breach of fiduciary duty, as well ascosts of the action. A Special Committee appointed by the Independent Directorsof the Company is currently evaluating the Shareholder demands. The Company is from time to time subject to various other legal proceedings andclaims arising in the ordinary course of business, including, but not limitedto, examinations by the Internal Revenue Service (IRS). The Company's management does not expect that the outcome in any of itscurrently ongoing legal proceedings or the outcome of any proposed adjustmentspresented to date by the IRS, individually or collectively, will have a materialadverse effect on the Company's financial condition, results of operations, orcash flow. During 2008, the City of Dallas approved the Love Field Modernization Program,an estimated $519 million project to reconstruct Dallas Love Field with modern,convenient air travel facilities. Pursuant to a Program Development Agreementwith the City of Dallas, Southwest is managing this project, and initialconstruction is expected to commence during late 2009, with completion scheduledfor October 2014. Bonds will be issued at a later date by the Love FieldAirport Modernization Corporation (a "local government corporation" under Texaslaw formed by the City of Dallas) that will provide funding for this project,with repayment of the bonds being made through recurring ground rents, fees, and other revenues collected by the airport.

8. POSTRETIREMENT BENEFITS The following table sets forth the Company's periodic postretirement benefitcost for each of the interim periods identified: Three months ended March 31, (In millions) 2009 2008 Service cost $3 $3 Interest cost 1 1 Net periodic postretirement benefit cost $4 $4

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5. FINANCIAL DERIVATIVE INSTRUMENTS Fuel Contracts Airline operators are inherently dependent upon energy to operate and,therefore, are impacted by changes in jet fuel prices. Jet fuel and oil(including related taxes) consumed during the three months ended March 31, 2009and 2008, represented approximately 29 percent and 33 percent of the Company'soperating expenses, respectively. The Company's operating expenses have beenextremely volatile in recent years due to dramatic increases and declines inenergy prices. The Company endeavors to acquire jet fuel at the lowest possiblecost and to reduce volatility in operating expenses. Because jet fuel is nottraded on an organized futures exchange, there are limited opportunities tohedge directly in jet fuel. However, the Company has found that financialderivative instruments in other commodities, such as crude oil, and refinedproducts such as heating oil and unleaded gasoline, can be useful in decreasingits exposure to jet fuel price volatility. The Company does not purchase orhold any derivative financial instru ments for trading purposes. The Company has used financial derivative instruments for both short-term andlong-term time frames, and typically uses a mixture of purchased call options,collar structures (which include both a purchased call option and a sold putoption), and fixed price swap agreements in its portfolio. Generally, whenprices are lower, the Company prefers to use fixed price swap agreements andpurchased call options. However, when prices are higher, the Company uses morecollar structures due to the high cost of purchased call options and theincreased risk associated with fixed price swaps. Although the use of collarstructures can reduce the overall cost of hedging, these instruments carry morerisk than purchased call options in that the Company could end up in a liabilityposition when the collar structure settles. With the use of purchased calloptions, there is no risk of the Company being in a liability position atsettlement. During most of 2008, when energy prices were generally rising, the Company had amore significant hedge volume position related to 2009 through 2013. However,as a result of the dramatic decline in energy prices during the fourth quarterof 2008, the Company significantly reduced its net hedge volumes related tothese years. In late first quarter 2009, the Company began adding to its hedgerelated to 2009 and 2010, primarily with purchased call options with abovecurrent market strike prices as of March 31, 2009. The following table providesinformation about the Company's volume of fuel hedging for the first quarter of2009, and its portfolio as of March 31, 2009, for future periods. These hedgevolumes are strictly from an "economic" standpoint and thus do not reflectwhether the hedges qualified or will qualify for special hedge accounting asdefined in SFAS 133. The Company defines its "economic" hedge as the totalvolume of fuel derivative contracts held, including the net impact of positionsthat have been eff ectively "settled" through offsetting positions, regardless ofwhether those contracts qualify for hedge accounting as defined in SFAS 133. Fuel hedged as Approximate % of March 31, 2009 of jet fuelPeriod (by year) (gallons in millions) consumption2009 408 29% *2010 383 27% *2011 85 6% *2012 93 7% *2013 98 7% * Period (by quarter for 2009) First quarter 2009 15 4%Second quarter 2009 150 41% *Third quarter 2009 122 33% *Fourth quarter 2009 121 35% ** Forecasted Upon proper qualification, the Company accounts for its fuel derivativeinstruments as cash flow hedges, as defined in SFAS 133. Under SFAS 133, allderivatives designated as hedges that meet certain requirements are grantedspecial hedge accounting treatment. Generally, utilizing the special hedgeaccounting, all periodic changes in fair value of the derivatives designated ashedges that are considered to be effective, as defined, are recorded in"Accumulated other comprehensive income (loss)" ("AOCI") until the underlyingjet fuel is consumed. See Note 6 for further information on "AOCI." TheCompany is exposed to the risk that periodic changes will not be effective, asdefined, or that the derivatives will no longer qualify for special hedgeaccounting. Ineffectiveness, as defined, results when the change in the fairvalue of the derivative instrument exceeds the change in the value of theCompany's expected future cash outlay to purchase and consume jet fuel. To theextent that the periodic changes in the fair value of the derivatives are noteffective, that ineffectiveness is recorded to "Other (gains) losses, net" inthe statement of operations. Likewise, if a hedge ceases to qualify for hedgeaccounting, any change in the fair value of derivative instruments since thelast period is recorded to "Other (gains) losses, net" in the statement ofoperations in the period of the change; however, in accordance with SFAS 133,any amounts previously recorded to "AOCI" would remain there until such time asthe original forecasted transaction occurs, then would be reclassified to "Fueland oil" expense. In a situation where it becomes probable that a hedgedforecasted transaction will not occur, any gains and/or losses that have beenrecorded to "AOCI" would be required to be immediately reclassified intoearnings. The Company did not have any such situations occur for the threemonths ended March 31, 2009 or 2008. Ineffectiveness is inherent in hedging jet fuel with derivative positions basedin other crude oil related commodities. Due to the volatility in markets forcrude oil and related products, the Company is unable to predict the amount ofineffectiveness each period, including the loss of hedge accounting, which couldbe determined on a derivative by derivative basis or in the aggregate for aspecific commodity. This may result, and has resulted, in increased volatilityin the Company's financial results. Factors that have and may continue to leadto ineffectiveness and unrealized gains and losses on derivative contractsinclude: the significant fluctuation in energy prices, the number of derivativepositions the Company holds, significant weather events that have affectedrefinery capacity and the production of refined products, and the volatility ofthe different types of products the Company uses in hedging. The number ofinstances in which the Company has discontinued hedge accounting for specifichedges and for spe cific refined products, such as unleaded gasoline, hasincreased recently, primarily due to these reasons. However, even though thesederivatives may not qualify for SFAS 133 special hedge accounting, the Companycontinues to hold the instruments as it believes they continue to afford theCompany the opportunity to minimize jet fuel costs. SFAS 133 is a complex accounting standard with stringent requirements, includingthe documentation of a Company hedging strategy, statistical analysis to qualifya commodity for hedge accounting both on a historical and a prospective basis,and strict contemporaneous documentation that is required at the time each hedgeis designated by the Company. As required by SFAS 133, the Company assesses theeffectiveness of each of its individual hedges on a quarterly basis. TheCompany also examines the effectiveness of its entire hedging program on aquarterly basis utilizing statistical analysis. This analysis involvesutilizing regression and other statistical analyses that compare changes in theprice of jet fuel to changes in the prices of the commodities used for hedgingpurposes. All cash flows associated with purchasing and selling derivatives are classifiedas operating cash flows in the unaudited Condensed Consolidated Statement ofCash Flows. The following table presents the location of all assets andliabilities associated with the Company's hedging instruments within theunaudited Condensed Consolidated Balance Sheet (in millions): Asset Derivatives Liability Derivatives Balance Sheet Location Fair Value at 3/31/09 Fair Valueat 12/31/08 Fair Value at 3/31/09 Fair Value at 12/31/08 Derivatives designated as hedging instruments under SFAS 133 Fuel derivative contracts (gross)* Accrued liabilities $-$94 $15 $19Fuel derivative contracts (gross)* Other deferred liabilities 1940 197 522Interest rate derivative contracts Other assets 79 83- -Interest rate derivative contracts Other deferred liabilities -- 4 3 Total derivatives designated as hedging instruments under SFAS 133 $98 $217 $216$544 Derivatives not designated as hedging instruments under SFAS 133Fuel derivative contracts (gross)* Accrued liabilities $441$387 $635 $708Fuel derivative contracts (gross)* Other deferred liabilities 255266 799 530 Total derivatives not designated as hedging instruments under SFAS 133 $696 $653$1,434 $1,238 Total derivatives $794 $870 $1,650$1,782* Does not include the impact of cash collateral deposits provided tocounterparties. See discussionof credit risk and collateral following in this Note.In addition, the Company also had the following amounts associated with fuelderivative instruments and hedging activities in its unaudited CondensedConsolidated Balance Sheet (in millions): Balance Sheet March 31, December 31, Location 2009 2008Cash collateral deposits provided Offset against Otherto counterparty deferred liabilities 300 240Due to third parties for settled fuel contracts Accrued liabilities 22 16Net unrealized losses from fuel Accumulated otherhedges, net of tax comprehensive loss 888 946 The following tables present the impact of derivative instruments and theirlocation within the unaudited Condensed Consolidated Statement of Operations (inmillions): Derivatives in SFAS 133 Cash Flow Hedging Relationships Amount of (Gain) Loss Recognized in AOCI on Derivative (EffectivePortion) Amount of (Gain) Loss Reclassified from AOCI intoIncome (Effective Portion)(a) Amount of (Gain) LossRecognized in Income on Derivatives (ineffective portion) (b) Three months ended March 31, Three monthsended March 31, Three months ended March 31, 2009 2008 2009 2008 20092008 Fuel derivative contracts $52 * $(430) * $110 * $(170)* $16 $7Interest ratederivatives (5) * - - - -- - Total $47 $(430) $110 $(170)$16 $7* Net of tax(a) Amounts related to fuel derivative contracts and interest rate derivativesare included in Fuel and oil and Interest expense, respectively.(b) Amounts are included in Other (gains) losses, net.Derivatives not in SFAS 133 Cash Flow Hedging Relationships Amount of (Gain) Loss Recognized in Income on Derivatives Three months ended March 31, Location of(Gain) Loss Recognized in Income 2009 2008 on Derivatives Fuel derivative contracts $(27) $16 Other (gains)losses, net In addition, the Company also recorded expense associated with premiums paid forfuel derivative contracts that settled/expired during the three months endedMarch 31, 2009 and 2008, respectively, of $32 million and $14 million. Theseamounts are excluded from the Company's measurement of effectiveness for relatedhedges. The fair value of the derivative instruments, depending on the type ofinstrument, was determined by the use of present value methods or standardoption value models with assumptions about commodity prices based on thoseobserved in underlying markets. Included in the Company's total net unrealizedlosses from fuel hedges as of March 31, 2009, are approximately $360 million innet unrealized losses that are expected to be realized in earnings during thetwelve months following March 31, 2009. In addition, as of March 31, 2009, theCompany had already recognized cumulative net losses due to ineffectiveness andderivatives that do not qualify for hedge accounting totaling $10 million, netof taxes. These gains were recognized in the three months ended March 31, 2009,and prior periods, and are reflected in "Retained earnings" as of March 31,2009, but the underlying derivative instruments will not expire/settle untilsubsequent periods of 2009 or future periods. Interest rate swaps The Company is party to interest rate swap agreements related to its $385million 6.5% senior unsecured notes due 2012, its $350 million 5.25% seniorunsecured notes due 2014, its $300 million 5.125% senior unsecured notes due2017, and its $100 million 7.375% senior unsecured debentures due 2027. Theprimary objective for the Company's use of these interest rate hedges is tobetter match the repricing of its assets and liabilities. Under each of theseinterest rate swap agreements, the Company pays the London InterBank OfferedRate (LIBOR) plus a margin every six months on the notional amount of the debt,and receives payments based on the fixed stated rate of the notes every sixmonths until the date the notes become due. These interest rate swap agreementsqualify as fair value hedges, as defined by SFAS 133. In addition, theseinterest rate swap agreements qualify for the "shortcut" method of accountingfor hedges, as defined by SFAS 133. Under the "shortcut" method, the hedges areassumed to be perfectly effect ive, and, thus, there is no ineffectiveness to berecorded in earnings. The Company also entered into an interest rate swap agreement concurrent withits entry into a twelve-year, $600 million floating-rate Term Loan Agreementduring 2008. Under this swap agreement, which is accounted for as a cash flowhedge, the interest rate on the term loan is effectively fixed for its entireterm at 5.223 percent and ineffectiveness is required to be measured eachreporting period. The fair values of the interest rate swap agreements, whichare adjusted regularly, have been aggregated by counterparty for classificationin the unaudited Condensed Consolidated Balance Sheet. Credit risk and collateral The Company's credit exposure related to fuel derivative instruments isrepresented by the fair value of contracts with a net positive fair value to theCompany at the reporting date. At such times, these outstanding instrumentsexpose the Company to credit loss in the event of nonperformance by thecounterparties to the agreements. However, the Company has not experienced anysignificant credit loss as a result of counterparty nonperformance in the past.To manage credit risk, the Company selects and will periodically reviewcounterparties based on credit ratings, limits its exposure to a singlecounterparty, and monitors the market position of the program and its relativemarket position with each counterparty. At March 31, 2009, the Company hadagreements with eight counterparties containing early termination rights and/orbilateral collateral provisions whereby security is required if market riskexposure exceeds a specified threshold amount or credit ratings fall belowcertain levels. Based on the Company's curr ent agreement with one of thesecounterparties, cash deposits are required to be posted whenever the net fairvalue of derivatives associated with that counterparty exceed a specificthreshold. If this threshold is exceeded, cash is either posted by thecounterparty if the value of derivatives is an asset to the Company, or postedby the Company if the value of derivatives is a liability to the Company. Underthis agreement, as amended, until January 1, 2010, if the Company becomesobligated to post collateral for obligations in amounts of up to $300 millionand in excess of $700 million, the Company is required to post cash collateral;however, if the Company becomes obligated to post collateral for obligations inamounts between $300 million and $700 million, the Company has pledged 20 of itsBoeing 737-700 aircraft as collateral in lieu of cash. At March 31, 2009, thefair value of fuel derivative instruments with this counterparty was a netliability of $355 million, and the Company had posted $300 million in cash collateral deposits with the counterparty, with the remaining $55 millionsecured by specified aircraft. If the fair value of fuel derivative instrumentswith this counterparty were in a net asset position, the counterparty isrequired to post cash collateral to the Company on a dollar-for-dollar basis foramounts in excess of $40 million. This agreement does not contain any triggersthat would require additional cash to be posted by the Company outside offurther changes in the fair value of the fuel derivative instruments held withthe counterparty. However, if the fair value of fuel derivative instrumentswith this counterparty were in a net asset position, and the counterparty'scredit rating were to be lowered to specified levels, the counterparty could berequired to post cash collateral to the Company on a dollar-for-dollar basisrelated to the first $40 million of assets held. On March 27, 2009, the Company entered into a fuel hedging agreement with asecond counterparty that replaced an existing fuel hedging agreement with thatcounterparty. Under the previous agreement, the Company became obligated topost cash or letters of credit as security for fuel derivative liabilities upona noninvestment grade credit rating. Under the new agreement, the Company isobligated to post collateral related to fuel derivative liabilities as follows:(i) if the obligation is up to $125 million, the Company posts cash collateral,(ii) if the obligation is between $125 million and $625 million, the Company haspledged Boeing 737-700 aircraft, and (iii) if the obligation exceeds $625million, the Company must post cash or letters of credit as collateral. TheCompany pledged 29 of its Boeing 737-700 aircraft to cover the collateralposting band in clause (ii). Although no cash collateral had been provided tothis counterparty as of March 31, 2009, the Company did post $125 million incash collateral deposits to this counterparty in April 2009 upon the effectivedate of the agreement. The agreement also provides for the counterparty to postcash collateral to the Company on a dollar-for-dollar basis for any net positivefair value of fuel derivative instruments in excess of $150 million held by theCompany from that counterparty. This agreement does not contain any triggersthat would require additional cash to be posted by the Company outside offurther changes in the fair value of the fuel derivative instruments held withthe counterparty. However, if the fair value of fuel derivative instrumentswith this counterparty were in a net asset position, and the counterparty'scredit rating were to be lowered to specified levels, the counterparty would berequired to post cash collateral to the Company on a dollar-for-dollar basisrelated to the first $150 million of assets held. As of March 31, 2009, other than described above, the Company did not have anyfuel hedging agreements with counterparties in which cash collateral is requiredto be posted based on the Company's current investment grade credit rating.However, one additional fuel hedging agreement contains a provision whereby eachparty has the right to terminate and settle all outstanding fuel contracts ifthe other party's credit rating falls below investment grade. Upon thisoccurrence, the party in a net liability position could subsequently be requiredto post cash collateral if a mutual alternative agreement could not be reached.At March 31, 2009, the Company's estimated fair value of fuel derivativecontracts with this counterparty was a liability of $188 million, including $73million that will settle by the end of 2009. As a result of recent modifications made to the fuel hedging agreements withcounterparties, the Company has significantly reduced its exposure to futurecash collateral requirements. As an example, even if market prices for thecommodities used in the Company's fuel hedging activities were to decrease by 50percent from current market prices, given the Company's current fuel hedgeportfolio and its investment grade credit rating, it would not have to provideadditional cash collateral to its current counterparties. As discussed in Note 1, the Company has adopted the provisions of FIN 39-1. FIN39-1 requires an entity to select a policy of how it records the offset rightsto reclaim cash collateral associated with the related derivative fair value ofthe assets or liabilities of such derivative instruments. Entities may eitherselect a "net" or a "gross" presentation. The Company has elected to presentits cash collateral utilizing a net presentation, in which cash collateralamounts held or provided have been netted against the fair value of outstandingderivative instruments. The Company's policy differs depending on whether itsderivative instruments are in a net asset position or a net liability position.If its fuel derivative instruments are in a net asset position with acounterparty, cash collateral amounts held are first netted against currentderivative amounts (those that will settle during the twelve months followingthe balance sheet date) associated with that counterparty until that balance iszero, and then any re mainder would be applied against the fair value ofnoncurrent outstanding derivative instruments (those that will settle beyond oneyear following the balance sheet date.) If its fuel derivative instruments arein a net liability position with a counterparty, cash collateral amountsprovided are first netted against noncurrent derivative amounts associated withthat counterparty until that balance is zero, and then any remainder would beapplied against the fair value of current outstanding derivative instruments.At March 31, 2009, the $300 million in cash collateral deposits posted with acounterparty under its bilateral collateral provisions has been netted againstnoncurrent fuel derivative instruments within "Other deferred liabilities" inthe unaudited Condensed Consolidated Balance Sheet.

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3. DIVIDENDS During the three months ended March 31, 2009, dividends of $.0045 per share were declared on the 740 million shares of Common Stock then outstanding. During the three months ended March 31, 2008, dividends of $.0045 per share were declared on the 731 million shares of Common Stock then outstanding.

EX-101.SCH 3 luv-20090331.xsd XBRL TAXONOMY EXTENSION SCHEMA Notes To Financial Statements link:presentationLink link:calculationLink link:labelLink link:referenceLink EX-101.PRE 4 luv-20090331_pre.xml XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE EX-101.LAB 5 luv-20090331_lab.xml XBRL TAXONOMY EXTENSION LABEL LINKBASE Inventories of Parts and Supplies, At Cost Inventories primarily consist of flight equipment expendable parts, materials, aircraft fuel, and supplies. All of these items are carried at average cost, less an allowance for obsolescence. These items are generally charged to expense when issued for use and excludes amounts expected to remain on hand past one year or one operating cycle, if longer. Fuel Derivative Contracts Fair values as of the balance sheet date for all assets resulting from contracts that meet the criteria of being accounted for as derivative instruments used in the hedging of jet fuel and which are expected to be converted into cash or otherwise disposed of within a year or the normal operating cycle, if longer. Prepaid Expenses and Other Current Assets Sum of the amounts paid in advance for capitalized costs that will be expensed with the passage of time or the occurrence of a triggering event, as well as current assets not separately disclosed in the balance sheet due to materiality considerations. Amounts will be charged against earnings within one year or the normal operating cycle, if longer. Flight Equipment Long-lived, depreciable assets used in the Company's principle business operations. Includes aircraft owned and on capital lease, as well as all capitalized improvements. Amounts are stated at cost. Ground Property and Equipment Carrying amount at the balance sheet date for long-lived physical assets used in the normal conduct of business and not intended for resale. This can include land, physical structures, machinery, vehicles, furniture, computer equipment, construction in progress, and similar items. Amount does not include depreciation, and excludes flight equipment. Deposits on Flight Equipment Purchase Contracts Carrying amount at the balance sheet date of deposits made to the manufacturer for new flight equipment still under construction. Includes construction costs to date and capitalized interest for assets being constructed that are not ready to be placed into service. Deferred Gains from Sale and Leaseback of Aircraft The carrying amount of gains realized from the sale and leaseback of flight equipment that have been previously deferred and are being amortized into earnings over the life of the associated flight equipment. Amounts are not expected to be recognized within one year (or the normal operating cycle, if longer). Salaries, Wages, and Benefits Expenditures for salaries, including payroll tax expense, compensation, postemployment and benefit-related expenses not elsewhere specified in the taxonomy (such as health plan, profit sharing, workers compensation, incentives, other fringe benefits and perquisites) incurred in the period. Maintenance Materials and Repairs Maintenance costs incurred and directly related to services rendered by an entity during the reporting period. Includes the cost of scheduled inspections and repairs and routine maintenance costs for all aircraft and engines. Aircraft Rental Expense incurred related to the lease of aircraft from outside third parties that are used in the Company's business operations. Landing Fees and Other Rentals Direct costs incurred at airports in which the Company conducts flight operations. The costs primarily consist of fees paid to the airport authority for takeoff and landing, gate space and facilities, allocations of common space such as security and other terminal costs, and fuel storage facilities. Other Expenses (Income) Total Other Expenses (Income) The aggregate amount of all remaining items that are excluded from the normal operations of the business, including interest expense, interest income, interest capitalized, and other nonoperating gains, losses, income, and expenses. Total Other Expenses (Income), Total Amortization of Deferred Gains on Sale and Leaseback of Aircraft The current period amortization of gains realized from the sale and leaseback of flight equipment. The gains have been previously deferred and are being amortized into earnings over the life of the associated flight equipment. Increase (Decrease) in Other Current Operating Assets The net change during the reporting period in other current operating assets not otherwise defined in the taxonomy. Payments for (Proceeds from) Other Operating Activities Net increases or decreases in cash from operating activities not otherwise defined in the taxonomy. Debtor in ATA Airlines, Inc. Repayments received related to the Company's previous debtor in possession loan to ATA Airlines, Inc. Payments of Long-Term Debt and Capital Lease Obligations The cash outflow for debt and for leases meeting the criteria for capitalization, initially having maturity due after one year or beyond the normal operating cycle, if longer. Cash Payments For Accounts and Other Receivables Amount due from customers, clients, other third parties, or arising from other transactions not otherwise specified in the taxonomy, for goods or services (including trade receivables) that have been delivered or sold in the normal course of business, reduced to the estimated net realizable fair value by an allowance established by the entity of the amount it deems uncertain of collection. Primarily consists of amounts due from credit card companies associated with sales of tickets for future travel and amounts due from counterparties associated with fuel derivative instruments that have settled. Carrying amounts are due as of the balance sheet date and are expected to be collected within one year of the balance sheet date (or the normal operating cycle, which ever is longer). Leaseback Transaction, Gross Proceeds The gross proceeds received from the asset(s) sold in connection with the transaction involving the sale of property to another party and the lease back to the seller. 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BASIS OF PRESENTATION The accompanying unaudited condensed consolidated financial statements ofSouthwest Airlines Co. (Company or Southwest) have been prepared in accordancewith accounting principles generally accepted in the United States for interimfinancial information and with the instructions to Form 10-Q and Article 10 ofRegulation S-X. Accordingly, they do not include all of the information andfootnotes required by accounting principles generally accepted in the UnitedStates for complete financial statements. The unaudited condensed consolidatedfinancial statements for the interim periods ended March 31, 2009 and 2008,include all adjustments which are, in the opinion of management, necessary for afair presentation of the results for the interim periods. This includes allnormal and recurring adjustments, but does not include all of the informationand footnotes required by generally accepted accounting principles for completefinancial statements. Financial results for the Company, and airlines ingeneral, are seasonal in nature. Historically, the Company's financialperformance is better in the second and third fiscal quarters than its first andfourth fiscal quarters. However, as a result of significant fluctuations in theprice of jet fuel in some periods, the nature of the Company's fuel hedgingprogram, the periodic volatility of commodities used by the Company for hedgingjet fuel, and the accounting requirements of Statement of Financial AccountingStandards (SFAS) No. 133, "Accounting for Derivative Instruments and HedgingActivities," as amended (SFAS 133), the Company has experienced and may continueto experience significant volatility in its results in certain fiscal periods.See Note 5 for further information. Operating results for the three months endedMarch 31, 2009, are not necessarily indicative of the results that may beexpected for the year ended December 31, 2009. For further information, referto the consolidated financial statements and footnotes thereto included in theSouthwest Airlines Co. Annual Report on Fo rm 10-K for the year ended December31, 2008. Certain prior period amounts have been reclassified to conform to the currentpresentation. In the unaudited Condensed Consolidated Balance Sheet as ofDecember 31, 2008, the Company's cash collateral deposits related to fuelderivatives that have been provided to a counterparty have been adjusted to showa "net" presentation against the fair value of the Company's fuel derivativeinstruments. The entire portion of cash collateral deposits as of December 31,2008, $240 million, has been reclassified to reduce "Other deferred liabilities." In the Company's 2008 Form 10-K filing, these cash collateraldeposits were presented "gross" and all were included as an increase to "Prepaidexpenses and other current assets." This change in presentation was made inorder to comply with the requirements of Financial Accounting Standards Board(FASB) Staff Position FIN 39-1 (FIN 39-1), which was required to be adopted bythe Company effective January 1, 2008. Following the Company's 2008 Form 10-Kfiling on February 2, 2009, the Company became aware that the requirements ofFIN 39-1 had not been properly applied to its financial derivative instrumentswithin the financial statements. The Company determined that the effect of thiserror was not material to its financial statements and disclosures taken as awhole, and decided to apply FIN 39-1 prospectively beginning with this firstquarter 2009 Form 10-Q. The Company has made related retrospective adjustmentsto "Other current assets," "Accounts payable and accrued liabilities" and"Other, net" withi n the unaudited Condensed Consolidated Statement of Cash Flowsfor the three months ended March 31, 2008; however, these adjustments have nonet impact on "Net cash provided by operating activities," as previouslyreported for such period. See Note 5 for further information on cashcollateral deposits and the fair value of the Company's fuel derivative instruments. 1. BASIS OF PRESENTATION The accompanying unaudited condensed consolidated financial statements ofSouthwest Airlines Co. (Company or Southwest) have been false true Description containing the entire organization, consolidation and basis of presentation of financial statements disclosure. 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ACCRUED LIABILITIES March 31, December 31,(In millions) 2009 2008 Retirement Plans $85 $86 Aircraft Rentals 98 118 Vacation Pay 178 175 Advances and deposits 20 23 Fuel derivative contracts 213 246 Deferred income taxes 67 36 Workers compensation 123 122 Other 232 206 Accrued liabilities $1,016 $1,012 7. ACCRUED LIABILITIES March 31, December 31,(In millions) 2009 2008 Retirement Plans $85 $86 Aircraft Rentals 98 118 Vacation Pay 178 175 false true Description and amounts of accounts payable and accrued disclosure at the end of the reporting period. This element may be used for the entire disclosure as a single block of text. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 19 -Subparagraph a -Article 5 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 20, 24 -Article 5 false 5 Schedule of Common Stock by Class [Text Block] 1 us-gaap_ScheduleOfCommonStockByClassTextBlock us-gaap true na duration string This element may be used to capture the complete disclosure pertaining to an entity's common stock, including par or stated... false false false false false false false false false 1 false false 0 0 3. DIVIDENDS During the three months ended March 31, 2009, dividends of $.0045 per share were declared on the 740 million shares of Common Stock then outstanding. During the three months ended March 31, 2008, dividends of $.0045 per share were declared on the 731 million shares of Common Stock then outstanding. 3. 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This element may be used as a single block of text to encapsulate the... false false false false false false false false false 1 false false 0 0 10. CONTINGENCIES On March 6, 2008, the Federal Aviation Administration (the "FAA") notified theCompany that it was seeking to fine the Company approximately $10 million inconnection with an incident concerning the Company's potential non-compliancewith an airworthiness directive. The Company accrued the proposed fine as anoperating expense in first quarter 2008. On March 2, 2009, the FAA and theCompany agreed to settle the matter, and other pending and potential regulatorycompliance matters, for $7.5 million. Approximately one-third of this amountwas paid in first quarter 2009, and the remainder will be paid in equalinstallments in 2010 and 2011. The Company also agreed, among other things, toimprove FAA access to information about its maintenance and engineering activities and make certain changes to its maintenance and engineering functions. Failure to perform these obligations could result in additionalfines of up to a maximum of $7.5 million. The agreement did not contain anyfinding of violation or admission of wrongdoing by the Company. In connection with the above incident, during the first quarter and early secondquarter of 2008, the Company was named as a defendant in two putative classactions on behalf of persons who purchased air travel from the Company while theCompany was allegedly in violation of FAA safety regulations. Claims alleged bythe plaintiffs in these two putative class actions include breach of contract,breach of warranty, fraud/misrepresentation, unjust enrichment, and negligentand reckless operation of an aircraft. The Company believes that the classaction lawsuits are without merit and intends to vigorously defend itself. Alsoin connection with the above incident, during the first quarter and early secondquarter of 2008, the Company received four letters from Shareholders demandingthe Company commence an action on behalf of the Company against members of itsBoard of Directors and any other allegedly culpable parties for damagesresulting from an alleged breach of fiduciary duties owed by them to theCompany. In August 2008, Carbon County Employees Retirement System and MarkCristello filed a related Shareholder derivative action in Texas state courtnaming certain directors and officers of the Company as individual defendantsand the Company as a nominal defendant. The derivative action claims breach offiduciary duty and seeks recovery by the Company of alleged monetary damagessustained as a result of the purported breach of fiduciary duty, as well ascosts of the action. A Special Committee appointed by the Independent Directorsof the Company is currently evaluating the Shareholder demands. The Company is from time to time subject to various other legal proceedings andclaims arising in the ordinary course of business, including, but not limitedto, examinations by the Internal Revenue Service (IRS). The Company's management does not expect that the outcome in any of itscurrently ongoing legal proceedings or the outcome of any proposed adjustmentspresented to date by the IRS, individually or collectively, will have a materialadverse effect on the Company's financial condition, results of operations, orcash flow. During 2008, the City of Dallas approved the Love Field Modernization Program,an estimated $519 million project to reconstruct Dallas Love Field with modern,convenient air travel facilities. Pursuant to a Program Development Agreementwith the City of Dallas, Southwest is managing this project, and initialconstruction is expected to commence during late 2009, with completion scheduledfor October 2014. Bonds will be issued at a later date by the Love FieldAirport Modernization Corporation (a "local government corporation" under Texaslaw formed by the City of Dallas) that will provide funding for this project,with repayment of the bonds being made through recurring ground rents, fees, and other revenues collected by the airport. 10. CONTINGENCIES On March 6, 2008, the Federal Aviation Administration (the "FAA") notified theCompany that it was seeking to fine the Company false true Includes disclosure of commitments and contingencies. This element may be used as a single block of text to encapsulate the entire disclosure including data and tables. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name FASB Interpretation (FIN) -Number 14 -Paragraph 3 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 5 -Paragraph 9, 10, 11, 12 false 7 Derivative Instruments and Hedging Activities Disclosure [Text Block] 1 us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureTextBlock us-gaap true na duration string Description of risk management strategies, derivatives in hedging activities and nonhedging derivative instruments, the... false false false false false false false false false 1 false false 0 0 5. FINANCIAL DERIVATIVE INSTRUMENTS Fuel Contracts Airline operators are inherently dependent upon energy to operate and,therefore, are impacted by changes in jet fuel prices. Jet fuel and oil(including related taxes) consumed during the three months ended March 31, 2009and 2008, represented approximately 29 percent and 33 percent of the Company'soperating expenses, respectively. The Company's operating expenses have beenextremely volatile in recent years due to dramatic increases and declines inenergy prices. The Company endeavors to acquire jet fuel at the lowest possiblecost and to reduce volatility in operating expenses. Because jet fuel is nottraded on an organized futures exchange, there are limited opportunities tohedge directly in jet fuel. However, the Company has found that financialderivative instruments in other commodities, such as crude oil, and refinedproducts such as heating oil and unleaded gasoline, can be useful in decreasingits exposure to jet fuel price volatility. The Company does not purchase orhold any derivative financial instru ments for trading purposes. The Company has used financial derivative instruments for both short-term andlong-term time frames, and typically uses a mixture of purchased call options,collar structures (which include both a purchased call option and a sold putoption), and fixed price swap agreements in its portfolio. Generally, whenprices are lower, the Company prefers to use fixed price swap agreements andpurchased call options. However, when prices are higher, the Company uses morecollar structures due to the high cost of purchased call options and theincreased risk associated with fixed price swaps. Although the use of collarstructures can reduce the overall cost of hedging, these instruments carry morerisk than purchased call options in that the Company could end up in a liabilityposition when the collar structure settles. With the use of purchased calloptions, there is no risk of the Company being in a liability position atsettlement. During most of 2008, when energy prices were generally rising, the Company had amore significant hedge volume position related to 2009 through 2013. However,as a result of the dramatic decline in energy prices during the fourth quarterof 2008, the Company significantly reduced its net hedge volumes related tothese years. In late first quarter 2009, the Company began adding to its hedgerelated to 2009 and 2010, primarily with purchased call options with abovecurrent market strike prices as of March 31, 2009. The following table providesinformation about the Company's volume of fuel hedging for the first quarter of2009, and its portfolio as of March 31, 2009, for future periods. These hedgevolumes are strictly from an "economic" standpoint and thus do not reflectwhether the hedges qualified or will qualify for special hedge accounting asdefined in SFAS 133. The Company defines its "economic" hedge as the totalvolume of fuel derivative contracts held, including the net impact of positionsthat have been eff ectively "settled" through offsetting positions, regardless ofwhether those contracts qualify for hedge accounting as defined in SFAS 133. Fuel hedged as Approximate % of March 31, 2009 of jet fuelPeriod (by year) (gallons in millions) consumption2009 408 29% *2010 383 27% *2011 85 6% *2012 93 7% *2013 98 7% * Period (by quarter for 2009) First quarter 2009 15 4%Second quarter 2009 150 41% *Third quarter 2009 122 33% *Fourth quarter 2009 121 35% ** Forecasted Upon proper qualification, the Company accounts for its fuel derivativeinstruments as cash flow hedges, as defined in SFAS 133. Under SFAS 133, allderivatives designated as hedges that meet certain requirements are grantedspecial hedge accounting treatment. Generally, utilizing the special hedgeaccounting, all periodic changes in fair value of the derivatives designated ashedges that are considered to be effective, as defined, are recorded in"Accumulated other comprehensive income (loss)" ("AOCI") until the underlyingjet fuel is consumed. See Note 6 for further information on "AOCI." TheCompany is exposed to the risk that periodic changes will not be effective, asdefined, or that the derivatives will no longer qualify for special hedgeaccounting. Ineffectiveness, as defined, results when the change in the fairvalue of the derivative instrument exceeds the change in the value of theCompany's expected future cash outlay to purchase and consume jet fuel. To theextent that the periodic changes in the fair value of the derivatives are noteffective, that ineffectiveness is recorded to "Other (gains) losses, net" inthe statement of operations. Likewise, if a hedge ceases to qualify for hedgeaccounting, any change in the fair value of derivative instruments since thelast period is recorded to "Other (gains) losses, net" in the statement ofoperations in the period of the change; however, in accordance with SFAS 133,any amounts previously recorded to "AOCI" would remain there until such time asthe original forecasted transaction occurs, then would be reclassified to "Fueland oil" expense. In a situation where it becomes probable that a hedgedforecasted transaction will not occur, any gains and/or losses that have beenrecorded to "AOCI" would be required to be immediately reclassified intoearnings. The Company did not have any such situations occur for the threemonths ended March 31, 2009 or 2008. Ineffectiveness is inherent in hedging jet fuel with derivative positions basedin other crude oil related commodities. Due to the volatility in markets forcrude oil and related products, the Company is unable to predict the amount ofineffectiveness each period, including the loss of hedge accounting, which couldbe determined on a derivative by derivative basis or in the aggregate for aspecific commodity. This may result, and has resulted, in increased volatilityin the Company's financial results. Factors that have and may continue to leadto ineffectiveness and unrealized gains and losses on derivative contractsinclude: the significant fluctuation in energy prices, the number of derivativepositions the Company holds, significant weather events that have affectedrefinery capacity and the production of refined products, and the volatility ofthe different types of products the Company uses in hedging. The number ofinstances in which the Company has discontinued hedge accounting for specifichedges and for spe cific refined products, such as unleaded gasoline, hasincreased recently, primarily due to these reasons. However, even though thesederivatives may not qualify for SFAS 133 special hedge accounting, the Companycontinues to hold the instruments as it believes they continue to afford theCompany the opportunity to minimize jet fuel costs. SFAS 133 is a complex accounting standard with stringent requirements, includingthe documentation of a Company hedging strategy, statistical analysis to qualifya commodity for hedge accounting both on a historical and a prospective basis,and strict contemporaneous documentation that is required at the time each hedgeis designated by the Company. As required by SFAS 133, the Company assesses theeffectiveness of each of its individual hedges on a quarterly basis. TheCompany also examines the effectiveness of its entire hedging program on aquarterly basis utilizing statistical analysis. This analysis involvesutilizing regression and other statistical analyses that compare changes in theprice of jet fuel to changes in the prices of the commodities used for hedgingpurposes. All cash flows associated with purchasing and selling derivatives are classifiedas operating cash flows in the unaudited Condensed Consolidated Statement ofCash Flows. The following table presents the location of all assets andliabilities associated with the Company's hedging instruments within theunaudited Condensed Consolidated Balance Sheet (in millions): Asset Derivatives Liability Derivatives Balance Sheet Location Fair Value at 3/31/09 Fair Valueat 12/31/08 Fair Value at 3/31/09 Fair Value at 12/31/08 Derivatives designated as hedging instruments under SFAS 133 Fuel derivative contracts (gross)* Accrued liabilities $-$94 $15 $19Fuel derivative contracts (gross)* Other deferred liabilities 1940 197 522Interest rate derivative contracts Other assets 79 83- -Interest rate derivative contracts Other deferred liabilities -- 4 3 Total derivatives designated as hedging instruments under SFAS 133 $98 $217 $216$544 Derivatives not designated as hedging instruments under SFAS 133Fuel derivative contracts (gross)* Accrued liabilities $441$387 $635 $708Fuel derivative contracts (gross)* Other deferred liabilities 255266 799 530 Total derivatives not designated as hedging instruments under SFAS 133 $696 $653$1,434 $1,238 Total derivatives $794 $870 $1,650$1,782* Does not include the impact of cash collateral deposits provided tocounterparties. See discussionof credit risk and collateral following in this Note.In addition, the Company also had the following amounts associated with fuelderivative instruments and hedging activities in its unaudited CondensedConsolidated Balance Sheet (in millions): Balance Sheet March 31, December 31, Location 2009 2008Cash collateral deposits provided Offset against Otherto counterparty deferred liabilities 300 240Due to third parties for settled fuel contracts Accrued liabilities 22 16Net unrealized losses from fuel Accumulated otherhedges, net of tax comprehensive loss 888 946 The following tables present the impact of derivative instruments and theirlocation within the unaudited Condensed Consolidated Statement of Operations (inmillions): Derivatives in SFAS 133 Cash Flow Hedging Relationships Amount of (Gain) Loss Recognized in AOCI on Derivative (EffectivePortion) Amount of (Gain) Loss Reclassified from AOCI intoIncome (Effective Portion)(a) Amount of (Gain) LossRecognized in Income on Derivatives (ineffective portion) (b) Three months ended March 31, Three monthsended March 31, Three months ended March 31, 2009 2008 2009 2008 20092008 Fuel derivative contracts $52 * $(430) * $110 * $(170)* $16 $7Interest ratederivatives (5) * - - - -- - Total $47 $(430) $110 $(170)$16 $7* Net of tax(a) Amounts related to fuel derivative contracts and interest rate derivativesare included in Fuel and oil and Interest expense, respectively.(b) Amounts are included in Other (gains) losses, net.Derivatives not in SFAS 133 Cash Flow Hedging Relationships Amount of (Gain) Loss Recognized in Income on Derivatives Three months ended March 31, Location of(Gain) Loss Recognized in Income 2009 2008 on Derivatives Fuel derivative contracts $(27) $16 Other (gains)losses, net In addition, the Company also recorded expense associated with premiums paid forfuel derivative contracts that settled/expired during the three months endedMarch 31, 2009 and 2008, respectively, of $32 million and $14 million. Theseamounts are excluded from the Company's measurement of effectiveness for relatedhedges. The fair value of the derivative instruments, depending on the type ofinstrument, was determined by the use of present value methods or standardoption value models with assumptions about commodity prices based on thoseobserved in underlying markets. Included in the Company's total net unrealizedlosses from fuel hedges as of March 31, 2009, are approximately $360 million innet unrealized losses that are expected to be realized in earnings during thetwelve months following March 31, 2009. In addition, as of March 31, 2009, theCompany had already recognized cumulative net losses due to ineffectiveness andderivatives that do not qualify for hedge accounting totaling $10 million, netof taxes. These gains were recognized in the three months ended March 31, 2009,and prior periods, and are reflected in "Retained earnings" as of March 31,2009, but the underlying derivative instruments will not expire/settle untilsubsequent periods of 2009 or future periods. Interest rate swaps The Company is party to interest rate swap agreements related to its $385million 6.5% senior unsecured notes due 2012, its $350 million 5.25% seniorunsecured notes due 2014, its $300 million 5.125% senior unsecured notes due2017, and its $100 million 7.375% senior unsecured debentures due 2027. Theprimary objective for the Company's use of these interest rate hedges is tobetter match the repricing of its assets and liabilities. Under each of theseinterest rate swap agreements, the Company pays the London InterBank OfferedRate (LIBOR) plus a margin every six months on the notional amount of the debt,and receives payments based on the fixed stated rate of the notes every sixmonths until the date the notes become due. These interest rate swap agreementsqualify as fair value hedges, as defined by SFAS 133. In addition, theseinterest rate swap agreements qualify for the "shortcut" method of accountingfor hedges, as defined by SFAS 133. Under the "shortcut" method, the hedges areassumed to be perfectly effect ive, and, thus, there is no ineffectiveness to berecorded in earnings. The Company also entered into an interest rate swap agreement concurrent withits entry into a twelve-year, $600 million floating-rate Term Loan Agreementduring 2008. Under this swap agreement, which is accounted for as a cash flowhedge, the interest rate on the term loan is effectively fixed for its entireterm at 5.223 percent and ineffectiveness is required to be measured eachreporting period. The fair values of the interest rate swap agreements, whichare adjusted regularly, have been aggregated by counterparty for classificationin the unaudited Condensed Consolidated Balance Sheet. Credit risk and collateral The Company's credit exposure related to fuel derivative instruments isrepresented by the fair value of contracts with a net positive fair value to theCompany at the reporting date. At such times, these outstanding instrumentsexpose the Company to credit loss in the event of nonperformance by thecounterparties to the agreements. However, the Company has not experienced anysignificant credit loss as a result of counterparty nonperformance in the past.To manage credit risk, the Company selects and will periodically reviewcounterparties based on credit ratings, limits its exposure to a singlecounterparty, and monitors the market position of the program and its relativemarket position with each counterparty. At March 31, 2009, the Company hadagreements with eight counterparties containing early termination rights and/orbilateral collateral provisions whereby security is required if market riskexposure exceeds a specified threshold amount or credit ratings fall belowcertain levels. Based on the Company's curr ent agreement with one of thesecounterparties, cash deposits are required to be posted whenever the net fairvalue of derivatives associated with that counterparty exceed a specificthreshold. If this threshold is exceeded, cash is either posted by thecounterparty if the value of derivatives is an asset to the Company, or postedby the Company if the value of derivatives is a liability to the Company. Underthis agreement, as amended, until January 1, 2010, if the Company becomesobligated to post collateral for obligations in amounts of up to $300 millionand in excess of $700 million, the Company is required to post cash collateral;however, if the Company becomes obligated to post collateral for obligations inamounts between $300 million and $700 million, the Company has pledged 20 of itsBoeing 737-700 aircraft as collateral in lieu of cash. At March 31, 2009, thefair value of fuel derivative instruments with this counterparty was a netliability of $355 million, and the Company had posted $300 million in cash collateral deposits with the counterparty, with the remaining $55 millionsecured by specified aircraft. If the fair value of fuel derivative instrumentswith this counterparty were in a net asset position, the counterparty isrequired to post cash collateral to the Company on a dollar-for-dollar basis foramounts in excess of $40 million. This agreement does not contain any triggersthat would require additional cash to be posted by the Company outside offurther changes in the fair value of the fuel derivative instruments held withthe counterparty. However, if the fair value of fuel derivative instrumentswith this counterparty were in a net asset position, and the counterparty'scredit rating were to be lowered to specified levels, the counterparty could berequired to post cash collateral to the Company on a dollar-for-dollar basisrelated to the first $40 million of assets held. On March 27, 2009, the Company entered into a fuel hedging agreement with asecond counterparty that replaced an existing fuel hedging agreement with thatcounterparty. Under the previous agreement, the Company became obligated topost cash or letters of credit as security for fuel derivative liabilities upona noninvestment grade credit rating. Under the new agreement, the Company isobligated to post collateral related to fuel derivative liabilities as follows:(i) if the obligation is up to $125 million, the Company posts cash collateral,(ii) if the obligation is between $125 million and $625 million, the Company haspledged Boeing 737-700 aircraft, and (iii) if the obligation exceeds $625million, the Company must post cash or letters of credit as collateral. TheCompany pledged 29 of its Boeing 737-700 aircraft to cover the collateralposting band in clause (ii). Although no cash collateral had been provided tothis counterparty as of March 31, 2009, the Company did post $125 million incash collateral deposits to this counterparty in April 2009 upon the effectivedate of the agreement. The agreement also provides for the counterparty to postcash collateral to the Company on a dollar-for-dollar basis for any net positivefair value of fuel derivative instruments in excess of $150 million held by theCompany from that counterparty. This agreement does not contain any triggersthat would require additional cash to be posted by the Company outside offurther changes in the fair value of the fuel derivative instruments held withthe counterparty. However, if the fair value of fuel derivative instrumentswith this counterparty were in a net asset position, and the counterparty'scredit rating were to be lowered to specified levels, the counterparty would berequired to post cash collateral to the Company on a dollar-for-dollar basisrelated to the first $150 million of assets held. As of March 31, 2009, other than described above, the Company did not have anyfuel hedging agreements with counterparties in which cash collateral is requiredto be posted based on the Company's current investment grade credit rating.However, one additional fuel hedging agreement contains a provision whereby eachparty has the right to terminate and settle all outstanding fuel contracts ifthe other party's credit rating falls below investment grade. Upon thisoccurrence, the party in a net liability position could subsequently be requiredto post cash collateral if a mutual alternative agreement could not be reached.At March 31, 2009, the Company's estimated fair value of fuel derivativecontracts with this counterparty was a liability of $188 million, including $73million that will settle by the end of 2009. As a result of recent modifications made to the fuel hedging agreements withcounterparties, the Company has significantly reduced its exposure to futurecash collateral requirements. As an example, even if market prices for thecommodities used in the Company's fuel hedging activities were to decrease by 50percent from current market prices, given the Company's current fuel hedgeportfolio and its investment grade credit rating, it would not have to provideadditional cash collateral to its current counterparties. As discussed in Note 1, the Company has adopted the provisions of FIN 39-1. FIN39-1 requires an entity to select a policy of how it records the offset rightsto reclaim cash collateral associated with the related derivative fair value ofthe assets or liabilities of such derivative instruments. Entities may eitherselect a "net" or a "gross" presentation. The Company has elected to presentits cash collateral utilizing a net presentation, in which cash collateralamounts held or provided have been netted against the fair value of outstandingderivative instruments. The Company's policy differs depending on whether itsderivative instruments are in a net asset position or a net liability position.If its fuel derivative instruments are in a net asset position with acounterparty, cash collateral amounts held are first netted against currentderivative amounts (those that will settle during the twelve months followingthe balance sheet date) associated with that counterparty until that balance iszero, and then any re mainder would be applied against the fair value ofnoncurrent outstanding derivative instruments (those that will settle beyond oneyear following the balance sheet date.) If its fuel derivative instruments arein a net liability position with a counterparty, cash collateral amountsprovided are first netted against noncurrent derivative amounts associated withthat counterparty until that balance is zero, and then any remainder would beapplied against the fair value of current outstanding derivative instruments.At March 31, 2009, the $300 million in cash collateral deposits posted with acounterparty under its bilateral collateral provisions has been netted againstnoncurrent fuel derivative instruments within "Other deferred liabilities" inthe unaudited Condensed Consolidated Balance Sheet. 5. FINANCIAL DERIVATIVE INSTRUMENTS Fuel Contracts Airline operators are inherently dependent upon energy to operate and,therefore, are impacted by false true Description of risk management strategies, derivatives in hedging activities and nonhedging derivative instruments, the assets, obligations, liabilities, revenues and expenses arising therefrom, and the amounts of and methodologies and assumptions used in determining the amounts of such items. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 133 -Paragraph 44, 45, 46, 47 false 8 Fair Value Disclosures [Text Block] 1 us-gaap_FairValueDisclosuresTextBlock us-gaap true na duration string This item represents the complete disclosure regarding the fair value of financial instruments (as defined), including... false false false false false false false false false 1 false false 0 0 11. FAIR VALUE MEASUREMENTS The Company adopted SFAS No. 157, "Fair Value Measurements" (SFAS 157) as ofJanuary 1, 2008. SFAS 157 establishes a three-tier fair value hierarchy, whichprioritizes the inputs used in measuring fair value. These tiers include: Level1, defined as observable inputs such as quoted prices in active markets; Level2, defined as inputs other than quoted prices in active markets that are eitherdirectly or indirectly observable; and Level 3, defined as unobservable inputsin which little or no market data exists, therefore requiring an entity todevelop its own assumptions. FASB Staff Position 157-2, "Effective Date of FASBStatement No. 157," applies to nonfinancial assets and nonfinancial liabilitiesand was effective January 1, 2009. The adoption of this standard had no impacton the Company in first quarter 2009. As of March 31, 2009, the Company held certain items that are required to bemeasured at fair value on a recurring basis. These included cash equivalents,short-term investments, certain noncurrent investments, interest rate derivativecontracts, fuel derivative contracts, and available-for-sale securities. Cashequivalents consist of short-term, highly liquid, income-producing investments,all of which have maturities of 90 days or less, including money market funds,U.S. Government obligations, and obligations of U.S. Government backed agencies.Short-term investments consist of short-term, highly liquid, income-producinginvestments, which have maturities of greater than 90 days but less than oneyear, including U.S. Government obligations, obligations of U.S. Governmentbacked agencies, and certain non-taxable auction rate securities. Derivativeinstruments are related to the Company's attempts to hedge fuel costs andinterest rates. Noncurrent investments consist of auction rate securitiescollateralized by stud ent loan portfolios, which are guaranteed by the U.S.Government. Other available-for-sale securities primarily consist ofinvestments associated with the Company's Excess Benefit Plan. The Company's fuel derivative instruments consist of over-the-counter (OTC)contracts, which are not traded on a public exchange. These contracts includeboth swaps as well as different types of option contracts. See Note 5 forfurther information on the Company's derivative instruments and hedgingactivities. The fair values of swap contracts are determined based on inputsthat are readily available in public markets or can be derived from informationavailable in publicly quoted markets. Therefore, the Company has categorizedthese swap contracts as Level 2. The Company determines the value of optioncontracts utilizing a standard option pricing model based on inputs that areeither readily available in public markets, can be derived from informationavailable in publicly quoted markets, or are quoted by financial institutionsthat trade these contracts. In situations where the Company obtains inputs viaquotes from financial institutions, it verifies the reasonableness of thesequotes via similar quotes from ano ther financial institution as of each date forwhich financial statements are prepared. The Company also considers counterparty credit risk and its own credit risk in its determination of allestimated fair values. The Company has consistently applied these valuationtechniques in all periods presented and believes it has obtained the mostaccurate information available for the types of derivative contracts it holds.Due to the fact that certain of the inputs used to determine the fair value ofoption contracts are unobservable (principally implied volatility), the Companyhas categorized these option contracts as Level 3. The Company's interest rate derivative instruments also consist of OTC swapcontracts. The inputs used to determine the fair values of these contracts areobtained in quoted public markets. The Company has consistently applied thesevaluation techniques in all periods presented. The Company's investments associated with its Excess Benefit Plan consist ofmutual funds that are publicly traded and for which market prices are readilyavailable. All of the Company's auction rate security instruments are reflected atestimated fair value in the unaudited Condensed Consolidated Balance Sheet. AtMarch 31, 2009, approximately $109 million of these instruments are classifiedas available for sale securities and $83 million are classified as tradingsecurities. The $83 million classified as trading securities are subject to anagreement the Company entered into in December 2008, as discussed below. Thecurrent portion of these securities, totaling $10 million, are included in"Short-term investments," and the noncurrent portion, totaling $73 million, areincluded in "Other assets" in the unaudited Condensed Consolidated BalanceSheet. In periods when an auction process successfully takes place every 30-35days, quoted market prices would be readily available, which would qualify asLevel 1 under SFAS 157. However, due to events in credit markets beginningduring first quarter 2008, the auction events for most of these instrumentsfailed, and, therefore, the Compa ny has subsequently determined the estimatedfair values of these securities utilizing a discounted cash flow analysis orother type of valuation model. In addition, during fourth quarter 2008, theCompany performed a valuation of a selected number of auction rate securityinstruments and considered these valuations in determining estimated fair valuesof other similar instruments within its portfolio. The Company's analysesconsider, among other items, the collateralization underlying the securityinvestments, the expected future cash flows, including the final maturity,associated with the securities, and estimates of the next time the security isexpected to have a successful auction or return to full par value. Thesesecurities were also compared, when possible, to other securities not owned bythe Company, but with similar characteristics. In association with this estimate of fair value, the Company has recorded atemporary unrealized decline in fair value of $11 million, with an offsettingentry to "AOCI." The Company currently believes that this temporary decline infair value is due entirely to liquidity issues, because the underlying assetsfor the majority of these auction rate securities held by the Company are almostentirely backed by the U.S. Government. In addition, for the $109 million ininstruments classified as available for sale, these auction rate securitiesrepresented approximately five percent of the Company's total cash, cashequivalent, and investment balance at March 31, 2009, which it believes allowsit sufficient time for the securities to return to full value. For the $83million in instruments classified as trading securities, the Company is party toan agreement with the counterparty that allows the Company to put theinstruments back to the counterparty at full par value in June 2010. Inconjunction with this agreement, the Company has applied the provisions of SFAS159, "The Fair Value Option for Financial Assets and Financial Liabilities" tothis put option. Part of this agreement also contains a line of credit in whichthe Company holds an $83 million loan that is secured by the auction ratesecurity instruments from that counterparty. Both the put option and theinstruments are being marked to market value through earnings each period;however, these adjustments offset and had minimal impact on net earnings impactfor first quarter 2009. At the time of the first failed auctions during firstquarter 2008, the Company held a total of $463 million in securities. Sincethat time, the Company has been able to sell $260 million of these instrumentsat par value in addition to the $83 million subject to the agreement to besettled at par in June 2010. During first quarter 2009, the Company also entered into a $46 million line ofcredit agreement with another counterparty secured by approximately $92 million(par value) of its remaining auction rate security instruments purchased throughthat counterparty. This agreement allows the Company the ability to drawagainst the line of credit secured by the auction rate security instruments fromthat counterparty. As of March 31, 2009, the Company had no borrowings againstthat available line of credit. The Company remains in discussions with itsother counterparties to determine whether mutually agreeable decisions can bereached regarding the effective repurchase of its remaining securities. TheCompany has continued to earn interest on virtually all of its auction ratesecurity instruments. Any future fluctuation in fair value related to theseinstruments that the Company deems to be temporary, including any recoveries ofprevious temporary write-downs, would be recorded to "AOCI." If the Companydetermines that any future valuation adjustment was other than temporary, itwould record a charge to earnings as appropriate. The following items are measured at fair value on a recurring basis subject tothe disclosure requirements of SFAS 157 at March 31, 2009: Fair Value Measurements at Reporting Date Using Quoted Prices in Significant Active Markets for Significant Other Unobservable Identical Assets Observable Inputs InputsDescription March 31, 2009 (Level 1) (Level 2)(Level 3)Assets (in millions)Cash equivalents $1,145 $1,145 $- $-Short-term investments 989 959 - 30Noncurrent investments (a) 162 - - 162Interest rate derivatives 75 - 75 -Fuel derivatives (b) 715 - 348 367Other available-for-sale securities 29 21 - 8Total assets $3,115 $2,125 $423 $567 Liabilities Fuel derivatives (b) $(1,646) $(498) $(1,148)(a) Included in "Other assets" in the unaudited Condensed Consolidated BalanceSheet.(b) In the unaudited Condensed Consolidated Balance Sheet, amounts are presentedas a net liability, and are also net of $300 million in cash collateral provided to counterparties. The following table presents the Company's activity for assets measured at fairvalue on a recurring basis using significant unobservable inputs (Level 3) asdefined in SFAS 157 for the three months ended March 31, 2009: Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Fuel Auction Rate Other(in millions) Derivatives Securities (a) SecuritiesTotalBalance at December 31, 2008 $(864) $200 $8$(656)Total gains or (losses) (realized or unrealized) Included in earnings (32) - - (32) Included in other comprehensive income (84) - -(84)Purchases and settlements (net) 199 (8) - 191Balance at March 31, 2009 $(781) $192 (b) $8$(581) The amount of total gains or (losses) for the period included in earnings attributable to the change in unrealized gains or losses relating to assets still held at March 31, 2009 $(10) $- $-$(10) (a) Includes those classified as short-term investments and noncurrentinvestments.(b) Includes $83 classified as trading securities.All settlements from fuel derivative contracts that are deemed "effective," asdefined in SFAS 133, are included in "Fuel and oil" expense in the period thatthe underlying fuel is consumed in operations. Any "ineffectiveness" associatedwith derivative contracts, as defined in SFAS 133, including amounts thatsettled in the current period (realized), and amounts that will settle in futureperiods (unrealized), is recorded in earnings immediately, as a component of"Other (gains) losses, net." See Note 5 for further information on SFAS 133 andhedging. Gains and losses (realized and unrealized) included in earnings related to otherinvestments for the three months ended March 31, 2009, are reported in "Other operating expenses." 11. FAIR VALUE MEASUREMENTS The Company adopted SFAS No. 157, "Fair Value Measurements" (SFAS 157) as ofJanuary 1, 2008. SFAS 157 establishes a three-tier false true This item represents the complete disclosure regarding the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments, assets, and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the Company is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risk is are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 107 -Paragraph 15B -Subparagraph a, b Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 107 -Paragraph 3, 10, 14, 15 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 133 -Paragraph 44A, 44B Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 157 -Paragraph 32, 33, 34 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 107 -Paragraph 15C, 15D Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 107 -Paragraph 15A -Subparagraph a-d Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 159 -Paragraph 17-22, 27, 28 false 9 Income Tax Disclosure [Text Block] 1 us-gaap_IncomeTaxDisclosureTextBlock us-gaap true na duration string Description containing the entire income tax disclosure. Examples include net deferred tax liability or asset recognized in... false false false false false false false false false 1 false false 0 0 12. TAX RATE The Company's effective tax rate was 15.3 percent in first quarter 2009. Thislow rate in first quarter 2009 was impacted by the Company's lower expectedearnings for 2009 and the related impact that permanent tax differences have on these projections. 12. TAX RATE The Company's effective tax rate was 15.3 percent in first quarter 2009. Thislow rate in first quarter 2009 was impacted by the Company's lower false true Description containing the entire income tax disclosure. Examples include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. This element may be used as a single block of text to encapsulate the entire disclosure including data and tables. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 08 -Paragraph (h) -Article 4 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 109 -Paragraph 136, 172 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 109 -Paragraph 43, 44, 45, 46, 47, 48, 49 false 10 Schedule of Earnings Per Share, Diluted, by Common Class [Text Block] 1 us-gaap_ScheduleOfEarningsPerShareDilutedByCommonClassTextBlock us-gaap true na duration string This element may be used to capture the complete disclosure pertaining to an entity's diluted earnings per share. false false false false false false false false false 1 false false 0 0 4. NET INCOME (LOSS) PER SHARE The following table sets forth the computation of basic and diluted net income (loss) per share (in millions except per share amounts): Three months ended March 31, 2009 2008 NUMERATOR: Net income (loss) $(91) $34 DENOMINATOR: Weighted-average shares outstanding, basic 740 733 Dilutive effect of Employee stock options - 1 Adjusted weighted-average shares outstanding, diluted 740 734 NET INCOME (LOSS) PER SHARE: Basic $(.12) $.05 Diluted $(.12) $.05 4. NET INCOME (LOSS) PER SHARE The following table sets forth the computation of basic and diluted net income (loss) per share (in millions except per share false true This element may be used to capture the complete disclosure pertaining to an entity's diluted earnings per share. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 128 -Paragraph 40 false 11 Schedule of New Accounting Pronouncements and Changes in Accounting Principles [Text Block] 1 us-gaap_ScheduleOfNewAccountingPronouncementsAndChangesInAccountingPrinciplesTextBlock us-gaap true na duration string Represents disclosure of any changes in an accounting principle, including a change from one generally accepted accounting... false false false false false false false false false 1 false false 0 0 2. NEW ACCOUNTING PRONOUNCEMENTS In March 2008, the FASB issued statement No. 161, "Disclosures about DerivativeInstruments and Hedging Activities, an amendment of FASB Statement No. 133"(SFAS 161). SFAS 161 requires entities that use derivative instruments toprovide qualitative disclosures about their objectives and strategies for usingsuch instruments, as well as any details of credit-risk-related contingentfeatures contained within derivatives. SFAS 161 also requires entities todisclose additional information about the amounts and location of derivativeslocated within the financial statements, how the provisions of SFAS 133 havebeen applied, and the impact that hedges have on an entity's financial position,financial performance, and cash flows. The Company adopted the provisions ofSFAS 161 effective January 1, 2009. See Note 5 for the Company's disclosuresabout its derivative instruments and hedging activities. In January 2009, the FASB released Proposed Staff Position SFAS 107-b andAccounting Principles Board (APB) Opinion No. 28-a, "Interim Disclosures aboutFair Value of Financial Instruments" (SFAS 107-b and APB 28-a). This proposalamends FASB Statement No. 107, "Disclosures about Fair Values of FinancialInstruments," to require disclosures about fair value of financial instrumentsin interim financial statements as well as in annual financial statements. Theproposal also amends APB Opinion No. 28, "Interim Financial Reporting," torequire those disclosures in all interim financial statements. This proposal iseffective for interim periods ending after June 15, 2009, but early adoption ispermitted for interim periods ending after March 15, 2009. The Company plans toadopt SFAS 107-b and APB 28-a and provide the additional disclosure requirementsfor second quarter 2009. In March 2009, the FASB released Proposed Staff Position SFAS 157-e,"Determining Whether a Market Is Not Active and a Transaction Is Not Distressed"(SFAS 157-e). This proposal provides additional guidance in determining whethera market for a financial asset is not active and a transaction is not distressedfor fair value measurement purposes as defined in SFAS 157, "Fair ValueMeasurements." SFAS 157-e is effective for interim periods ending after June15, 2009, but early adoption is permitted for interim periods ending after March15, 2009. The Company plans to adopt the provisions of SFAS 157-e during secondquarter 2009, but does not believe this guidance will have a significant impacton the Company's financial position, cash flows, or disclosures. In March 2009, the FASB issued Proposed Staff Position SFAS 115-a, SFAS 124-a,and EITF 99-20-b, "Recognition and Presentation of Other-Than-Temporary Impairments." This proposal provides guidance in determining whetherimpairments in debt securities are other than temporary, and modifies thepresentation and disclosures surrounding such instruments. This Proposed StaffPosition is effective for interim periods ending after June 15, 2009, but earlyadoption is permitted for interim periods ending after March 15, 2009. TheCompany plans to adopt the provisions of this Proposed Staff Position duringsecond quarter 2009, but does not believe this guidance will have a significantimpact on the Company's financial position, cash flows, or disclosures. 2. NEW ACCOUNTING PRONOUNCEMENTS In March 2008, the FASB issued statement No. 161, "Disclosures about DerivativeInstruments and Hedging Activities, an false true Represents disclosure of any changes in an accounting principle, including a change from one generally accepted accounting principle to another generally accepted accounting principle when there are two or more generally accepted accounting principles that apply or when the accounting principle formerly used is no longer generally accepted. Also disclose any change in the method of applying an accounting principle, or any change in an accounting principle required by a new pronouncement in the unusual instance that a new pronouncement does not include specific transition provisions. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 154 -Paragraph 2, 17, 18 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Principles Board Opinion (APB) -Number 28 -Paragraph 23, 24 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 01 -Paragraph b -Subparagraph 6 -Article 10 false 12 Postemployment Benefits Disclosure [Text Block] 1 us-gaap_PostemploymentBenefitsDisclosureTextBlock us-gaap true na duration string Description containing the entire postemployment benefits disclosure which may include supplemental unemployment benefits,... false false false false false false false false false 1 false false 0 0 8. POSTRETIREMENT BENEFITS The following table sets forth the Company's periodic postretirement benefitcost for each of the interim periods identified: Three months ended March 31, (In millions) 2009 2008 Service cost $3 $3 Interest cost 1 1 Net periodic postretirement benefit cost $4 $4 8. POSTRETIREMENT BENEFITS The following table sets forth the Company's periodic postretirement benefitcost for each of the interim periods identified: false true Description containing the entire postemployment benefits disclosure which may include supplemental unemployment benefits, obligations recognized for all types of benefits provided to former or inactive employees, their beneficiaries, and covered dependents after employment but before retirement. Disclosure may also include discussion that an obligation for postemployment benefits is not accrued in accordance with regulation only because the amount cannot be reasonably estimated. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 112 false 13 Sale Leaseback Transaction Disclosure [Text Block] 1 us-gaap_SaleLeasebackTransactionDisclosureTextBlock us-gaap true na duration string Includes disclosures regarding the elements of a transaction involving the sale of property to another party and the lease of... false false false false false false false false false 1 false false 0 0 9. SALE-LEASEBACK TRANSACTIONS In December 2008, the Company entered into a two tranche sale and leaseback transaction with a third party aircraft lessor for the sale and leaseback of ten of the Company's Boeing 737-700 aircraft. Under the first tranche of the transaction, which closed on December 23, 2008, the Company sold five of its Boeing 737-700 aircraft for a total of approximately $173 million and immediately leased the aircraft back for 12 years. Under the second tranche of the transaction, which closed on January 8, 2009, the Company sold five of its Boeing 737-700 aircraft for a total of approximately $173 million and immediately leased the aircraft back for 16 years. These sale and leasebacks resulted in a deferred gain of $21 million, which will be amortized over the respective terms of the leases. All of the leases from these sale-leasebacks are accounted for as operating leases. Under the terms of the lease agreements, the Company will continue to operate and maintain the aircraft. Payments under the lease agreements will be reset every six months based on changes in the six-month LIBOR rate. The lease agreements contain standard termination events, including termination upon a breach of the Company's obligations to make rental payments and upon any other material breach of the Company's obligations under the leases, and standard maintenance and return condition provisions. Upon a termination of the lease upon a breach by the Company, the Company would be liable for standard contractual damages, possibly including damages suffered by the lessor in connection with remarketing the aircraft or while the aircraft is not leased to another party. 9. SALE-LEASEBACK TRANSACTIONS In December 2008, the Company entered into a two tranche sale and leaseback transaction with a third party aircraft lessor for false true Includes disclosures regarding the elements of a transaction involving the sale of property to another party and the lease of the property back to the seller. This element may be used as a single block of text to encapsulate the entire disclosure including data and tables. No authoritative reference available. false 14 Comprehensive Income Note [Text Block] 1 us-gaap_ComprehensiveIncomeNoteTextBlock us-gaap true na duration string This label may include the following: 1) the amount of income tax expense or benefit allocated to each component of other... false false false false false false false false false 1 false false 0 0 6. COMPREHENSIVE INCOME (LOSS) Comprehensive income (loss) included changes in the fair value of certainfinancial derivative instruments, which qualify for hedge accounting, andunrealized gains and losses on certain investments. The differences between netincome (loss) and comprehensive income (loss) for the three month periods endedMarch 31, 2009 and 2008, were as follows: Three months ended March 31, (In millions) 2009 2008 Net income (loss) $(91) $34 Unrealized gain (loss) on derivative instruments,net of deferred taxes of $36 and ($151) 58 260Other, net of deferred taxes of $3 and $6 4 (9) Total other comprehensive income 62 251 Comprehensive income (loss) $(29) $285 A rollforward of the amounts included in "AOCI," net of taxes, is shown below: Accumulated Fuel other hedge comprehensive(In millions) derivatives Other income (loss)Balance at December 31, 2008 $(946) $(38) $(984) 2009 changes in value (52) 4 (48) Reclassification to earnings 110 - 110Balance at March 31, 2009 $(888) $(34) $(922) 6. COMPREHENSIVE INCOME (LOSS) Comprehensive income (loss) included changes in the fair value of certainfinancial derivative instruments, which qualify for false true This label may include the following: 1) the amount of income tax expense or benefit allocated to each component of other comprehensive income, including reclassification adjustments, 2) the reclassification adjustments for each classification of other comprehensive income and 3) the ending accumulated balances for each component of comprehensive income. Components of comprehensive income include: (1) foreign currency translation adjustments; (2) gains and losses on foreign currency transactions that are designated as, and are effective as, economic hedges of a net investment in a foreign entity; (3) gains and losses on intercompany foreign currency transactions that are of a long-term-investment nature, when the entities to the transaction are consolidated, combined, or accounted for by the equity method in the reporting enterprise's financial statements; (4) change in the market value of a futures contract that qualifies as a hedge of an asset reported at fair value; (5) unrealize d holding gains and losses on available-for-sale securities and that resulting from transfers of debt securities from the held-to-maturity category to the available-for-sale category; (6) a net loss recognized as an additional pension liability not yet recognized as net periodic pension cost; and (7) the net gain or loss and net prior service cost or credit for pension plans and other postretirement benefit plans. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 130 -Paragraph 14-26 false 15 Schedule of Subsequent Events [Text Block] 1 us-gaap_ScheduleOfSubsequentEventsTextBlock us-gaap true na duration string Describes disclosed significant events or transactions that occurred after the balance sheet date, but before the issuance of... false false false false false false false false false 1 false false 0 0 13. SUBSEQUENT EVENTS On April 2, 2009, the Company documented and closed the first tranche of what isexpected to be a two tranche sale and leaseback transaction with a third partyaircraft lessor for the sale and leaseback of a total of six of the Company'sBoeing 737-700 aircraft. On that date, the Company sold three of its Boeing737-700 aircraft for a total of approximately $105 million and immediatelyleased the aircraft back for approximately 12 years. This sale and leasebackresulted in a deferred gain of $8 million, which will be amortized over therespective terms of the leases. Under the second tranche of the transaction,which is expected to close in second quarter 2009, the Company will sell anadditional three of its Boeing 737-700 aircraft for approximately the sameamount and terms as in the first tranche. On April 16, 2009, the Company announced Freedom '09, a voluntary earlyretirement program offered to eligible Employees, in which the Company willoffer cash bonuses, medical/dental coverage for a specified period of time, andtravel privileges based on work group and years of service. Virtually all ofthe Company's Employees hired before March 31, 2008 are eligible to participatein the program. Participants' last day of work is expected to fall between July15, 2009 and April 15, 2010, based on the operational needs of particular worklocations and departments, which is to be determined. The Company does not havea target or expectation for the number of Employees expected to accept thepackage. The Company expects to determine the accounting for charges incurred withFreedom '09 and be able to estimate the cost of termination benefits in secondquarter 2009. Depending on the number of eligible Employees who accept theoffer, it may be necessary to replace a portion of the positions with newlyhired Employees to meet operational demands. Some of the positions will notneed to be filled based on the Company's recent capacity reductions. Thepurpose of this voluntary initiative and other initiatives is to reduceheadcount in conjunction with the Company's current plans to reduce its capacityby five percent in 2009 and to help reduce costs. 13. SUBSEQUENT EVENTS On April 2, 2009, the Company documented and closed the first tranche of what isexpected to be a two tranche sale and leaseback false true Describes disclosed significant events or transactions that occurred after the balance sheet date, but before the issuance of the financial statements. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, losses resulting from fire or flood, losses on receivables, significant realized and unrealized gains and losses that result from changes in quoted market prices of securities, declines in market prices of inventory, changes in authorized or issued debt (SEC), significant foreign exchange rate changes, substantial loans to insiders or affiliates, significant long-term investments, and substantial dividends not in the ordinary course of business. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 5 -Paragraph 11 false false 1 14 true UnKnown UnKnown UnKnown false true XML 12 R5.xml IDEA: Entity Information 1.0.0.3 false Entity Information (Unaudited, USD $) false 1 $ false true false Unaudited false Unaudited scenarioName asi http://www.southwest.com/20090428 u000 Standard http://www.xbrl.org/2003/iso4217 USD iso4217 0 u001 Standard http://www.xbrl.org/2003/instance shares xbrli 0 4 Entity Information [Line Items] 2 dei_EntityInformationLineItems dei false na duration string Container to assemble all relevant information about each entity associated with the document instance false false false false false true false false false 1 false false 0 0 false true Container to assemble all relevant information about each entity associated with the document instance false 5 Entity Registrant Name 3 dei_EntityRegistrantName dei false na duration normalizedstring The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC. false false false false false false false false false 1 false false 0 0 Southwest Airlines Co. 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No authoritative reference available. false 11 Entity Filer Category 3 dei_EntityFilerCategory dei false na duration na Indicate whether registrants are (1) Large accelerated filers, (2) Accelerated filers, (3) Non-accelerated filers, or (4)... false false false false false false false false false 1 false false 0 0 Large Accelerated Filer Large Accelerated Filer false true Indicate whether registrants are (1) Large accelerated filers, (2) Accelerated filers, (3) Non-accelerated filers, or (4) Smaller reporting companies. Definitions of these categories are stated in Rule 12b-2 of the Exchange Act. Is used on Form Type: 10-K, 10-Q, 8-K, 20-F, 6-K, 10-K/A, 10-Q/A, 20-F/A, 6-K/A, N-CSR, N-Q, N-1A. No authoritative reference available. false 12 Entity Common Stock, Shares Outstanding 3 dei_EntityCommonStockSharesOutstanding dei false na instant shares Indicate number of shares outstanding of each of registrant's classes of common stock, as of latest practicable date. Is used... false false false false false false false false false 1 false true 740813556 740813556 false true Indicate number of shares outstanding of each of registrant's classes of common stock, as of latest practicable date. Is used on Form Type: 10-K, 10-Q, 8-K, 20-F, 6-K, 10-K/A, 10-Q/A, 20-F/A, 6-K/A, N-CSR, N-Q, N-1A. No authoritative reference available. false false 1 9 true UnKnown NoRounding UnKnown false true XML 13 defnref.xml IDEA: XBRL DOCUMENT Maintenance costs incurred and directly related to services rendered by an entity during the reporting period. Includes the cost of scheduled inspections and repairs and routine maintenance costs for all aircraft and engines. No authoritative reference available. The cash outflow associated with the acquisition of long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale; includes cash outflows to pay for construction of self-constructed assets. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 15 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 17 -Subparagraph c This element may be used to capture the complete disclosure pertaining to an entity's diluted earnings per share. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 128 -Paragraph 40 The cumulative amount of the reporting entity's undistributed earnings or deficit. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Principles Board Opinion (APB) -Number 12 -Paragraph 10 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 31 -Article 5 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 04 -Article 3 Includes disclosures regarding the elements of a transaction involving the sale of property to another party and the lease of the property back to the seller. This element may be used as a single block of text to encapsulate the entire disclosure including data and tables. No authoritative reference available. The current portion of the aggregate tax effects as of the balance sheet date of all future tax deductions arising from temporary differences between tax basis and generally accepted accounting principles basis recognition of assets, liabilities, revenues and expenses, which can only be deducted for tax purposes when permitted under enacted tax laws; after deducting the allocated valuation allowance, if any, to reduce such amount to net realizable value. Deferred tax liabilities and assets shall be classified as current or noncurrent based on the classification of the related asset or liability for financial reporting. A deferred tax liability or asset that is not related to an asset or liability for financial reporting, including deferred tax assets related to carryforwards, shall be classified according to the expected reversal date of the temporary difference. An unrecognized tax benefit that is directly related to a position taken in a tax year that results in a net operating loss carryfo rward should be presented as a reduction of the related deferred tax asset. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 109 -Paragraph 41, 42, 43 The net change during the reporting period in the aggregate amount of obligations and expenses incurred but not paid. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 28 The amount of cash paid during the current period to foreign, federal, state, and local authorities as taxes on income. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 29 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 27 -Subparagraph f The net change during the reporting period in the amount due from customers for the credit sale of goods and services; includes accounts receivable and other types of receivables. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 28 The net cash inflow (outflow) from financing activity for the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 26 Carrying amount as of the balance sheet date of unearned income pertaining to unused airline tickets sold and unexpired credits (such as points, miles and awards) not yet recognized as revenue. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Audit and Accounting Guide (AAG) -Number AAG-AIR -Chapter 3 -Paragraph 19 -IssueDate 2003-05-01 Revenues from the sale of other goods or rendering of other services, not elsewhere specified in the taxonomy; net of (reduced by) sales adjustments, returns, allowances, and discounts. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 03 -Paragraph (b) -Subparagraph 1 -Article 5 Direct costs incurred at airports in which the Company conducts flight operations. The costs primarily consist of fees paid to the airport authority for takeoff and landing, gate space and facilities, allocations of common space such as security and other terminal costs, and fuel storage facilities. No authoritative reference available. Represents the noncurrent portion of deferred tax liabilities, which result from applying the applicable tax rate to net taxable temporary differences pertaining to each jurisdiction to which the entity is obligated to pay income tax. A noncurrent taxable temporary difference is a difference between the tax basis and the carrying amount of a noncurrent asset or liability in the financial statements prepared in accordance with generally accepted accounting principles. In a classified statement of financial position, an enterprise shall separate deferred tax liabilities and assets into a current amount and a noncurrent amount. Deferred tax liabilities and assets shall be classified as current or noncurrent based on the classification of the related asset or liability for financial reporting. A deferred tax liability or asset that is not related to an asset or liability for financial reporting, including deferred tax assets related to carryforwards, shall be classified according to the expected reversal date of the temporary difference. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 109 -Paragraph 41, 42, 43 A transportation (plane, train, ship) carrier's fare revenue recognized in the period from carrying passengers between destinations. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Audit and Accounting Guide (AAG) -Number AAG-AIR -Chapter 3 -Paragraph 4 -IssueDate 2003-05-01 Long-lived, depreciable assets used in the Company's principle business operations. Includes aircraft owned and on capital lease, as well as all capitalized improvements. Amounts are stated at cost. No authoritative reference available. Total obligations incurred as part of normal operations that are expected to be paid during the following twelve months or within one business cycle, if longer. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 21 -Article 5 The cumulative amount of depreciation, depletion and amortization (related to property, plant and equipment, but not including land) that has been recognized in the income statement. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Principles Board Opinion (APB) -Number 12 -Paragraph 5 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Principles Board Opinion (APB) -Number 12 -Paragraph 5 -Subparagraph c Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 14 -Article 5 Accumulated change in equity from transactions and other events and circumstances from nonowner sources, net of tax effect, at fiscal year-end. Excludes Net Income (Loss), and accumulated changes in equity from transactions resulting from investments by owners and distributions to owners. Includes foreign currency translation items, certain pension adjustments, and unrealized gains and losses on certain investments in debt and equity securities as well as changes in the fair value of derivatives related to the effective portion of a designated cash flow hedge. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 04 -Article 3 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Principles Board Opinion (APB) -Number 12 -Paragraph 10 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 130 -Paragraph 14, 17, 26 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 31 -Article 5 The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation 12B -Number 240 -Section 12b -Subsection 1 This label may include the following: 1) the amount of income tax expense or benefit allocated to each component of other comprehensive income, including reclassification adjustments, 2) the reclassification adjustments for each classification of other comprehensive income and 3) the ending accumulated balances for each component of comprehensive income. Components of comprehensive income include: (1) foreign currency translation adjustments; (2) gains and losses on foreign currency transactions that are designated as, and are effective as, economic hedges of a net investment in a foreign entity; (3) gains and losses on intercompany foreign currency transactions that are of a long-term-investment nature, when the entities to the transaction are consolidated, combined, or accounted for by the equity method in the reporting enterprise's financial statements; (4) change in the market value of a futures contract that qualifies as a hedge of an asset reported at fair value; (5) unrealized holding gains and losses on available-for-sale securities and that resulting from transfers of debt securities from the held-to-maturity category to the available-for-sale category; (6) a net loss recognized as an additional pension liability not yet recognized as net periodic pension cost; and (7) the net gain or loss and net prior service cost or credit for pension plans and other postretirement benefit plans. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 130 -Paragraph 14-26 The Central Index Key (CIK) is a unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is a required entry in forms filed with the SEC. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation 12B -Number 240 -Section 12b -Subsection 1 Sum of operating profit and nonoperating income (expense) before income taxes. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 08 -Paragraph (h) -Subparagraph (1)(i) -Article 4 Indicate "Yes" or "No" if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Is used on Form Type: 10-K, 10-Q, 8-K, 20-F, 6-K, 10-K/A, 10-Q/A, 20-F/A, 6-K/A, N-CSR, N-Q, N-1A. No authoritative reference available. Description and amounts of accounts payable and accrued disclosure at the end of the reporting period. This element may be used for the entire disclosure as a single block of text. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 19 -Subparagraph a -Article 5 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 20, 24 -Article 5 The current period expense charged against earnings on long-lived, physical assets used in the normal conduct of business and not intended for resale to allocate or recognize the cost of assets over their useful lives; or to record the reduction in book value of an intangible asset over the benefit period of such asset. Examples include buildings, production equipment and customer lists. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 28 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Principles Board Opinion (APB) -Number 12 -Paragraph 4, 5 Describes disclosed significant events or transactions that occurred after the balance sheet date, but before the issuance of the financial statements. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, losses resulting from fire or flood, losses on receivables, significant realized and unrealized gains and losses that result from changes in quoted market prices of securities, declines in market prices of inventory, changes in authorized or issued debt (SEC), significant foreign exchange rate changes, substantial loans to insiders or affiliates, significant long-term investments, and substantial dividends not in the ordinary course of business. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 5 -Paragraph 11 Represents disclosure of any changes in an accounting principle, including a change from one generally accepted accounting principle to another generally accepted accounting principle when there are two or more generally accepted accounting principles that apply or when the accounting principle formerly used is no longer generally accepted. Also disclose any change in the method of applying an accounting principle, or any change in an accounting principle required by a new pronouncement in the unusual instance that a new pronouncement does not include specific transition provisions. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 154 -Paragraph 2, 17, 18 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Principles Board Opinion (APB) -Number 28 -Paragraph 23, 24 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 01 -Paragraph b -Subparagraph 6 -Article 10 Total of the portions of the carrying amounts as of the balance sheet date of long-term debt, which may include notes payable, bonds payable, debentures, mortgage loans, and commercial paper, which are scheduled to be repaid within one year or the normal operating cycle, if longer. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 19 -Article 5 Name of the document as assigned by the filer, corresponding to SEC document naming convention standards. Examples appear in the <FILENAME> field of EDGAR filings, such as "htm_25911.htm", "exhibit1.htm", "v105727_8k.txt". No authoritative reference available. Fuel costs incurred that are directly related to goods produced and sold and services rendered during the reporting period. No authoritative reference available. The net cash inflow (outflow) from investing activity. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 26 Carrying amount at the balance sheet date for long-lived physical assets used in the normal conduct of business and not intended for resale. This can include land, physical structures, machinery, vehicles, furniture, computer equipment, construction in progress, and similar items. Amount does not include depreciation, and excludes flight equipment. No authoritative reference available. The cash outflow for securities or other assets acquired with excess cash, having ready marketability, which qualify for treatment as an investing activity based on management's intention and intended by management to be liquidated, if necessary, within the current operating cycle. Includes cash flows from securities classified as trading securities that were acquired for reasons other than sale in the short-term. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 15, 17 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 159 -Section Appendix C -Paragraph 5 -Subparagraph c Includes disclosure of commitments and contingencies. This element may be used as a single block of text to encapsulate the entire disclosure including data and tables. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name FASB Interpretation (FIN) -Number 14 -Paragraph 3 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 5 -Paragraph 9, 10, 11, 12 Total of all Stockholders' Equity (deficit) items, net of receivables from officers, directors owners, and affiliates of the entity. This excludes temporary equity and is sometimes called permanent equity. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 4 -Section E Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 29, 30, 31 -Article 5 Description of changes contained within amended document. No authoritative reference available. Indicate "Yes" or "No" if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Is used on Form Type: 10-K, 10-Q, 8-K, 20-F, 6-K, 10-K/A, 10-Q/A, 20-F/A, 6-K/A, N-CSR, N-Q, N-1A. No authoritative reference available. The current period amortization of gains realized from the sale and leaseback of flight equipment. The gains have been previously deferred and are being amortized into earnings over the life of the associated flight equipment. No authoritative reference available. The cash inflow from securities or other assets sold, having ready marketability and intended by management to be liquidated, if necessary, within the current operating cycle. Includes cash flows from securities classified as trading securities that were acquired for reasons other than sale in the short-term. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 15, 16 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 159 -Section Appendix C -Paragraph 5 -Subparagraph c Sum of the amounts paid in advance for capitalized costs that will be expensed with the passage of time or the occurrence of a triggering event, as well as current assets not separately disclosed in the balance sheet due to materiality considerations. Amounts will be charged against earnings within one year or the normal operating cycle, if longer. No authoritative reference available. Includes currency on hand as well as demand deposits with banks or financial institutions. It also includes other kinds of accounts that have the general characteristics of demand deposits in that the Entity may deposit additional funds at any time and also effectively may withdraw funds at any time without prior notice or penalty. Cash equivalents, excluding items classified as marketable securities, include short-term, highly liquid investments that are both readily convertible to known amounts of cash, and so near their maturity that they present minimal risk of changes in value because of changes in interest rates. Generally, only investments with original maturities of three months or less qualify under that definition. Original maturity means original maturity to the entity holding the investment. For example, both a three-month US Treasury bill and a three-year Treasury note purchased three months from maturity qualify as cash equivalents. However, a Treasury note purchased three years ago does not become a cash equivalent when its remaining maturity is three months. Compensating balance arrangements that do not legally restrict the withdrawal or usage of cash amounts may be reported as Cash and Cash Equivalents, while legally restricted deposits held as compensating balances against borrowing arrangements, contracts entered into with others, or company statements of intention with regard to particular deposits should not be reported as cash and cash equivalents. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 7, 26 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 8, 9 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 7 -Subparagraph fn1 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 1 -Article 5 The cash inflow associated with the amount received from the stock plan during the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 18 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 19 -Subparagraph a Number of basic shares determined by relating the portion of time within a reporting period that common shares have been outstanding to the total time in that period. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 128 -Paragraph 40 -Subparagraph a Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 128 -Paragraph 8 The amount of net income or loss for the period per each share of common stock outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 04 -Paragraph 21 -Article 9 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 04 -Article 7 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 128 -Paragraph 36, 37, 38 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 03 -Paragraph (b) -Subparagraph 20 -Article 5 Generally recurring costs associated with normal operations except for the portion of these expenses which can be clearly related to production and included in cost of sales or services. Includes selling, general and administrative expense. No authoritative reference available. This element may be used to capture the complete disclosure pertaining to an entity's common stock, including par or stated value per share, number and dollar amount of share subscriptions, shares authorized, shares issued, shares outstanding, number and dollar amount of shares held in an employee trust, dividend per share, total dividends, share conversion features, par value plus additional paid in capital, the value of treasury stock and other information necessary to a fair presentation. No authoritative reference available. Sum of the carrying values as of the balance sheet date of all long-term debt, which is debt initially having maturities due after one year or beyond the operating cycle, if longer, but excluding the portions thereof scheduled to be repaid within one year or the normal operating cycle, if longer. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 22 -Article 5 The net cash from (used in) all of the entity's operating activities, including those of discontinued operations, of the reporting entity. Operating activities generally involve producing and delivering goods and providing services. Operating activity cash flows include transactions, adjustments, and changes in value that are not defined as investing or financing activities. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 28 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 26 Description containing the entire postemployment benefits disclosure which may include supplemental unemployment benefits, obligations recognized for all types of benefits provided to former or inactive employees, their beneficiaries, and covered dependents after employment but before retirement. Disclosure may also include discussion that an obligation for postemployment benefits is not accrued in accordance with regulation only because the amount cannot be reasonably estimated. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 112 Description containing the entire income tax disclosure. Examples include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. This element may be used as a single block of text to encapsulate the entire disclosure including data and tables. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 08 -Paragraph (h) -Article 4 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 109 -Paragraph 136, 172 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 109 -Paragraph 43, 44, 45, 46, 47, 48, 49 Aggregate revenue recognized during the period (derived from goods sold, services rendered, insurance premiums, or other activities that constitute an entity's earning process). For financial services companies, also includes investment and interest income, and sales and trading gains. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 03 -Paragraph (b) -Subparagraph 1 -Article 5 Carrying amount at the balance sheet date for long-lived physical assets used in the normal conduct of business and not intended for resale. This can include land, physical structures, machinery, vehicles, furniture, computer equipment, construction in progress, and similar items. Amount does not include depreciation. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Principles Board Opinion (APB) -Number 12 -Paragraph 4, 5 Carrying amount at the balance sheet date of deposits made to the manufacturer for new flight equipment still under construction. Includes construction costs to date and capitalized interest for assets being constructed that are not ready to be placed into service. No authoritative reference available. The amount of interest that was capitalized during the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 34 -Paragraph 21 -Subparagraph b Investments which are intended to be sold in the short term (usually less than one year or the normal operating cycle, whichever is longer) including trading securities, available-for-sale securities, held-to-maturity securities, and other short-term investments not otherwise listed in the existing taxonomy. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 03 -Paragraph (a) -Subparagraph 1(g) -Article 7 Indicate number of shares outstanding of each of registrant's classes of common stock, as of latest practicable date. Is used on Form Type: 10-K, 10-Q, 8-K, 20-F, 6-K, 10-K/A, 10-Q/A, 20-F/A, 6-K/A, N-CSR, N-Q, N-1A. No authoritative reference available. The total amount of other operating cost and expense items that are associated with the entity's normal revenue producing operation. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 03 -Paragraph (b) -Subparagraph 3 -Article 5 The amount of net income or loss for the period per each share of common stock and dilutive common stock equivalents outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 04 -Paragraph 18 -Article 7 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 03 -Paragraph (b) -Subparagraph 20 -Article 5 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 04 -Paragraph 21 -Article 9 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 128 -Paragraph 11, 12, 36 Expense incurred related to the lease of aircraft from outside third parties that are used in the Company's business operations. No authoritative reference available. The aggregate amount of all remaining items that are excluded from the normal operations of the business, including interest expense, interest income, interest capitalized, and other nonoperating gains, losses, income, and expenses. No authoritative reference available. The carrying amount of gains realized from the sale and leaseback of flight equipment that have been previously deferred and are being amortized into earnings over the life of the associated flight equipment. Amounts are not expected to be recognized within one year (or the normal operating cycle, if longer). No authoritative reference available. The net change between the beginning and ending balance of cash and cash equivalents Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 26 Net increases or decreases in cash from operating activities not otherwise defined in the taxonomy. No authoritative reference available. The net amount of other nonoperating income and expense, which does not qualify for separate disclosure on the income statement under materiality guidelines. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 03 -Paragraph (b) -Subparagraph 9 -Article 5 The aggregate amount of noncash, equity-based employee remuneration. This may include the value of stock options, amortization of restricted stock, and adjustment for officers compensation. As noncash, this element is an add back when calculating net cash generated by operating activities using the indirect method. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 28 Description containing the entire organization, consolidation and basis of presentation of financial statements disclosure. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Research Bulletin (ARB) -Number 51 -Paragraph 2-6 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Statement of Position (SOP) -Number 94-6 -Paragraph 10 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name FASB Interpretation (FIN) -Number 46R -Paragraph 4, 14, 15 The cash outflow from the entity's earnings to the shareholders. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 18 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 20 -Subparagraph a Inventories primarily consist of flight equipment expendable parts, materials, aircraft fuel, and supplies. All of these items are carried at average cost, less an allowance for obsolescence. These items are generally charged to expense when issued for use and excludes amounts expected to remain on hand past one year or one operating cycle, if longer. No authoritative reference available. If the value is true, then the document as an amendment to previously-filed/accepted document. No authoritative reference available. Indicate whether registrants are (1) Large accelerated filers, (2) Accelerated filers, (3) Non-accelerated filers, or (4) Smaller reporting companies. Definitions of these categories are stated in Rule 12b-2 of the Exchange Act. Is used on Form Type: 10-K, 10-Q, 8-K, 20-F, 6-K, 10-K/A, 10-Q/A, 20-F/A, 6-K/A, N-CSR, N-Q, N-1A. No authoritative reference available. End date of current fiscal year No authoritative reference available. The component of income tax expense for the period representing the net change in the entity's deferred tax assets and liabilities pertaining to continuing operations. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 28 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 08 -Paragraph (h) -Article 4 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 109 -Paragraph 45 -Subparagraph b Description of risk management strategies, derivatives in hedging activities and nonhedging derivative instruments, the assets, obligations, liabilities, revenues and expenses arising therefrom, and the amounts of and methodologies and assumptions used in determining the amounts of such items. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 133 -Paragraph 44, 45, 46, 47 Expenditures for salaries, including payroll tax expense, compensation, postemployment and benefit-related expenses not elsewhere specified in the taxonomy (such as health plan, profit sharing, workers compensation, incentives, other fringe benefits and perquisites) incurred in the period. No authoritative reference available. Value of issued common stock that may be calculated differently depending on whether the stock is issued at par value, no par or stated value. Note: elements for number of common shares, par value and other disclosure concepts are in another section within stockholders' equity. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Article 5 Reductions in the entity's income taxes that arise when compensation cost (from non-qualified share-based compensation) recognized on the entity's tax return exceeds compensation cost from share-based compensation recognized in financial statements. This element reduces net cash provided by operating activities. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 123R -Paragraph A96 Amount due from customers, clients, other third parties, or arising from other transactions not otherwise specified in the taxonomy, for goods or services (including trade receivables) that have been delivered or sold in the normal course of business, reduced to the estimated net realizable fair value by an allowance established by the entity of the amount it deems uncertain of collection. Primarily consists of amounts due from credit card companies associated with sales of tickets for future travel and amounts due from counterparties associated with fuel derivative instruments that have settled. Carrying amounts are due as of the balance sheet date and are expected to be collected within one year of the balance sheet date (or the normal operating cycle, whichever is longer). No authoritative reference available. Reductions in the entity's income taxes that arise when compensation cost (from non-qualified share-based compensation) recognized on the entity's tax return exceeds compensation cost from share-based compensation recognized in financial statements. This element represents the cash inflow reported in the enterprise's financing activities. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 123R -Paragraph A240 -Subparagraph i Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Emerging Issues Task Force (EITF) -Number 00-15 -Paragraph 3 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 123R -Paragraph 2 Carrying value as of the balance sheet date of liabilities incurred (and for which invoices have typically been received) and payable to vendors for goods and services received that are used in an entity's business. For classified balance sheets, used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer); for unclassified balance sheets, used to reflect the total liabilities (regardless of due date). Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 19 -Subparagraph a -Article 5 The net cash inflow (outflow) from other financing activities. This element is used when there is not a more specific and appropriate element in the taxonomy. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 18, 19, 20 The net change during the reporting period in the amount of unearned revenue by an airline industry company. This unearned revenue includes tickets sold but not yet recognized as revenue (which occurs when transportation is provided or the ticket expires) and the estimated incremental cost for points or miles outstanding and awards that expect to be redeemed through customer loyalty programs. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 28 Value received from shareholders in common stock-related transactions that are in excess of par value or stated value and amounts received from other stock-related transactions. Includes only common stock transactions (excludes preferred stock transactions). May be called contributed capital, capital in excess of par, capital surplus, or paid-in capital. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Principles Board Opinion (APB) -Number 12 -Paragraph 10 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 31 -Article 5 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 04 -Article 3 Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Concepts (CON) -Number 6 -Paragraph 25 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 18 -Article 5 The cash outflow to reacquire common stock during the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 18 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 20 -Subparagraph a The end date of the period covered in the document, in CCYY-MM-YY format. No authoritative reference available. The type of document being provided (such as 10-K, 10-Q, N-1A, etc). The document type should have the same value as the supporting SEC submission type No authoritative reference available. The net change during the reporting period in other current operating assets not otherwise defined in the taxonomy. No authoritative reference available. Aggregate carrying amount, as of the balance sheet date, of noncurrent assets not separately disclosed in the balance sheet due to materiality considerations. Noncurrent assets are expected to be realized or consumed after one year (or the normal operating cycle, if longer). Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 17 -Article 5 Represents the portion of interest incurred in the period on debt arrangements that was charged against earnings. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 03 -Paragraph (b) -Subparagraph 8 -Article 5 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 34 -Paragraph 21 Income derived from investments in debt securities and on cash and cash equivalents the earnings of which reflect the time value of money or transactions in which the payments are for the use or forbearance of money. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 03 -Paragraph (b) -Subparagraph 7 -Article 5 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 115 -Paragraph 14 Aggregate carrying amount, as of the balance sheet date, of noncurrent obligations not separately disclosed in the balance sheet due to materiality considerations. Noncurrent liabilities are expected to be paid after one year (or the normal operating cycle, if longer). Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 24 -Article 5 The amount of cash paid during the current period for interest owed on money borrowed, net of interest capitalized. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 29 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 27 -Subparagraph e The sum of the current income tax expense (benefit) and the deferred income tax expense (benefit) pertaining to continuing operations. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 08 -Paragraph (h) -Article 4 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 109 -Paragraph 45 -Subparagraph a, b Indicate "Yes" or "No" whether registrants (1) have filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that registrants were required to file such reports), and (2) have been subject to such filing requirements for the past 90 days. Is used on Form Type: 10-K, 10-Q, 8-K, 20-F, 6-K, 10-K/A, 10-Q/A, 20-F/A, 6-K/A, N-CSR, N-Q, N-1A. No authoritative reference available. The profit or loss of the entity net of income taxes for the reporting period, calculated and presented in the income statement in accordance with GAAP. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 03 -Paragraph (b) -Subparagraph 19 -Article 5 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 04 -Paragraph 20 -Article 9 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Emerging Issues Task Force (EITF) -Number 87-21 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 130 -Paragraph 10, 15 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 28, 29, 30 The cash outflow for debt and for leases meeting the criteria for capitalization, initially having maturity due after one year or beyond the normal operating cycle, if longer. No authoritative reference available. Tangible assets that are held by an entity for use in the production or supply of goods and services, for rental to others, or for administrative purposes and that are expected to provide economic benefit for more than one year; net of accumulated depreciation. Examples include land, buildings, and production equipment. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 13 -Subparagraph a -Article 5 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 12 -Paragraph 5 -Subparagraph b, c Sum of the carrying amounts as of the balance sheet date of all assets that are expected to be realized in cash, sold, or consumed within one year (or the normal operating cycle, if longer). Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 9 -Article 5 This item represents the complete disclosure regarding the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments, assets, and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the Company is exposed to based on the gross fair value of the related item, (c) policy fo r requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risk is are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 107 -Paragraph 15B -Subparagraph a, b Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 107 -Paragraph 3, 10, 14, 15 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 133 -Paragraph 44A, 44B Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 157 -Paragraph 32, 33, 34 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 107 -Paragraph 15C, 15D Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 107 -Paragraph 15A -Subparagraph a-d Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 159 -Paragraph 17-22, 27, 28 The net result for the period of deducting operating expenses from operating revenues. No authoritative reference available. Total of all Liabilities and Stockholders' Equity items. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 32 -Article 5 The average number of shares issued and outstanding that are used in calculating diluted EPS, determined based on the timing of issuance of shares in the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 128 -Paragraph 8 Revenue from transporting cargo and freight between locations. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Audit and Accounting Guide (AAG) -Number AAG-AIR -Chapter 3 -Paragraph 4 -IssueDate 2003-05-01 Carrying value as of the balance sheet date of obligations incurred and payable, pertaining to costs that are statutory in nature, are incurred on contractual obligations, or accumulate over time and for which invoices have not yet been received or will not be rendered. Examples include taxes, interest, rent, salaries, and utilities. For classified balance sheets, used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer); for unclassified balance sheets, used to reflect the total liabilities (regardless of due date). Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 20 -Article 5 Value of common and preferred stock of an entity that have been repurchased by an entity. Treasury stock is issued but not outstanding. This stock has no voting rights and receives no dividends. Note that treasury stock may be recorded at its total cost or separately as par (or stated) value and additional paid in capital. Note: number of treasury shares concept is in another section within stockholders' equity. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name FASB Technical Bulletin (FTB) -Number 85-6 -Paragraph 3 The gross proceeds received from the asset(s) sold in connection with the transaction involving the sale of property to another party and the lease back to the seller. Reference 1: http://www.xbrl.org/2003/role/reference -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 98 -Paragraph 17,19 Reference 2: http://www.xbrl.org/2003/role/reference -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 13 -Paragraph 16,33 Reference 3: http://www.xbrl.org/2003/role/reference -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 98 -Section Appendix A XML 14 R1.xml IDEA: Statement of Financial Position, Classified 1.0.0.3 false Statement of Financial Position, Classified (USD $) In Millions false 1 $ false true false Unaudited false Unaudited scenarioName asi http://www.southwest.com/20090428 u000 Standard http://www.xbrl.org/2003/iso4217 USD iso4217 0 u001 Standard http://www.xbrl.org/2003/instance shares xbrli 0 false 2 $ false false u000 Standard http://www.xbrl.org/2003/iso4217 USD iso4217 0 4 Assets, Current [Abstract] 2 us-gaap_AssetsCurrentAbstract us-gaap true na duration string No definition available. false false false false false true false false false 1 false false 0 0 false true 2 false false 0 0 false false No definition available. false 5 Cash and Cash Equivalents, at Carrying Value 3 us-gaap_CashAndCashEquivalentsAtCarryingValue us-gaap true debit instant monetary Includes currency on hand as well as demand deposits with banks or financial institutions. It also includes other kinds of... false false false false false false false false false 1 true true 1145000000 1145 false true 2 true true 1368000000 1368 false false Includes currency on hand as well as demand deposits with banks or financial institutions. It also includes other kinds of accounts that have the general characteristics of demand deposits in that the Entity may deposit additional funds at any time and also effectively may withdraw funds at any time without prior notice or penalty. Cash equivalents, excluding items classified as marketable securities, include short-term, highly liquid investments that are both readily convertible to known amounts of cash, and so near their maturity that they present minimal risk of changes in value because of changes in interest rates. Generally, only investments with original maturities of three months or less qualify under that definition. Original maturity means original maturity to the entity holding the investment. For example, both a three-month US Treasury bill and a three-year Treasury note purchased three months from maturity qualify as cash equivalents. However, a Treasury note purchased th ree years ago does not become a cash equivalent when its remaining maturity is three months. Compensating balance arrangements that do not legally restrict the withdrawal or usage of cash amounts may be reported as Cash and Cash Equivalents, while legally restricted deposits held as compensating balances against borrowing arrangements, contracts entered into with others, or company statements of intention with regard to particular deposits should not be reported as cash and cash equivalents. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 7, 26 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 8, 9 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 7 -Subparagraph fn1 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 1 -Article 5 false 6 Short-term Investments 3 us-gaap_ShortTermInvestments us-gaap true debit instant monetary Investments which are intended to be sold in the short term (usually less than one year or the normal operating cycle,... false false false false false false false false false 1 false true 989000000 989 false true 2 false true 435000000 435 false false Investments which are intended to be sold in the short term (usually less than one year or the normal operating cycle, whichever is longer) including trading securities, available-for-sale securities, held-to-maturity securities, and other short-term investments not otherwise listed in the existing taxonomy. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 03 -Paragraph (a) -Subparagraph 1(g) -Article 7 false 7 Accounts and Other Receivables 3 luv_AccountsAndOtherReceivables luv false na instant monetary Amount due from customers, clients, other third parties, or arising from other transactions not otherwise specified in the... false false false false false false false false false 1 false true 231000000 231 false true 2 false true 209000000 209 false false Amount due from customers, clients, other third parties, or arising from other transactions not otherwise specified in the taxonomy, for goods or services (including trade receivables) that have been delivered or sold in the normal course of business, reduced to the estimated net realizable fair value by an allowance established by the entity of the amount it deems uncertain of collection. Primarily consists of amounts due from credit card companies associated with sales of tickets for future travel and amounts due from counterparties associated with fuel derivative instruments that have settled. Carrying amounts are due as of the balance sheet date and are expected to be collected within one year of the balance sheet date (or the normal operating cycle, whichever is longer). No authoritative reference available. false 8 Inventories of Parts and Supplies, At Cost 3 luv_InventoriesOfPartsAndSuppliesAtCost luv false debit instant monetary Inventories primarily consist of flight equipment expendable parts, materials, aircraft fuel, and supplies. All of these... false false false false false false false false false 1 false true 171000000 171 false true 2 false true 203000000 203 false false Inventories primarily consist of flight equipment expendable parts, materials, aircraft fuel, and supplies. All of these items are carried at average cost, less an allowance for obsolescence. These items are generally charged to expense when issued for use and excludes amounts expected to remain on hand past one year or one operating cycle, if longer. No authoritative reference available. false 9 Deferred Tax Assets, Net, Current 3 us-gaap_DeferredTaxAssetsNetCurrent us-gaap true debit instant monetary The current portion of the aggregate tax effects as of the balance sheet date of all future tax deductions arising from... false false false false false false false false false 1 false true 365000000 365 false true 2 false true 365000000 365 false false The current portion of the aggregate tax effects as of the balance sheet date of all future tax deductions arising from temporary differences between tax basis and generally accepted accounting principles basis recognition of assets, liabilities, revenues and expenses, which can only be deducted for tax purposes when permitted under enacted tax laws; after deducting the allocated valuation allowance, if any, to reduce such amount to net realizable value. Deferred tax liabilities and assets shall be classified as current or noncurrent based on the classification of the related asset or liability for financial reporting. A deferred tax liability or asset that is not related to an asset or liability for financial reporting, including deferred tax assets related to carryforwards, shall be classified according to the expected reversal date of the temporary difference. An unrecognized tax benefit that is directly related to a position taken in a tax year that results in a net operating los s carryforward should be presented as a reduction of the related deferred tax asset. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 109 -Paragraph 41, 42, 43 false 10 Prepaid Expenses and Other Current Assets 3 luv_PrepaidExpensesAndOtherCurrentAssets luv false debit instant monetary Sum of the amounts paid in advance for capitalized costs that will be expensed with the passage of time or the occurrence of... false false false false false false false false false 1 false true 95000000 95 false true 2 false true 73000000 73 false false Sum of the amounts paid in advance for capitalized costs that will be expensed with the passage of time or the occurrence of a triggering event, as well as current assets not separately disclosed in the balance sheet due to materiality considerations. Amounts will be charged against earnings within one year or the normal operating cycle, if longer. No authoritative reference available. false 11 Assets, Current, Total 3 us-gaap_AssetsCurrent us-gaap true debit instant monetary Sum of the carrying amounts as of the balance sheet date of all assets that are expected to be realized in cash, sold, or... false false false false false false false false false 1 false true 2996000000 2996 false true 2 false true 2653000000 2653 false false Sum of the carrying amounts as of the balance sheet date of all assets that are expected to be realized in cash, sold, or consumed within one year (or the normal operating cycle, if longer). Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 9 -Article 5 true 13 Property, Plant and Equipment, Net [Abstract] 3 us-gaap_PropertyPlantAndEquipmentNetAbstract us-gaap true na duration string No definition available. false false false false false true false false false 1 false false 0 0 false true 2 false false 0 0 false false No definition available. false 14 Property, Plant and Equipment, Net 4 us-gaap_PropertyPlantAndEquipmentNet us-gaap true debit instant monetary Tangible assets that are held by an entity for use in the production or supply of goods and services, for rental to others,... false false false false false false false false false 1 false true 10813000000 10813 false true 2 false true 11040000000 11040 false false Tangible assets that are held by an entity for use in the production or supply of goods and services, for rental to others, or for administrative purposes and that are expected to provide economic benefit for more than one year; net of accumulated depreciation. Examples include land, buildings, and production equipment. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 13 -Subparagraph a -Article 5 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 12 -Paragraph 5 -Subparagraph b, c false 15 Flight Equipment 5 luv_FlightEquipment luv false debit instant monetary Long-lived, depreciable assets used in the Company's principle business operations. Includes aircraft owned and on capital... false false false false false false false false false 1 false true 13650000000 13650 false true 2 false true 13722000000 13722 false false Long-lived, depreciable assets used in the Company's principle business operations. Includes aircraft owned and on capital lease, as well as all capitalized improvements. Amounts are stated at cost. No authoritative reference available. false 16 Ground Property and Equipment 5 luv_GroundPropertyAndEquipment luv false debit instant monetary Carrying amount at the balance sheet date for long-lived physical assets used in the normal conduct of business and not... false false false false false false false false false 1 false true 1798000000 1798 false true 2 false true 1769000000 1769 false false Carrying amount at the balance sheet date for long-lived physical assets used in the normal conduct of business and not intended for resale. This can include land, physical structures, machinery, vehicles, furniture, computer equipment, construction in progress, and similar items. Amount does not include depreciation, and excludes flight equipment. No authoritative reference available. false 17 Deposits on Flight Equipment Purchase Contracts 5 luv_DepositsOnFlightEquipmentPurchaseContracts luv false debit instant monetary Carrying amount at the balance sheet date of deposits made to the manufacturer for new flight equipment still under... false false false false false false false false false 1 false true 333000000 333 false true 2 false true 380000000 380 false false Carrying amount at the balance sheet date of deposits made to the manufacturer for new flight equipment still under construction. Includes construction costs to date and capitalized interest for assets being constructed that are not ready to be placed into service. No authoritative reference available. false 18 Property, Plant and Equipment, Gross, Total 5 us-gaap_PropertyPlantAndEquipmentGross us-gaap true debit instant monetary Carrying amount at the balance sheet date for long-lived physical assets used in the normal conduct of business and not... false false false false false false false false false 1 false true 15781000000 15781 false true 2 false true 15871000000 15871 false false Carrying amount at the balance sheet date for long-lived physical assets used in the normal conduct of business and not intended for resale. This can include land, physical structures, machinery, vehicles, furniture, computer equipment, construction in progress, and similar items. Amount does not include depreciation. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Principles Board Opinion (APB) -Number 12 -Paragraph 4, 5 true 19 Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment 3 us-gaap_AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment us-gaap true credit instant monetary The cumulative amount of depreciation, depletion and amortization (related to property, plant and equipment, but not... false false false false false false false false false 1 false true 4968000000 4968 false true 2 false true 4831000000 4831 false false The cumulative amount of depreciation, depletion and amortization (related to property, plant and equipment, but not including land) that has been recognized in the income statement. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Principles Board Opinion (APB) -Number 12 -Paragraph 5 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Principles Board Opinion (APB) -Number 12 -Paragraph 5 -Subparagraph c Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 14 -Article 5 false 20 Other Assets, Noncurrent 2 us-gaap_OtherAssetsNoncurrent us-gaap true debit instant monetary Aggregate carrying amount, as of the balance sheet date, of noncurrent assets not separately disclosed in the balance sheet... false false false false false false false false false 1 false true 370000000 370 false true 2 false true 375000000 375 false false Aggregate carrying amount, as of the balance sheet date, of noncurrent assets not separately disclosed in the balance sheet due to materiality considerations. Noncurrent assets are expected to be realized or consumed after one year (or the normal operating cycle, if longer). Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 17 -Article 5 false 21 Assets, Total 2 us-gaap_Assets us-gaap true debit instant monetary Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future... false false false false false false false false false 1 false true 14179000000 14179 false true 2 false true 14068000000 14068 false false Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Concepts (CON) -Number 6 -Paragraph 25 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 18 -Article 5 true 24 Liabilities, Current [Abstract] 3 us-gaap_LiabilitiesCurrentAbstract us-gaap true na duration string No definition available. false false false false false true false false false 1 false false 0 0 false true 2 false false 0 0 false false No definition available. false 25 Accounts Payable 4 us-gaap_AccountsPayable us-gaap true credit instant monetary Carrying value as of the balance sheet date of liabilities incurred (and for which invoices have typically been received) and... false false false false false false false false false 1 false true 693000000 693 false true 2 false true 668000000 668 false false Carrying value as of the balance sheet date of liabilities incurred (and for which invoices have typically been received) and payable to vendors for goods and services received that are used in an entity's business. For classified balance sheets, used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer); for unclassified balance sheets, used to reflect the total liabilities (regardless of due date). Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 19 -Subparagraph a -Article 5 false 26 Accrued Liabilities 4 us-gaap_AccruedLiabilities us-gaap true credit instant monetary Carrying value as of the balance sheet date of obligations incurred and payable, pertaining to costs that are statutory in... false false false false false false false false false 1 false true 1016000000 1016 false true 2 false true 1012000000 1012 false false Carrying value as of the balance sheet date of obligations incurred and payable, pertaining to costs that are statutory in nature, are incurred on contractual obligations, or accumulate over time and for which invoices have not yet been received or will not be rendered. Examples include taxes, interest, rent, salaries, and utilities. For classified balance sheets, used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer); for unclassified balance sheets, used to reflect the total liabilities (regardless of due date). Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 20 -Article 5 false 27 Long-term Debt, Current 4 us-gaap_LongTermDebtCurrent us-gaap true credit instant monetary Total of the portions of the carrying amounts as of the balance sheet date of long-term debt, which may include notes... false false false false false false false false false 1 false true 163000000 163 false true 2 false true 163000000 163 false false Total of the portions of the carrying amounts as of the balance sheet date of long-term debt, which may include notes payable, bonds payable, debentures, mortgage loans, and commercial paper, which are scheduled to be repaid within one year or the normal operating cycle, if longer. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 19 -Article 5 false 28 Deferred Air Traffic Revenue 4 us-gaap_DeferredAirTrafficRevenue us-gaap true credit instant monetary Carrying amount as of the balance sheet date of unearned income pertaining to unused airline tickets sold and unexpired... false false false false false false false false false 1 false true 1251000000 1251 false true 2 false true 963000000 963 false false Carrying amount as of the balance sheet date of unearned income pertaining to unused airline tickets sold and unexpired credits (such as points, miles and awards) not yet recognized as revenue. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Audit and Accounting Guide (AAG) -Number AAG-AIR -Chapter 3 -Paragraph 19 -IssueDate 2003-05-01 false 29 Liabilities, Current, Total 4 us-gaap_LiabilitiesCurrent us-gaap true credit instant monetary Total obligations incurred as part of normal operations that are expected to be paid during the following twelve months or... false false false false false false false false false 1 false true 3123000000 3123 false true 2 false true 2806000000 2806 false false Total obligations incurred as part of normal operations that are expected to be paid during the following twelve months or within one business cycle, if longer. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 21 -Article 5 true 30 Long-term Debt, Noncurrent 2 us-gaap_LongTermDebtNoncurrent us-gaap true credit instant monetary Sum of the carrying values as of the balance sheet date of all long-term debt, which is debt initially having maturities due... false false false false false false false false false 1 false true 3447000000 3447 false true 2 false true 3498000000 3498 false false Sum of the carrying values as of the balance sheet date of all long-term debt, which is debt initially having maturities due after one year or beyond the operating cycle, if longer, but excluding the portions thereof scheduled to be repaid within one year or the normal operating cycle, if longer. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 22 -Article 5 false 31 Deferred Tax Liabilities, Noncurrent 2 us-gaap_DeferredTaxLiabilitiesNoncurrent us-gaap true credit instant monetary Represents the noncurrent portion of deferred tax liabilities, which result from applying the applicable tax rate to net... false false false false false false false false false 1 false true 1895000000 1895 false true 2 false true 1904000000 1904 false false Represents the noncurrent portion of deferred tax liabilities, which result from applying the applicable tax rate to net taxable temporary differences pertaining to each jurisdiction to which the entity is obligated to pay income tax. A noncurrent taxable temporary difference is a difference between the tax basis and the carrying amount of a noncurrent asset or liability in the financial statements prepared in accordance with generally accepted accounting principles. In a classified statement of financial position, an enterprise shall separate deferred tax liabilities and assets into a current amount and a noncurrent amount. Deferred tax liabilities and assets shall be classified as current or noncurrent based on the classification of the related asset or liability for financial reporting. A deferred tax liability or asset that is not related to an asset or liability for financial reporting, including deferred tax assets related to carryforwards, shall be classified according to the expected reversal date of the temporary difference. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 109 -Paragraph 41, 42, 43 false 32 Deferred Gains from Sale and Leaseback of Aircraft 2 luv_DeferredGainsFromSaleandLeasebackOfAircraft luv false credit instant monetary The carrying amount of gains realized from the sale and leaseback of flight equipment that have been previously deferred and... false false false false false false false false false 1 false true 111000000 111 false true 2 false true 105000000 105 false false The carrying amount of gains realized from the sale and leaseback of flight equipment that have been previously deferred and are being amortized into earnings over the life of the associated flight equipment. Amounts are not expected to be recognized within one year (or the normal operating cycle, if longer). No authoritative reference available. false 33 Other Liabilities, Noncurrent 2 us-gaap_OtherLiabilitiesNoncurrent us-gaap true credit instant monetary Aggregate carrying amount, as of the balance sheet date, of noncurrent obligations not separately disclosed in the balance... false false false false false false false false false 1 false true 675000000 675 false true 2 false true 802000000 802 false false Aggregate carrying amount, as of the balance sheet date, of noncurrent obligations not separately disclosed in the balance sheet due to materiality considerations. Noncurrent liabilities are expected to be paid after one year (or the normal operating cycle, if longer). Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 24 -Article 5 false 34 Stockholders' Equity [Abstract] 2 us-gaap_StockholdersEquityAbstract us-gaap true na duration string No definition available. false false false false false true false false false 1 false false 0 0 false true 2 false false 0 0 false false No definition available. false 35 Common Stock, Value 3 us-gaap_CommonStockValue us-gaap true credit instant monetary Value of issued common stock that may be calculated differently depending on whether the stock is issued at par value, no par... false false false false false false false false false 1 false true 808000000 808 false true 2 false true 808000000 808 false false Value of issued common stock that may be calculated differently depending on whether the stock is issued at par value, no par or stated value. Note: elements for number of common shares, par value and other disclosure concepts are in another section within stockholders' equity. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Article 5 false 36 Additional Paid in Capital, Common Stock 3 us-gaap_AdditionalPaidInCapitalCommonStock us-gaap true credit instant monetary Value received from shareholders in common stock-related transactions that are in excess of par value or stated value and... false false false false false false false false false 1 false true 1219000000 1219 false true 2 false true 1215000000 1215 false false Value received from shareholders in common stock-related transactions that are in excess of par value or stated value and amounts received from other stock-related transactions. Includes only common stock transactions (excludes preferred stock transactions). May be called contributed capital, capital in excess of par, capital surplus, or paid-in capital. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Principles Board Opinion (APB) -Number 12 -Paragraph 10 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 31 -Article 5 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 04 -Article 3 false 37 Treasury Stock, Value 3 us-gaap_TreasuryStockValue us-gaap true debit instant monetary Value of common and preferred stock of an entity that have been repurchased by an entity. Treasury stock is issued but not... false false false false false false false false false 1 false true -996000000 -996 false true 2 false true -1005000000 -1005 false false Value of common and preferred stock of an entity that have been repurchased by an entity. Treasury stock is issued but not outstanding. This stock has no voting rights and receives no dividends. Note that treasury stock may be recorded at its total cost or separately as par (or stated) value and additional paid in capital. Note: number of treasury shares concept is in another section within stockholders' equity. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name FASB Technical Bulletin (FTB) -Number 85-6 -Paragraph 3 false 38 Accumulated Other Comprehensive Income (Loss), Net of Tax 3 us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax us-gaap true credit instant monetary Accumulated change in equity from transactions and other events and circumstances from nonowner sources, net of tax effect,... false false false false false false false false false 1 false true -922000000 -922 false true 2 false true -984000000 -984 false false Accumulated change in equity from transactions and other events and circumstances from nonowner sources, net of tax effect, at fiscal year-end. Excludes Net Income (Loss), and accumulated changes in equity from transactions resulting from investments by owners and distributions to owners. Includes foreign currency translation items, certain pension adjustments, and unrealized gains and losses on certain investments in debt and equity securities as well as changes in the fair value of derivatives related to the effective portion of a designated cash flow hedge. 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