Financial Statements and Supplementary Data Southwest Airlines Co. Consolidated Balance Sheet (in millions, except share data) December 31, 2016 December 31, 2015 ASSETS Current assets: Cash and cash equivalents $ 1,680 $ 1,583 Short-term investments 1,625 1,468 Accounts and other receivables 546 474 Inventories of parts and supplies, at cost 337 311 Prepaid expenses and other current assets 310 188 Total current assets 4,498 4,024 Property and equipment, at cost: Flight equipment 20,275 19,462 Ground property and equipment 3,779 3,219 Deposits on flight equipment purchase contracts 1,190 1,089 Assets constructed for others 1,220 915 26,464 24,685 Less allowance for depreciation and amortization 9,420 9,084 17,044 15,601 Goodwill 970 970 Other assets 774 717 $ 23,286 $ 21,312 LIABILITIES AND STOCKHOLDERS EQUITY Current liabilities: Accounts payable $ 1,178 $ 1,188 Accrued liabilities 1,985 2,591 Air traffic liability 3,115 2,990 Current maturities of long-term debt 566 637 Total current liabilities 6,844 7,406 Long-term debt less current maturities 2,821 2,541 Deferred income taxes 3,374 2,490 Construction obligation 1,078 757 Other noncurrent liabilities 728 760 Stockholders equity: Common stock, $1.00 par value: 2,000,000,000 shares authorized; 807,611,634 shares issued in 2016 and 2015 808 808 Capital in excess of par value 1,410 1,374 Retained earnings 11,418 9,409 Accumulated other comprehensive loss (323) (1,051) Treasury stock, at cost: 192,450,855 and 160,010,017 shares in 2016 and 2015 respectively (4,872) (3,182) Total stockholders equity 8,441 7,358 $ 23,286 $ 21,312 Southwest Airlines Co. Consolidated Statement of Income (in millions, except per share amounts) Year ended December 31, 2016 2015 2014 OPERATING REVENUES: Passenger $ 18,594 $ 18,299 $ 17,658 Freight 171 179 175 Special revenue adjustment 172 Other 1,660 1,170 772 Total operating revenues 20,425 19,820 18,605 OPERATING EXPENSES: Salaries, wages, and benefits 6,798 6,383 5,434 Fuel and oil 3,647 3,616 5,293 Maintenance materials and repairs 1,045 1,005 978 Aircraft rentals 229 238 295 Landing fees and other rentals 1,211 1,166 1,111 Depreciation and amortization 1,221 1,015 938 Acquisition and integration 39 126 Other operating expenses 2,514 2,242 2,205 Total operating expenses 16,665 15,704 16,380 OPERATING INCOME 3,760 4,116 2,225 OTHER EXPENSES (INCOME): Interest expense 122 121 130 Capitalized interest (47) (31) (23) Interest income (24) (9) (7) Other (gains) losses, net 162 556 309 Total other expenses (income) 213 637 409 INCOME BEFORE INCOME TAXES 3,547 3,479 1,816 PROVISION FOR INCOME TAXES 1,303 1,298 680 NET INCOME $ 2,244 $ 2,181 $ 1,136 NET INCOME PER SHARE, BASIC $ 3.58 $ 3.30 $ 1.65 NET INCOME PER SHARE, DILUTED $ 3.55 $ 3.27 $ 1.64 Cash dividends declared per common share $ .3750 $ .2850 $ .2200 Year ended December 31, 2016 2015 2014 NET INCOME $ 2,244 $ 2,181 $ 1,136 Unrealized gain (loss) on fuel derivative instruments, net of deferred taxes of $432, ($181), and ($430) 735 (308) (727) Unrealized gain on interest rate derivative instruments, net of deferred taxes of $5, $6, and $5 7 9 8 Unrealized loss on defined benefit plan items, net of deferred taxes of ($13), ($7), and ($8) (23) (12) (16) Other, net of deferred taxes of $5, $-, and $- 9 (2) OTHER COMPREHENSIVE INCOME (LOSS) $ 728 $ (313) $ (735) COMPREHENSIVE INCOME $ 2,972 $ 1,868 $ 401

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