西南航空 2024年度报告

Annual Reportto Shareholders 2024 UNITED STATESSECURITIES AND EXCHANGE COMMISSIONWashington, D.C. 20549FORM 10-K (Mark One) ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934For the fiscal year ended December 31, 2024or TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF1934For the transition period fromto Commission File No. 1-7259 SOUTHWEST AIRLINES CO.(Exact name of registrant as specified in its charter) Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.YesÈNo‘Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.Yes‘NoÈIndicate 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 subjectto such filing requirements for the past 90 days.YesÈNo‘Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit suchfiles).YesÈNo‘ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reportingcompany, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and“emerging growth company” in Rule 12b-2 of the Exchange Act. Accelerated filer‘Smaller reporting company‘Emerging growth company‘If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying Large accelerated filerÈNon-accelerated filer‘ with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.‘ Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of itsinternal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firmthat prepared or issued its audit report.È If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrantincluded in the filing reflect the correction of an error to previously issued financial statements.Yes‘NoÈIndicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b).Yes‘NoÈIndicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).Yes‘NoÈ The aggregate market value of the common stock held by non-affiliates of the registrant was approximately $17,086,581,902 computed byreference to the closing sale price of the common stock on the New York Stock Exchange on June 30, 2024, the last trading day of the registrant’smost recently completed second fiscal quarter. DOCUMENTS INCORPORATED BY REFERENCE Portions of the Definitive Proxy Statement for the Company’s Annual Meeting of Shareholders to be held May 14, 2025, are incorporatedinto Part III of this Annual Report on Form 10-K. TABLE OF CONTENTS PART I Item 1.BusinessItem 1A.Risk FactorsItem 1B.Unresolved Staff CommentsItem 1C.CybersecurityItem 2.PropertiesItem 3.Legal ProceedingsItem 4.Mine Safety Disclosures 1366162656772 PART II Item 5.Market for Registrant’s Common Equity, Related Stockholder Matters, and Issuer Purchases ofEquity Securities75Item 7.Management’s Discussion and Analysis of Financial Condition and Results of Operations78Liquidity and Capital Resources99Critical Accounting Policies and Estimates103Item 7A.Quantitative and Qualitative Disclosures About Market Risk108Item 8.Financial Statements and Supplementary Data113Southwest Airlines Co. Consolidated Balance Sheet113Southwest Airlines Co. Consolidated Statement of Income114Southwest Airlines Co. Consolidated Statement of Comprehensive Income115Southwest Airlines Co. Consolidated Statement of Stockholders’ Equity116Southwest Airlines Co. Consolidated Statement of Cash Flows117Notes to Consolidated Financial Statements118Item 9.Changes in and Disagreements With Accountants on Accounting and Financial Disclosure170Item 9A.Controls and Procedures170Item 9B.Other Information171Item 9C.Disclosure Regarding Foreign Jurisdictions that Prevent Inspections171 PART III Item 10.Directors, Executive Officers, and Corporate Governance172Item 11.Executive Compensation172Item 12.Security Ownership of Certain Beneficial Owners an