Performance

Industry-Leading Balance Sheet

Southwest ended the year with $3.3 billion in cash and short-term investments, along with a fully available unsecured revolving credit facility of $1 billion. Our balance sheet remains one of the strongest in the domestic airline industry, with very manageable debt-to-equity leverage, including off balance sheet aircraft leases, and investment grade ratings from all three rating agencies. During 2017, both Moody’s Investors Service and Standard & Poor’s1616) The 2017 Southwest Airlines One Report may contain information obtained from third parties, including ratings from credit ratings agencies such as S&P Global Ratings. Reproduction and distribution of third party content in any form is prohibited except with the prior written permission of the related third party. Third party content providers do not guarantee the accuracy, completeness, timeliness or availability of any information, including ratings, and are not responsible for any errors or omissions (negligent or otherwise), regardless of the cause, or for the results obtained from the use of such content. THIRD PARTY CONTENT PROVIDERS GIVE NO EXPRESS OR IMPLIED WARRANTIES, INCLUDING, BUT NOT LIMITED TO, ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE. THIRD PARTY CONTENT PROVIDERS SHALL NOT BE LIABLE FOR ANY DIRECT, INDIRECT, INCIDENTAL, EXEMPLARY, COMPENSATORY, PUNITIVE, SPECIAL OR CONSEQUENTIAL DAMAGES, COSTS, EXPENSES, LEGAL FEES, OR LOSSES (INCLUDING LOST INCOME OR PROFITS AND OPPORTUNITY COSTS OR LOSSES CAUSED BY NEGLIGENCE) IN CONNECTION WITH ANY USE OF THEIR CONTENT, INCLUDING RATINGS. Credit ratings are statements of opinions and are not statements of fact or recommendations to purchase, hold or sell securities. They do not address the suitability of securities or the suitability of securities for investment purposes, and should not be relied on as investment advice. upgraded our credit ratings to A3 and BBB+, respectively.

In 2017, we issued $600 million in unsecured debt at among the tightest credit spreads and lowest yields in our history.

Our balance sheet was strengthened with the Tax Cuts and Jobs Act legislation enacted in 2017 through a $1.4 billion reduction to our deferred tax liabilities to reflect the new, lower federal corporate tax rate of 21 percent.

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