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Expert Q&A Done From this balance sheet can you please calculate 1. Debt to total assets include the current year and prior year 2. Cash debt coverage include the current and prior year 3. Times interest earned the curent and prior year 4. Free cash flow the current and prior year Please SHOW ALL WORK AND HOW YOU GOT THE NUMBERS LIABILITIES AND STOCKHOLDERS EQUITY LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilit Accounts payable Accrued liabilities Air traffic liability Current maturities of long-term debt 1,320 S 1, 3.460 1,178 1,985 3.115 566 6,844 348 6,905 Total current liabilities Long-term debt less current maturities Deferred income taxes Construction obligation Other noncurrent liabilities Stockholders equity 3.320 58 1,390 2,821 374 1,078 Common stock, $1.00 par value: 2,000,000,000 shares authorized: 807,611,634 shares issued in 2017 and 2016 Capital in excess of par value Retained earnings Accumulated other comprehensive income (loss) Treasury stock, at cost: 219,060,856 and 192,450,855 shares 808 1,451 808 1.410 1,418 12 (323) in 2017 and 2016 respectively Total stockholders' equity (6,462) 10,430 25,110 $ (4,872) 8.441 23,286 Southwest Airlines Co. Consolidated Statement of Income (in millions, except per share amounts) Year ended December 31 2017 2016 2015 OPERATING REVENUES: $ 19.141 S 18,594 18,299 179 Freight 173 Special revenue adjustment172 Other 1,857 1,660 1.170 Total operating revenues 21,171 19,820 OPERATING EXPENSES 7.319 Salaries, wages, and benefits Fuel and oil Maintenance materials and repairs Aircraft rentals Landing fees and other rentals 1,001 198 1,292 1.218 6,798 647 1,045 229 1,211 1,221 6,383 3,616 1,005 238 1,166 1,015 39 Other operating expenses Total operating expenses 17,656 16,665 15,704 OPERATING INCOME 3.515 3,760 4.116 OTHER EXPENSES (INCOME): 121 Interest expense Capitalized interest Interest income Other (gains) losses, net (49) (47) (24) 162 213 (31) 234 556 Total other expenses (income) 264 637 251 (237) INCOME BEFORE INCOME TAXES PROVISION F()R INC()ME TAXES NET INCOME NET INCOME PER SHARE, BASIC NET INCOME PER SHARE, DILUTED $.79 Cash dividends declared per common share 479 1.298 2.181 3.30 3.27 2850 1,303 3,488 $ 2.244S 3.58 S 3.55 $ 3750 S 5.80 S 4750 S See accompanying notes. Expert Q&A Done From this balance sheet can you please calculate 1. Debt to total assets include the current year and prior year 2. Cash debt coverage include the current and prior year 3. Times interest earned the curent and prior year 4. Free cash flow the current and prior year Please SHOW ALL WORK AND HOW YOU GOT THE NUMBERS LIABILITIES AND STOCKHOLDERS EQUITY LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilit Accounts payable Accrued liabilities Air traffic liability Current maturities of long-term debt 1,320 S 1, 3.460 1,178 1,985 3.115 566 6,844 348 6,905 Total current liabilities Long-term debt less current maturities Deferred income taxes Construction obligation Other noncurrent liabilities Stockholders equity 3.320 58 1,390 2,821 374 1,078 Common stock, $1.00 par value: 2,000,000,000 shares authorized: 807,611,634 shares issued in 2017 and 2016 Capital in excess of par value Retained earnings Accumulated other comprehensive income (loss) Treasury stock, at cost: 219,060,856 and 192,450,855 shares 808 1,451 808 1.410 1,418 12 (323) in 2017 and 2016 respectively Total stockholders' equity (6,462) 10,430 25,110 $ (4,872) 8.441 23,286 Southwest Airlines Co. Consolidated Statement of Income (in millions, except per share amounts) Year ended December 31 2017 2016 2015 OPERATING REVENUES: $ 19.141 S 18,594 18,299 179 Freight 173 Special revenue adjustment172 Other 1,857 1,660 1.170 Total operating revenues 21,171 19,820 OPERATING EXPENSES 7.319 Salaries, wages, and benefits Fuel and oil Maintenance materials and repairs Aircraft rentals Landing fees and other rentals 1,001 198 1,292 1.218 6,798 647 1,045 229 1,211 1,221 6,383 3,616 1,005 238 1,166 1,015 39 Other operating expenses Total operating expenses 17,656 16,665 15,704 OPERATING INCOME 3.515 3,760 4.116 OTHER EXPENSES (INCOME): 121 Interest expense Capitalized interest Interest income Other (gains) losses, net (49) (47) (24) 162 213 (31) 234 556 Total other expenses (income) 264 637 251 (237) INCOME BEFORE INCOME TAXES PROVISION F()R INC()ME TAXES NET INCOME NET INCOME PER SHARE, BASIC NET INCOME PER SHARE, DILUTED $.79 Cash dividends declared per common share 479 1.298 2.181 3.30 3.27 2850 1,303 3,488 $ 2.244S 3.58 S 3.55 $ 3750 S 5.80 S 4750 S See accompanying notes

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