DALLAS, Feb. 11, 2016 /PRNewswire/ -- Southwest Airlines
Co. (NYSE: LUV) today announced it will share $620 million through its ProfitSharing Plan with
its Employees for 2015—equaling approximately 15.6 percent of each
eligible Employee's eligible compensation, or the equivalent of
eight weeks' pay. This $620 million
contribution—nearly $1.7 million a
day—is the largest total dollar amount Southwest has ever allocated
to ProfitSharing. This amount, which will be funded April 29, is more than the cumulative
contributions to the Plan over the first 25 years ($559 million from 1974-1998). Over four decades,
Southwest profitsharing contributions will have totaled over
$3.4 billion—and more than
$1.4 billion for the past five years
alone (2011-2015).
"Behind every milestone Southwest Airlines has celebrated—and
there have been many—our Employees are the driving force. I'm
incredibly proud of the Teamwork and Heart behind every
accomplishment," said Gary Kelly,
Chairman, President, and CEO of Southwest Airlines. "Our People
have built one of the world's most admired companies, and they
share in Southwest's success with this third consecutive
record-breaking profitsharing contribution."
When this profitsharing contribution is added to the Company's
$325 million in Company match and
other amounts contributed to the Southwest retirement plans,
Southwest will have rewarded Employees with a 2015 total retirement
benefit of approximately $945
million. In addition to retirement contributions,
Southwest Airlines also invested approximately $672 million in its Employees' other benefits
during 2015, including healthcare coverage, and other welfare and
wellness programs. In total, that's more than $1.6 billion dedicated to the wealth and
wellbeing of Southwest Employees in 2015 alone, on top of base
salaries.
Southwest was the first in the industry to offer a ProfitSharing
Plan. Through the ProfitSharing Plan, Southwest Employees currently
own more than four percent of the Company's outstanding shares.
ABOUT SOUTHWEST AIRLINES CO.
In its 45th year of service, Dallas-based Southwest Airlines
(NYSE: LUV) continues to differentiate itself from other air
carriers with exemplary Customer Service delivered by more than
49,000 Employees to more than 100 million Customers annually.
Southwest proudly operates a network of 97 destinations across
the United States and seven
additional countries with more than 3,900 departures a day during
peak travel season.
Based on the U.S. Department of Transportation's most recent
data, Southwest Airlines is the nation's largest carrier in terms
of originating domestic passengers boarded. The Company operates
the largest fleet of Boeing aircraft in the world, the majority of
which are equipped with satellite-based WiFi providing gate-to-gate
connectivity. That connectivity enables Customers to use
their personal devices to view video on-demand movies and
television shows, as well as nearly 20 channels of free, live TV
compliments of our valued Partners. Southwest created
Transfarency℠, a philosophy which treats Customers honestly
and fairly, and in which low fares actually stay low. Southwest is
the only major U.S. airline to offer bags fly free® to
everyone (first and second checked pieces of luggage, size and
weight limits apply, some airlines may allow free checked bags on
select routes or for qualified circumstances), and there are no
change fees, though fare differences might apply. In 2014, the
airline proudly unveiled a bold new look: Heart.
The new aircraft livery, airport experience, and logo, showcase the
dedication of Southwest Employees to connect Customers with what's
important in their lives.
From its first flights on June 18,
1971, Southwest Airlines launched an era of unprecedented
affordability in air travel described by the U.S. Department of
Transportation as "The Southwest Effect," a lowering of fares and
increase in passenger traffic whenever the carrier enters new
markets. With 43 consecutive years of profitability,
Southwest is one of the most honored airlines in the world, known
for a triple bottom line approach that contributes to the carrier's
performance and productivity, the importance of its People and the
communities they serve, and an overall commitment to efficiency and
the planet. The 2014 Southwest Airlines One Report™ can be found
at SouthwestOneReport.com.
Book Southwest Airlines' low fares online
at Southwest.com or by phone at 800-I-FLY-SWA.
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SOURCE Southwest Airlines Co.