<SEC-DOCUMENT>0000092380-21-000018.txt : 20210205
<SEC-HEADER>0000092380-21-000018.hdr.sgml : 20210205
<ACCEPTANCE-DATETIME>20210205185703
ACCESSION NUMBER:		0000092380-21-000018
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20201030
FILED AS OF DATE:		20210205
DATE AS OF CHANGE:		20210205

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			KELLY GARY C
		CENTRAL INDEX KEY:			0001027716

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-07259
		FILM NUMBER:		21597868

	MAIL ADDRESS:	
		STREET 1:		C/O SOUTHWEST AIRLINES CO
		STREET 2:		P O BOX 36611
		CITY:			DALLAS
		STATE:			TX
		ZIP:			75235

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			SOUTHWEST AIRLINES CO
		CENTRAL INDEX KEY:			0000092380
		STANDARD INDUSTRIAL CLASSIFICATION:	AIR TRANSPORTATION, SCHEDULED [4512]
		IRS NUMBER:				741563240
		STATE OF INCORPORATION:			TX
		FISCAL YEAR END:			1231

	BUSINESS ADDRESS:	
		STREET 1:		2702 LOVE FIELD DR
		STREET 2:		P O BOX 36611
		CITY:			DALLAS
		STATE:			TX
		ZIP:			75235
		BUSINESS PHONE:		2147924000

	MAIL ADDRESS:	
		STREET 1:		PO BOX 36611
		CITY:			DALLAS
		STATE:			TX
		ZIP:			75235-1611

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	AIR SOUTHWEST CO
		DATE OF NAME CHANGE:	19760108
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>edgar.xml
<DESCRIPTION>PRIMARY DOCUMENT
<TEXT>
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<ownershipDocument>

    <schemaVersion>X0306</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2020-10-30</periodOfReport>

    <issuer>
        <issuerCik>0000092380</issuerCik>
        <issuerName>SOUTHWEST AIRLINES CO</issuerName>
        <issuerTradingSymbol>LUV</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001027716</rptOwnerCik>
            <rptOwnerName>KELLY GARY C</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>SOUTHWEST AIRLINES CO.</rptOwnerStreet1>
            <rptOwnerStreet2>2702 LOVE FIELD DRIVE</rptOwnerStreet2>
            <rptOwnerCity>DALLAS</rptOwnerCity>
            <rptOwnerState>TX</rptOwnerState>
            <rptOwnerZipCode>75235-1908</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>1</isDirector>
            <isOfficer>1</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle>Chairman of the Board &amp; CEO</officerTitle>
            <otherText></otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
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            <securityTitle>
                <value>Common Stock</value>
            </securityTitle>
            <transactionDate>
                <value>2020-10-30</value>
            </transactionDate>
            <transactionCoding>
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                <transactionCode>G</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
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                    <footnoteId id="F1"/>
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                    <footnoteId id="F3"/>
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                    <footnoteId id="F5"/>
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                <equitySwapInvolved>0</equitySwapInvolved>
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                    <value>4013</value>
                    <footnoteId id="F1"/>
                    <footnoteId id="F6"/>
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                    <value>0</value>
                </transactionPricePerShare>
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                </transactionAcquiredDisposedCode>
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                <sharesOwnedFollowingTransaction>
                    <value>306528</value>
                </sharesOwnedFollowingTransaction>
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            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>By Family Trust</value>
                    <footnoteId id="F7"/>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Common Stock</value>
            </securityTitle>
            <transactionDate>
                <value>2020-12-31</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>5</transactionFormType>
                <transactionCode>G</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
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            <transactionAmounts>
                <transactionShares>
                    <value>28782</value>
                    <footnoteId id="F8"/>
                </transactionShares>
                <transactionPricePerShare>
                    <value>0</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>D</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>14691</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
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                    <footnoteId id="F8"/>
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        </nonDerivativeTransaction>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Common Stock</value>
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            <transactionDate>
                <value>2020-12-31</value>
            </transactionDate>
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                <transactionFormType>5</transactionFormType>
                <transactionCode>G</transactionCode>
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            <transactionAmounts>
                <transactionShares>
                    <value>28782</value>
                    <footnoteId id="F8"/>
                </transactionShares>
                <transactionPricePerShare>
                    <value>0</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
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                <sharesOwnedFollowingTransaction>
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                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
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                <directOrIndirectOwnership>
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                </directOrIndirectOwnership>
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        </nonDerivativeTransaction>
        <nonDerivativeHolding>
            <securityTitle>
                <value>Common Stock</value>
            </securityTitle>
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                <sharesOwnedFollowingTransaction>
                    <value>306528</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
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                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>By Family Trust</value>
                    <footnoteId id="F10"/>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeHolding>
        <nonDerivativeHolding>
            <securityTitle>
                <value>Common Stock</value>
            </securityTitle>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>113974</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeHolding>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Common Stock</value>
            </securityTitle>
            <transactionDate>
                <value>2021-02-03</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>A</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>65322</value>
                    <footnoteId id="F11"/>
                </transactionShares>
                <transactionPricePerShare>
                    <value>0</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
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                <sharesOwnedFollowingTransaction>
                    <value>179296</value>
                </sharesOwnedFollowingTransaction>
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                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
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        <nonDerivativeTransaction>
            <securityTitle>
                <value>Common Stock</value>
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            <transactionDate>
                <value>2021-02-03</value>
            </transactionDate>
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                <transactionFormType>4</transactionFormType>
                <transactionCode>A</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
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            <transactionAmounts>
                <transactionShares>
                    <value>76531</value>
                    <footnoteId id="F12"/>
                </transactionShares>
                <transactionPricePerShare>
                    <value>0</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
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                <sharesOwnedFollowingTransaction>
                    <value>255827</value>
                </sharesOwnedFollowingTransaction>
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                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
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        <nonDerivativeHolding>
            <securityTitle>
                <value>Common Stock</value>
            </securityTitle>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>350068</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>By Family Trust</value>
                    <footnoteId id="F9"/>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeHolding>
        <nonDerivativeHolding>
            <securityTitle>
                <value>Common Stock</value>
            </securityTitle>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>306528</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>By Family Trust</value>
                    <footnoteId id="F10"/>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeHolding>
        <nonDerivativeHolding>
            <securityTitle>
                <value>Common Stock</value>
            </securityTitle>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>14691</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>By Family Limited Partnership</value>
                    <footnoteId id="F8"/>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeHolding>
    </nonDerivativeTable>

    <derivativeTable></derivativeTable>

    <footnotes>
        <footnote id="F1">On October 30, 2020, as part of his estate planning, the reporting person contributed 49,529 shares (the &quot;Capital Contribution&quot;) to a family limited partnership (the &quot;Family Limited Partnership&quot;), the sole general partner of which is a limited liability company that is wholly owned by the reporting person and his spouse (the &quot;Family Limited Liability Company&quot;).  Prior to the transfer, the sole limited partners of the Family Limited Partnership were (a) a trust for the reporting person and his descendants (the &quot;Reporting Person Trust&quot;) and (b) a trust for the reporting person's spouse and her descendants (the &quot;Spousal Trust&quot;).  The reporting person is trustee of the Reporting Person Trust, and the reporting person's spouse is trustee of the Spousal Trust.  As a result of this transaction, the reporting person and his spouse each received a limited partnership interest in the Family Limited Partnership (the &quot;Reporting Person LP Interest&quot; and the &quot;Spousal LP Interest, respectively), which resulted in (a) a decrease in the number of shares directly owned by the reporting person, (b) an increase in the number of shares indirectly owned by the reporting person through the Family Limited Partnership, and (c) net increases in the number of shares indirectly owned by the reporting person through the Reporting Person Trust, the Spousal Trust, and the Family Limited Liability Company as a result of the overall increase in the Family Limited Partnership's holdings due to the Capital Contribution, but reflecting the addition of the new limited partners and resulting new allocation of shares amongst the partners. Because the reporting person's aggregate beneficial holdings remained the same prior to and after this transaction, the reporting person believes the contributions to the Family Limited Partnership constitute a change in form of beneficial ownership exempted by Rule 16a-13 under the Securities Exchange Act of 1934.</footnote>
        <footnote id="F2">Includes (a) 12,226 shares indirectly acquired as a result of the new Reporting Person LP Interest in the Family Limited Partnership, (b) 28,782 shares indirectly acquired as a result of the new Spousal LP Interest in the Family Limited Partnership, and (c) a net 495 shares indirectly acquired by the Family Limited Liability Company as a result of the overall increase in the Family Limited Partnership's holdings due to the Capital Contribution, but reflecting the addition of limited partners and resulting new allocation of shares.</footnote>
        <footnote id="F3">Includes (a) 12,226 shares indirectly held through the new Reporting Person LP Interest in the Family Limited Partnership, (b) 28,782 shares indirectly held through the new Spousal LP Interest in the Family Limited Partnership, and (c) 2,465 shares indirectly held through the Family Limited Liability Company's general partnership interest in the Family Limited Partnership.</footnote>
        <footnote id="F4">A net 4,013 shares were indirectly acquired through the Reporting Person Trust's limited partnership interest in the Family Limited Partnership, as a result of the overall increase in the Family Limited Partnership's holdings due to the Capital Contribution, but reflecting the addition of limited partners and resulting new allocation of shares.</footnote>
        <footnote id="F5">Includes shares indirectly held through the Reporting Person Trust, including (a) 101,528 shares held as a result of the Reporting Person Trust's limited partnership interest in the Family Limited Partnership and (b) 219,758 other shares held by the Reporting Person Trust.</footnote>
        <footnote id="F6">A net 4,013 shares were indirectly acquired through the Spousal Trust's limited partnership interest in the Family Limited Partnership, as a result of the overall increase in the Family Limited Partnership's holdings due to the Capital Contribution, but reflecting the addition of limited partners and resulting new allocation of shares.</footnote>
        <footnote id="F7">Includes shares indirectly held through the Spousal Trust, including (a) 101,528 shares held as a result of the Spousal Trust's limited partnership interest in the Family Limited Partnership and (b) 205,000 other shares held by the Spousal Trust.</footnote>
        <footnote id="F8">Represents a gift of all of the Spousal LP Interest in the Family Limited Partnership to the Reporting Person Trust.  After the transaction, (a) the sole general partner of the Family Limited Partnership continues to be the Family Limited Liability Company; and (b) the sole limited partners of the Family Limited Partnership are the Reporting Person Trust, the Spousal Trust, and the reporting person through his Reporting Person LP Interest. Because the reporting person's aggregate beneficial holdings remained the same prior to and after this transaction, the reporting person believes the transfer of the Spousal LP Interest to the Family Limited Partnership constitutes a change in form of beneficial ownership exempted by Rule 16a-13 under the Securities Exchange Act of 1934.</footnote>
        <footnote id="F9">Includes shares indirectly held through the Reporting Person Trust, including 130,310 shares held as a result of the Reporting Person Trust's limited partnership interest in the Family Limited Partnership and (b) 219,758 other shares held by the Reporting Person Trust.</footnote>
        <footnote id="F10">Includes shares indirectly held through the Spousal Trust, including 101,528 shares held as a result of the Spousal Trust's limited partnership interest in the Family Limited Partnership and (b) 205,000 other shares held by the Spousal Trust.</footnote>
        <footnote id="F11">Reflects the exempt acquisition of restricted stock units upon the satisfaction of performance criteria underlying an award of performance-based restricted stock units pursuant to the Southwest Airlines Co. Amended and Restated 2007 Equity Incentive Plan.  The restricted stock units will vest on February 21, 2021, and will entitle the reporting person to one share of common stock for each restricted stock unit that vests.</footnote>
        <footnote id="F12">Reflects the exempt acquisition of restricted stock units pursuant to the Southwest Airlines Co. Amended and Restated 2007 Equity Incentive Plan.   The restricted stock units will vest with respect to one-third of the shares covered thereby annually, beginning on February 21, 2022, and will entitle the reporting person to one share of common stock for each restricted stock unit that vests.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>/s/ Marilyn R. Post, on behalf of and as attorney-in-fact for Gary C. Kelly</signatureName>
        <signatureDate>2021-02-05</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
