Tom Doxey
Executive VP & CFO at Southwest Airlines
And this also includes five seven thirty seven-eight 100 aircraft that we expect to sell this year. And just recently, we also executed agreements for the sale of eight seven thirty seven-eight 100 aircraft that will occur in the 2026 and we're in the process of negotiating additional sales transactions. We continue to expect 2025 capital spending to be in the range of $2,500,000,000 to $3,000,000,000 which includes the additional aircraft deliveries expected this year as well as the expected proceeds from aircraft sales. Moving to the balance sheet, we repurchased the remaining $1,500,000,000 under the previously announced $2,500,000,000 buyback and expect final settlement of shares to complete by the end of this month. We're pleased with the expected outcome of this program having purchased shares at prices well below current levels. Completion of this share repurchase authorization effectively offsets the dilution from our common stock offering in May 2020. And yesterday, we announced that our Board of Directors has approved a new $2,000,000,000 share repurchase authorization, which we expect to be completed over a period of up to two years demonstrating our continued optimism around our plan. I'd also like to provide more detail on the capital allocation framework that we will use as a guide as we move forward, which will support our continued commitment to a strong and efficient investment grade balance sheet. We will be shifting from a cash target to a liquidity target, which will be $4,500,000,000 comprised of $3,000,000,000 in cash and an upsized revolver of $1,500,000,000 which is an increase of $500,000,000 from the previous revolver size. We completed the upsizing of the revolver earlier this week.
