2.2.0.25falsefalse0208 - Disclosure - Financial Derivative Instruments and Risk Managementtruefalsefalse1falsefalseUSDfalsefalse1/1/2011 - 3/31/2011
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<b><font style="font-family: 'Times New Roman', Times">Note 8—</font></b>
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<b><font style="font-family: 'Times New Roman', Times">Financial
Derivative Instruments and Risk Management</font></b>
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As part of our risk management strategy, we periodically
purchase crude or heating oil option contracts or swap
agreements to manage our exposure to the effect of changes in
the price and availability of aircraft fuel. Prices for these
commodities are normally highly correlated to aircraft fuel,
making derivatives of them effective at providing short-term
protection against sharp increases in average fuel prices. We
also periodically enter into basis swaps for the differential
between heating oil and jet fuel, as well as jet fuel swaps, to
further limit the variability in fuel prices at various
locations. To manage the variability of the cash flows
associated with our variable rate debt, we have also entered
into interest rate swaps. We do not hold or issue any derivative
financial instruments for trading purposes.
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<b><i>Aircraft fuel derivatives:</i></b>  We attempt
to obtain cash flow hedge accounting treatment for each aircraft
fuel derivative that we enter into. This treatment is provided
for under the <i>Derivatives and Hedging </i>topic of the
Codification, which allows for gains and losses on the effective
portion of qualifying hedges to be deferred until the underlying
planned jet fuel consumption occurs, rather than recognizing the
gains and losses on these instruments into earnings during each
period that they are outstanding. The effective portion of
realized aircraft fuel hedging derivative gains and losses is
recognized in fuel expense in the period the underlying fuel is
consumed.
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Ineffectiveness results, in certain circumstances, when the
change in the total fair value of the derivative instrument
differs from the change in the value of our expected future cash
outlays for the purchase of aircraft fuel and is recognized in
interest income and other immediately. Likewise, if a hedge does
not qualify for hedge accounting, the periodic changes in its
fair values are recognized in interest income and other in the
period of the change. When aircraft fuel is consumed and the
related derivative contract settles, any gain or loss previously
recorded in other comprehensive income is recognized in aircraft
fuel expense. All cash flows related to our fuel hedging
derivatives are classified as operating cash flows.
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Our current approach to fuel hedging is to enter into hedges on
a discretionary basis without a specific target of hedge
percentage needs in order to mitigate potential liquidity issues
and cap fuel prices, when possible.
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The following table illustrates the approximate hedged
percentages of our projected fuel usage by quarter as of
March 31, 2011, related to our outstanding fuel hedging
contracts that were designated as cash flow hedges for
accounting purposes.
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</td>
<td>
 
</td>
<td colspan="3" nowrap="nowrap" align="center" valign="bottom">
<b>Crude oil cap<br />
</b>
</td>
<td>
 
</td>
<td colspan="3" nowrap="nowrap" align="center" valign="bottom">
<b>Crude oil<br />
</b>
</td>
<td>
 
</td>
<td colspan="3" nowrap="nowrap" align="center" valign="bottom">
<b>Heating oil<br />
</b>
</td>
<td>
 
</td>
<td colspan="3" nowrap="nowrap" align="center" valign="bottom">
<b>Jet fuel swap<br />
</b>
</td>
<td>
 
</td>
<td colspan="3" nowrap="nowrap" align="center" valign="bottom">
 
</td>
</tr>
<tr style="font-size: 8pt" valign="bottom" align="center">
<td nowrap="nowrap" align="center" valign="bottom">
 
</td>
<td>
 
</td>
<td colspan="3" nowrap="nowrap" align="center" valign="bottom" style="border-bottom: 1px solid #000000">
<b>agreements</b>
</td>
<td>
 
</td>
<td colspan="3" nowrap="nowrap" align="center" valign="bottom" style="border-bottom: 1px solid #000000">
<b>collars</b>
</td>
<td>
 
</td>
<td colspan="3" nowrap="nowrap" align="center" valign="bottom" style="border-bottom: 1px solid #000000">
<b>collars</b>
</td>
<td>
 
</td>
<td colspan="3" nowrap="nowrap" align="center" valign="bottom" style="border-bottom: 1px solid #000000">
<b>agreements</b>
</td>
<td>
 
</td>
<td colspan="3" nowrap="nowrap" align="center" valign="bottom" style="border-bottom: 1px solid #000000">
<b>Total</b>
</td>
</tr>
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<td> 
</td>
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<div style="text-indent: -10pt; margin-left: 10pt">
<b>Second Quarter 2011</b>
</div>
</td>
<td>
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
21
</td>
<td nowrap="nowrap" align="left" valign="bottom">
%
</td>
<td>
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
10
</td>
<td nowrap="nowrap" align="left" valign="bottom">
%
</td>
<td>
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
5
</td>
<td nowrap="nowrap" align="left" valign="bottom">
%
</td>
<td>
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
2
</td>
<td nowrap="nowrap" align="left" valign="bottom">
%
</td>
<td>
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
<b>38</b>
</td>
<td nowrap="nowrap" align="left" valign="bottom">
<b>%</b>
</td>
</tr>
<tr valign="bottom">
<td align="left" valign="top">
<div style="text-indent: -10pt; margin-left: 10pt">
<b>Third Quarter 2011</b>
</div>
</td>
<td>
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
18
</td>
<td nowrap="nowrap" align="left" valign="bottom">
%
</td>
<td>
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
9
</td>
<td nowrap="nowrap" align="left" valign="bottom">
%
</td>
<td>
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
4
</td>
<td nowrap="nowrap" align="left" valign="bottom">
%
</td>
<td>
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
—
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td>
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
<b>31</b>
</td>
<td nowrap="nowrap" align="left" valign="bottom">
<b>%</b>
</td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td align="left" valign="top">
<div style="text-indent: -10pt; margin-left: 10pt">
<b>Fourth Quarter 2011</b>
</div>
</td>
<td>
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
7
</td>
<td nowrap="nowrap" align="left" valign="bottom">
%
</td>
<td>
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
10
</td>
<td nowrap="nowrap" align="left" valign="bottom">
%
</td>
<td>
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
4
</td>
<td nowrap="nowrap" align="left" valign="bottom">
%
</td>
<td>
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
—
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td>
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
<b>21</b>
</td>
<td nowrap="nowrap" align="left" valign="bottom">
<b>%</b>
</td>
</tr>
<tr valign="bottom">
<td align="left" valign="top">
<div style="text-indent: -10pt; margin-left: 10pt">
<b>First Quarter 2012</b>
</div>
</td>
<td>
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
3
</td>
<td nowrap="nowrap" align="left" valign="bottom">
%
</td>
<td>
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
5
</td>
<td nowrap="nowrap" align="left" valign="bottom">
%
</td>
<td>
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
—
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td>
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
—
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td>
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
<b>8</b>
</td>
<td nowrap="nowrap" align="left" valign="bottom">
<b>%</b>
</td>
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<tr valign="bottom" style="background: #cceeff">
<td align="left" valign="top">
<div style="text-indent: -10pt; margin-left: 10pt">
<b>Second Quarter 2012</b>
</div>
</td>
<td>
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
2
</td>
<td nowrap="nowrap" align="left" valign="bottom">
%
</td>
<td>
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
5
</td>
<td nowrap="nowrap" align="left" valign="bottom">
%
</td>
<td>
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
—
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td>
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
—
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td>
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
<b>7</b>
</td>
<td nowrap="nowrap" align="left" valign="bottom">
<b>%</b>
</td>
</tr>
<tr valign="bottom">
<td align="left" valign="top">
<div style="text-indent: -10pt; margin-left: 10pt">
<b>Third Quarter 2012</b>
</div>
</td>
<td>
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
—
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td>
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
4
</td>
<td nowrap="nowrap" align="left" valign="bottom">
%
</td>
<td>
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
—
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td>
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
—
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td>
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
<b>4</b>
</td>
<td nowrap="nowrap" align="left" valign="bottom">
<b>%</b>
</td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td align="left" valign="top">
<div style="text-indent: -10pt; margin-left: 10pt">
<b>Fourth Quarter 2012</b>
</div>
</td>
<td>
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
—
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td>
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
5
</td>
<td nowrap="nowrap" align="left" valign="bottom">
%
</td>
<td>
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
—
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td>
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
—
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td>
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
<b>5</b>
</td>
<td nowrap="nowrap" align="left" valign="bottom">
<b>% </b>
</td>
</tr>
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<div style="margin-top: 6pt; font-size: 1pt"> 
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<div align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
We also have outstanding contracts for approximately 5% of our
projected fuel consumption for each of the second through fourth
quarters of 2011 using 3-way crude oil collars, which have not
been designated as cash flow hedges for accounting purposes. As
of March 31, 2011, the fair value recorded for these
contracts was approximately $2 million.
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<b><i>Interest rate swaps:</i></b>  The interest rate
hedges we had outstanding as of March 31, 2011 effectively
swap floating rate for fixed rate, taking advantage of lower
borrowing rates in existence at the time of the hedge
transaction as compared to the date our original debt
instruments were executed. As of March 31, 2011, we had
$377 million in notional debt outstanding related to these
swaps, which cover certain interest payments through August
2016. The notional amount decreases over time to match scheduled
repayments of the related debt.
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<div align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
All of our outstanding interest rate swap contracts qualify as
cash flow hedges in accordance with the <i>Derivatives and
Hedging </i>topic of the Codification. Since all of the critical
terms of our swap agreements match the debt to which they
pertain, there was no ineffectiveness relating to these interest
rate swaps in 2011 or 2010, and all related unrealized losses
were deferred in accumulated other comprehensive income. We
recognized approximately $2 million in additional interest
expense as the related interest payments were made during each
of the three months ended March 31, 2011 and 2010.
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<div align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
Any outstanding derivative instruments expose us to credit loss
in the event of nonperformance by the counterparties to the
agreements, but we do not expect that any of our four
counterparties will fail to meet their obligations. The amount
of such credit exposure is generally the fair value of our
outstanding contracts. To manage credit risks, we select
counterparties based on credit assessments, limit our overall
exposure to any single counterparty and monitor the market
position with each counterparty. Some of our agreements require
cash deposits if market risk exposure exceeds a specified
threshold amount.
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The financial derivative instrument agreements we have with our
counterparties may require us to fund all, or a portion of,
outstanding loss positions related to these contracts prior to
their scheduled maturities. The amount of collateral posted, if
any, is periodically adjusted based on the fair value of the
hedge contracts. Our policy is to offset the liabilities
represented by these contracts with any cash collateral paid to
the counterparties. We did not have any collateral posted
related to our outstanding fuel hedge contracts at
March 31, 2011 or December 31, 2010. We had
$21 million and $30 million posted in collateral
related to our interest rate derivatives which offset the hedge
liability in other current liabilities at March 31, 2011
and December 31, 2010, respectively.
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The table below reflects quantitative information related to our
derivative instruments and where these amounts are recorded in
our financial statements (dollar amounts in millions).
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<td width="77%"> </td><!-- colindex=01 type=maindata -->
<td width="2%"> </td><!-- colindex=02 type=gutter -->
<td width="3%" align="right"> </td><!-- colindex=02 type=lead -->
<td width="1%" align="right"> </td><!-- colindex=02 type=body -->
<td width="3%" align="left"> </td><!-- colindex=02 type=hang1 -->
<td width="3%"> </td><!-- colindex=03 type=gutter -->
<td width="5%" align="right"> </td><!-- colindex=03 type=lead -->
<td width="1%" align="right"> </td><!-- colindex=03 type=body -->
<td width="5%" align="left"> </td><!-- colindex=03 type=hang1 -->
</tr>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<tr style="font-size: 8pt" valign="bottom" align="center">
<td nowrap="nowrap" align="center" valign="bottom">
 
</td>
<td>
 
</td>
<td colspan="7" align="center" valign="bottom" style="border-bottom: 1px solid #000000">
<b>As of</b>
</td>
</tr>
<tr style="font-size: 8pt" valign="bottom" align="center">
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td>
 
</td>
<td colspan="3" nowrap="nowrap" align="center" valign="bottom">
<b>March 31,<br />
</b>
</td>
<td>
 
</td>
<td colspan="3" nowrap="nowrap" align="center" valign="bottom">
<b>December 31,<br />
</b>
</td>
</tr>
<tr style="font-size: 8pt" valign="bottom" align="center">
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td>
 
</td>
<td colspan="3" nowrap="nowrap" align="center" valign="bottom" style="border-bottom: 1px solid #000000">
<b>2011</b>
</td>
<td>
 
</td>
<td colspan="3" nowrap="nowrap" align="center" valign="bottom" style="border-bottom: 1px solid #000000">
<b>2010</b>
</td>
</tr>
<tr style="line-height: 3pt; font-size: 1pt">
<td> 
</td>
</tr>
<!-- TableOutputBody -->
<tr valign="bottom" style="background: #cceeff">
<td nowrap="nowrap" align="left" valign="bottom">
<div style="text-indent: -10pt; margin-left: 10pt">
<b>Fuel derivatives</b>
</div>
</td>
<td>
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
 
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td>
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
 
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
</tr>
<tr valign="bottom">
<td align="left" valign="bottom">
<div style="text-indent: -10pt; margin-left: 20pt">
Asset fair value recorded in prepaid expenses and other
</div>
</td>
<td>
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
$
</td>
<td nowrap="nowrap" align="right" valign="bottom">
45
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td>
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
$
</td>
<td nowrap="nowrap" align="right" valign="bottom">
19
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td align="left" valign="bottom">
<div style="text-indent: -10pt; margin-left: 20pt">
Asset fair value recorded in other long term assets
</div>
</td>
<td>
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
8
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td>
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
4
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
</tr>
<tr valign="bottom">
<td align="left" valign="bottom">
<div style="text-indent: -10pt; margin-left: 20pt">
Longest remaining term (months)
</div>
</td>
<td>
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
21
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td>
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
24
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td align="left" valign="bottom">
<div style="text-indent: -10pt; margin-left: 20pt">
Hedged volume (barrels, in thousands)
</div>
</td>
<td>
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
4,140
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td>
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
4,290
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
</tr>
<tr valign="bottom">
<td align="left" valign="bottom">
<div style="text-indent: -10pt; margin-left: 20pt">
Estimated amount of existing gains (losses) expected to be
reclassified into earnings in the next 12 months
</div>
</td>
<td>
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
29
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td>
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
3
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td align="left" valign="bottom">
<div style="text-indent: -10pt; margin-left: 10pt">
<b>Interest rate derivatives</b>
</div>
</td>
<td>
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
 
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td>
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
 
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
</tr>
<tr valign="bottom">
<td align="left" valign="bottom">
<div style="text-indent: -10pt; margin-left: 20pt">
Liability fair value recorded in other long term liabilities (1)
</div>
</td>
<td>
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
21
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td>
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
23
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td align="left" valign="bottom">
<div style="text-indent: -10pt; margin-left: 20pt">
Estimated amount of existing gains (losses) expected to be
reclassified into earnings in the next 12 months
</div>
</td>
<td>
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
(10
</td>
<td nowrap="nowrap" align="left" valign="bottom">
)
</td>
<td>
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
(10
</td>
<td nowrap="nowrap" align="left" valign="bottom">
)
</td>
</tr>
</table>
<div align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
</div>
<div style="margin-top: 12pt; font-size: 1pt"> 
</div>
<table border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent; text-align: left">
<!-- Table Width Row BEGIN -->
<tr style="font-size: 1pt" valign="bottom">
<td width="85%"> </td><!-- colindex=01 type=maindata -->
<td width="2%"> </td><!-- colindex=02 type=gutter -->
<td width="2%" align="right"> </td><!-- colindex=02 type=lead -->
<td width="1%" align="right"> </td><!-- colindex=02 type=body -->
<td width="2%" align="left"> </td><!-- colindex=02 type=hang1 -->
<td width="3%"> </td><!-- colindex=03 type=gutter -->
<td width="2%" align="right"> </td><!-- colindex=03 type=lead -->
<td width="1%" align="right"> </td><!-- colindex=03 type=body -->
<td width="2%" align="left"> </td><!-- colindex=03 type=hang1 -->
</tr>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<tr style="font-size: 8pt" valign="bottom" align="center">
<td nowrap="nowrap" align="center" valign="bottom">
 
</td>
<td>
 
</td>
<td colspan="7" nowrap="nowrap" align="center" valign="bottom">
<b>Three Months Ended<br />
</b>
</td>
</tr>
<tr style="font-size: 8pt" valign="bottom" align="center">
<td nowrap="nowrap" align="center" valign="bottom">
 
</td>
<td>
 
</td>
<td colspan="7" nowrap="nowrap" align="center" valign="bottom" style="border-bottom: 1px solid #000000">
<b>March 31,</b>
</td>
</tr>
<tr style="font-size: 8pt" valign="bottom" align="center">
<td nowrap="nowrap" align="center" valign="bottom">
 
</td>
<td>
 
</td>
<td colspan="3" nowrap="nowrap" align="center" valign="bottom" style="border-bottom: 1px solid #000000">
<b>2011</b>
</td>
<td>
 
</td>
<td colspan="3" nowrap="nowrap" align="center" valign="bottom" style="border-bottom: 1px solid #000000">
<b>2010</b>
</td>
</tr>
<tr style="line-height: 3pt; font-size: 1pt">
<td> 
</td>
</tr>
<!-- TableOutputBody -->
<tr valign="bottom" style="background: #cceeff">
<td nowrap="nowrap" align="left" valign="bottom">
<div style="text-indent: -10pt; margin-left: 10pt">
<b>Fuel derivatives</b>
</div>
</td>
<td>
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
 
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td>
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
 
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
</tr>
<tr valign="bottom">
<td align="left" valign="bottom">
<div style="text-indent: -10pt; margin-left: 20pt">
Hedge effectiveness gains (losses) recognized in aircraft fuel
expense
</div>
</td>
<td>
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
$
</td>
<td nowrap="nowrap" align="right" valign="bottom">
2
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td>
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
$
</td>
<td nowrap="nowrap" align="right" valign="bottom">
2
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td align="left" valign="bottom">
<div style="text-indent: -10pt; margin-left: 20pt">
Gains (losses) on derivatives not qualifying for hedge
accounting recognized in other income (expense)
</div>
</td>
<td>
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
2
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td>
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
—
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
</tr>
<tr valign="bottom">
<td align="left" valign="bottom">
<div style="text-indent: -10pt; margin-left: 20pt">
Hedge gains (losses) on derivatives recognized in comprehensive
income (see Note 4)
</div>
</td>
<td>
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
32
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td>
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
(7
</td>
<td nowrap="nowrap" align="left" valign="bottom">
)
</td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td align="left" valign="bottom">
<div style="text-indent: -10pt; margin-left: 20pt">
Percentage of actual consumption economically hedged
</div>
</td>
<td>
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
37
</td>
<td nowrap="nowrap" align="left" valign="bottom">
%
</td>
<td>
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
65
</td>
<td nowrap="nowrap" align="left" valign="bottom">
%
</td>
</tr>
<tr valign="bottom">
<td align="left" valign="bottom">
<div style="text-indent: -10pt; margin-left: 10pt">
<b>Interest rate derivatives</b>
</div>
</td>
<td>
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
 
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td>
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
 
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td align="left" valign="bottom">
<div style="text-indent: -10pt; margin-left: 20pt">
Hedge gains (losses) on derivatives recognized in comprehensive
income (see Note 4)
</div>
</td>
<td>
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
—
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td>
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
(7
</td>
<td nowrap="nowrap" align="left" valign="bottom">
)
</td>
</tr>
<tr valign="bottom">
<td align="left" valign="bottom">
<div style="text-indent: -10pt; margin-left: 20pt">
Hedge gains (losses) on derivatives recognized in interest
expense
</div>
</td>
<td>
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
(2
</td>
<td nowrap="nowrap" align="left" valign="bottom">
)
</td>
<td>
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
(2
</td>
<td nowrap="nowrap" align="left" valign="bottom">
)
</td>
</tr>
</table>
<div align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
</div>
<div style="margin-top: 6pt; font-size: 1pt"> 
</div>
<div style="font-size: 1pt; margin-left: 0%; width: 13%; align: left; border-bottom: 1pt solid #000000">
</div>
<div style="margin-top: 3pt; font-size: 1pt"> 
</div>
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent; text-align: left">
<tr>
<td width="2%"></td>
<td width="1%"></td>
<td width="97%"></td>
</tr>
<tr>
<td align="right" valign="top">
(1) </td>
<td></td>
<td valign="bottom">
Gross liability, prior to impact of collateral posted</td>
</tr>
</table>
</div>
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-Publisher FASB
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