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The following tables summarize the effects of derivative financial instruments on the Statements of Operations and on Other
Comprehensive Income (in thousands):
Years ended December 31,
Amount of (gain) loss
on derivatives
recognized in
OCI (effective portion)
Location of
(Gain)
Loss reclassified
from
accumulated
OCI into income
(effective
portion)
Amount of (gain) loss
reclassified from OCI
into
income (effective
portion)
Location of (Gain) Loss
recognized in
income on derivatives
(ineffective portion)
Amount of (gain) loss
recognized in
income on derivatives
(ineffective portion)
2008 2007 2008 2007 2008 2007
Derivatives
designated as
hedging
instruments
under SFAS
133
Interest rate
contracts $ 16,179 $ 1,902 Interest expense $ 199 $
—
Net (gains) losses on
derivative financial
instruments $ (46) $ 2,852
Jet-fuel swaps
and options (4,303) (27,239) Aircraft fuel (15,677) (23,549)
Net (gains) losses on
derivative financial
instruments 1,969 (3,905)
Total
derivatives
designated as
hedging
instruments
under SFAS
133 $ 11,876 $ (25,337) $ (15,478) $ (23,549) $ 1,923 $ (1,053)
Amount of (gain) loss
on derivatives
recognized in earnings
Location of
(Gain)
Loss recognized
in
income on
derivative
2008 2007
Derivatives not
designated as
hedging
instruments
under SFAS
133
Jet-fuel options $ 6,053 $ 4,132
Net (gains) losses
on derivative
financial
instruments
Crude swaps and
options 147,941 (2,824)
Net (gains) losses
on derivative
financial
instruments
Other (5,081)
—
Net (gains) losses
on derivative
financial
instruments
Total
derivatives not
designated as
hedging
instruments
under SFAS
133 $ 148,913 $ 1,308
83