This is not correct. As of 3/31/08 WN had $3.0 billion of cash and cash equivalents and $140 million in other short-term investments (which would match up with the $3.1 billion of cash you mention). Fuel derivitives are not counted as cash (which seems pretty obvious to me), the current portion of fuel derivitives was valued at $1.25 billion on 3/31/08 (there is a line item on their balance sheet called Fuel Derivitive Contracts) while Other Assets on their balance sheet (which includes non-current fuel derivitive contracts) were $1.9 billion on 3/31/08. (See LUV Quarterly Balance Sheet)