Remember that "non-cash charge" is a mark to market requirement. It doesn't actually mean DAL lost money....yet.

The real/actual gain or loss from the hedging only happens when the hedging instrument (contract) is sold to another entity or is executed at its maturity date.

Nobody thought fuel would be dropping this much in peak summer travel season, that is a worrisome indicator in the economy. (quick, buy gold! ....joking)