Southwest values those hedges at more than $3 billion over the next few years.

Several executives said industry consolidation now appeared less likely than a few weeks ago. They were speaking a day after Delta pilots created fresh doubt about a possible Delta hookup with Northwest Airlines Corp.

Union leaders at Delta said talks on combining work forces with another carrier had failed. They didn't mention Northwest by name, but people close to the talks have said Northwest was the other player in deal talks.

The possibility of a Delta-Northwest deal had spawned speculation about all kinds of other combinations. Airlines executives believe that business travelers pick carriers with extensive U.S. and international routes, so they would be loath to sit idly if rivals grow by joining forces.

Southwest had been interested in picking up gates or other assets that other airlines might be forced to sell if they grew through combinations with other carriers. But Southwest CFO Laura Wright said no deals looked obvious on Tuesday.

"It feels like all the talk about consolidation has lost a lot of steam," Wright said.