In simple terms, accountants have ways of showing what is the normal part of doing business and what isn't - the 'isn't' is called extraordinary.
Are wages the normal part of business? Yes - as are depreciation, taxes, route operating costs etc.
Is hedging a required part of the operation? Clearly not as many airlines don't hedge at all and somehow they manage to take passengers from A to B.
So hedging is NOT required - it is something that, if used correctly, smooths the edges of fuel price changes. But a 52% blip in fuel costs for the last six months is hardly 'smoothing the edges'.
So I still contend that hedging is a below the line item as we could have operated with or without hedging. Same reason our investments in other businesses are below the line - not affected by us running an airline.