d_ricardo, that info at note 8 maybe sergeant or ivanovich may be able to fathom out. the $5266 for 2008 is lower than the $5791 for 2007, which i notice bailment interest costs are down to $3069 for 2008 down from $3623 for 2007,
so there appears savings there.
the figure you mention $5152 for 2008 for change in fair value of interest rate swaps is opposite a bracketed amount of [$785] for 2007, but directly under that for 2007 is an amount of $5296 for change in fair valu of conversion option.
and the totals at the bottom for net financing costs are
$10413 for 2008, against a $9924 for 2007, so you maybe correct.
while it appears they are saving money on bailment interest costs, they are paying a bit more elsewhere.
i suppose it will all catch up to their benefit when the current contracts expire.
cost of interest rate swap, page-3
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