Oil Refinery (Tables)

6 Months Ended

Jun. 30, 2013

Schedule of Segment Reporting Information, by Segment [Table Text Block]

Segment results are prepared based on our internal accounting methods described below, with reconciliations to consolidated amounts in accordance with GAAP. Our segments are not designed to measure operating income or loss directly related to the products and services included in each segment on a stand-alone basis.



(in millions)	Airline		Refinery			Intersegment Sales/ Other				Consolidated
Three Months Ended June 30
Operating revenue:	$	9,707	$	1,864						$	9,707
Sales to airline segment						$	(315	)	⁽¹⁾
Exchanged products						(1,347		)	⁽²⁾
Sales of refined products to third parties						(202		)	⁽³⁾
Operating income (loss)⁽⁴⁾	965		(51		)	—				914
Interest expense, net	172		—			—				172
Depreciation and amortization expense	411		4			—				415
Total assets, end of period	44,567		1,205			—				45,772
Capital expenditures	332		6			—				338
Six Months Ended June 30
Operating revenue:	$	18,207	$	3,595						$	18,207
Sales to airline segment						$	(607	)	⁽¹⁾
Exchanged products						(2,668		)	⁽²⁾
Sales of refined products to third parties						(320		)	⁽³⁾
Operating income (loss)⁽⁴⁾	1,209		(73		)	—				1,136
Interest expense, net	350		—			—				350
Depreciation and amortization expense	812		8			—				820
Capital expenditures	973		12			—				985


⁽¹⁾	Represents transfers, valued on a market price basis, from the refinery to the airline segment for use in airline operations. We determine market price by reference to the market index for the primary delivery location for jet fuel from the refinery, which is New York harbor.


⁽²⁾	Represents value of products exchanged under our buy/sell agreements, as discussed above, determined on a market price basis.


⁽³⁾	Represents sales of refined products to third parties. These sales were at or near cost; accordingly, the margin on these sales is de minimis.


⁽⁴⁾	Includes allocations of $25 million and $44 million of losses for the three and six months ended June 30, 2013, respectively from the refinery segment to the airline segment, representing a portion of the refinery's inventory price risk.

- Definition

Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss.

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