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Segments
 6 Months Ended
Jun. 30, 2019
Segment Reporting [Abstract]  
Segments SEGMENTS

Refinery Operations

Our refinery segment operates for the benefit of the airline segment by providing jet fuel to the airline segment from its own production and through jet fuel obtained through agreements with third parties. The refinery's production consists of jet fuel, as well as non-jet fuel products. We use several counterparties to exchange the non-jet fuel products produced by the refinery for jet fuel consumed in our airline operations. The gross fair value of the products exchanged under these agreements during the three and six months ended June 30, 2019 was $1.1 billion and $1.8 billion, respectively, compared to $1.1 billion and $2.0 billion, respectively for the three and six months ended June 30, 2018.
Segment Reporting

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, 2019
 
 
 
 
 
 
Operating revenue:
$
12,496

$
1,501

 
 
 
$
12,536

Sales to airline segment
 
 
 
$
(307
)
(1) 
 
Exchanged products
 
 
 
(1,078
)
(2) 
 
Sales of refined products
 
 
 
(76
)
(3) 
 
Operating income
2,091

37

 
—

 
2,128

Interest expense (income), net
84

(9
)
 
—

 
75

Depreciation and amortization
688

25

 
—

 
713

Total assets, end of period
60,685

1,833

 
—

 
62,518

Capital expenditures
1,552

8

 
—

 
1,560

 
 
 
 
 
 
 
Three Months Ended June 30, 2018
 
 
 
 
 
 
Operating revenue:
$
11,559

$
1,667

 
 
 
$
11,775

Sales to airline segment
 
 
 
$
(275
)
(1) 
 
Exchanged products
 
 
 
(1,096
)
(2) 
 
Sales of refined products
 
 
 
(80
)
(3) 
 
Operating income
1,639

45

 
—

 
1,684

Interest expense (income), net
87

(8
)
 
—

 
79

Depreciation and amortization
567

16

 
—

 
583

Total assets, end of period
58,137

2,528

 
—

 
60,665

Capital expenditures
1,567

13

 
—

 
1,580

 
(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, which is New York Harbor, for jet fuel from the refinery.
(2) 
Represents value of products delivered under our exchange agreements, as discussed above, determined on a market price basis.
(3) 
These sales were at or near cost; accordingly, the margin on these sales is de minimis.

(in millions)
Airline
Refinery
 
Intersegment Sales/Other
 
Consolidated
Six Months Ended June 30, 2019
 
 
 
 
 
 
Operating revenue:
$
22,920

$
2,785

 
 
 
$
23,008

Sales to airline segment
 
 
 
$
(578
)
(1) 
 
Exchanged products
 
 
 
(1,811
)
(2) 
 
Sales of refined products
 
 
 
(308
)
(3) 
 
Operating income
3,145

3

 
—

 
3,148

Interest expense (income), net
177

(19
)
 
—

 
158

Depreciation and amortization
1,280

48

 
—

 
1,328

Capital expenditures
2,902

18

 
—

 
2,920

 
 
 
 
 
 
 
Six Months Ended June 30, 2018
 
 
 
 
 
 
Operating revenue:
$
21,314

$
3,158

 
 
 
$
21,743

Sales to airline segment
 
 
 
$
(537
)
(1) 
 
Exchanged products
 
 
 
(1,972
)
(2) 
 
Sales of refined products
 
 
 
(220
)
(3) 
 
Operating income
2,439

89

 
—

 
2,528

Interest expense (income), net
182

(12
)
 
—

 
170

Depreciation and amortization
1,154

32

 
—

 
1,186

Capital expenditures
2,815

28

 
—

 
2,843

 
(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, which is New York Harbor, for jet fuel from the refinery.
(2) 
Represents value of products delivered under our exchange agreements, as discussed above, determined on a market price basis.
(3) 
These sales were at or near cost; accordingly, the margin on these sales is de minimis.