Segments (Tables)

3 Months Ended

Mar. 31, 2020

Schedule of segment reporting information

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 March 31, 2020
Operating revenue:	$	8,592	$	1,184				$	8,592
Sales to airline segment					$	(210)	⁽¹⁾
Exchanged products					(831)		⁽²⁾
Sales of refined products					(143)		⁽³⁾
Operating (loss) income	(439)		29		—			(410)
Interest expense (income), net	80		(1)		—			79
Depreciation and amortization	678		25		(25)		⁽⁴⁾	678
Total assets, end of period	66,864		1,874		—			68,738
Capital expenditures	926		11		—			937

Three Months Ended March 31, 2019
Operating revenue:	$	10,424	$	1,283				$	10,472
Sales to airline segment					$	(271)	⁽¹⁾
Exchanged products					(732)		⁽²⁾
Sales of refined products					(232)		⁽³⁾
Operating income (loss)	1,054		(34)		—			1,020
Interest expense (income), net	92		(9)		—			83
Depreciation and amortization	615		23		(23)		⁽⁴⁾	615
Total assets, end of period	60,343		1,498		—			61,841
Capital expenditures	1,350		10		—			1,360

⁽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.

⁽⁴⁾Refinery segment operating results, including depreciation and amortization, are included within aircraft fuel and related taxes in our income statement.