Segments (Tables)

12 Months Ended

Dec. 31, 2020

Schedule of financial information by segment

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.


Financial information by segment
(in millions)	Airline		Refinery		Intersegment Sales/Other			Consolidated
Year Ended December 31, 2020
Operating revenue:	$	15,945	$	3,143				$	17,095
Sales to airline segment					$	(214)	(1)
Exchanged products					(1,472)		(2)
Sales of refined products					(307)		(3)
Operating loss (4)	(12,253)		(216)					(12,469)
Interest expense, net	928		1					929
Depreciation and amortization	2,312		99		(99)		(4)	2,312
Restructuring charges	8,219		—					8,219
Total assets, end of period	70,548		1,448					71,996
Capital expenditures	1,879		20					1,899
Year Ended December 31, 2019
Operating revenue:	$	46,910	$	5,558				$	47,007
Sales to airline segment					$	(1,103)	(1)
Exchanged products					(3,963)		(2)
Sales of refined products					(395)		(3)
Operating income (4)	6,542		76					6,618
Interest expense (income), net	327		(26)					301
Depreciation and amortization	2,581		99		(99)		(4)	2,581
Total assets, end of period	62,793		1,739					64,532
Capital expenditures	4,880		56					4,936
Year Ended December 31, 2018
Operating revenue:	$	43,890	$	5,458				$	44,438
Sales to airline segment					$	(962)	(1)
Exchanged products					(3,596)		(2)
Sales of refined products					(352)		(3)
Operating income (4)	5,206		58					5,264
Interest expense (income), net	334		(23)					311
Depreciation and amortization	2,329		67		(67)		(4)	2,329
Total assets, end of period	58,561		1,705					60,266
Capital expenditures	5,005		163					5,168

(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.