Segments (Tables)

3 Months Ended

Mar. 31, 2022

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.


Financial information by segment
(in millions)	Airline		Refinery		Intersegment Sales/Other			Consolidated
Three Months Ended March 31, 2022
Operating revenue:	$	8,161	$	2,313				$	9,348
Sales to airline segment					$	(291)	(1)
Exchanged products					(809)		(2)
Sales of refined products					(26)		(3)
Operating (loss)/income	(836)		53		—			(783)
Interest expense, net	274		2		(2)			274
Depreciation and amortization	506		23		(23)		(4)	506

Total assets, end of period	71,392		2,382		(26)			73,748
Net fair value obligations, end of period	—		(430)		—			(430)
Capital expenditures	1,749		17		—			1,766

Three Months Ended March 31, 2021
Operating revenue:	$	3,610	$	1,047				$	4,150
Sales to airline segment					$	—	(1)
Exchanged products					(503)		(2)
Sales of refined products					(4)		(3)
Operating loss	(1,273)		(125)		—			(1,398)
Interest expense, net	361		1		(1)			361
Depreciation and amortization	492		24		(24)		(4)	492

Total assets, end of period	71,508		1,578		(3)			73,083
Net fair value obligations, end of period	—		(285)		—			(285)
Capital expenditures	425		13		—			438

(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.