SEGMENTS (Tables)

12 Months Ended

Dec. 31, 2022

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, 2022
Operating revenue:	$	45,605	$	10,706				$	50,582
Sales to airline segment					$	(1,976)	(1)
Exchanged products					(3,475)		(2)
Sales of refined products					(278)
Operating income(3)	2,884		777					3,661
Interest expense, net	1,029		12		(12)			1,029
Depreciation and amortization	2,107		93		(93)		(3)	2,107
Restructuring charges	(124)		—					(124)
Total assets, end of period	69,355		3,039		(106)			72,288
Net fair value obligations, end of period	—		(226)					(226)
Capital expenditures	6,217		149					6,366
Year Ended December 31, 2021
Operating revenue:	$	26,670	$	6,054				$	29,899
Sales to airline segment					$	(492)	(1)
Exchanged products					(2,293)		(2)
Sales of refined products					(40)
Operating income (loss)(3)	1,888		(2)					1,886
Interest expense, net	1,279		7		(7)			1,279
Depreciation and amortization	1,998		95		(95)		(3)	1,998
Restructuring charges	(19)		—					(19)
Total assets, end of period	70,417		2,099		(57)			72,459
Net fair value obligations, end of period	—		(497)					(497)
Capital expenditures	3,188		59					3,247
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)
Operating loss(3)	(12,253)		(216)					(12,469)
Interest expense, net	929		1		(1)			929
Depreciation and amortization	2,312		99		(99)		(3)	2,312
Restructuring charges	8,219		—					8,219
Total assets, end of period	70,548		1,448		—			71,996
Net fair value obligations, end of period	—		(156)					(156)
Capital expenditures	1,879		20					1,899

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