SEGMENTS (Tables)

6 Months Ended

Jun. 30, 2023

Segment Reporting [Abstract]

Schedule of segment reporting information

Financial information by segment
(in millions)	Airline		Refinery			Intersegment Sales/Other			Consolidated
Three Months Ended June 30, 2023
Operating revenue:	$	14,613	$	2,037					$	15,578
Sales to airline segment						$	(365)	(1)
Exchanged products						(618)		(2)
Sales of refined products						(89)
Depreciation and amortization	573		23			(23)		(3)	573
Operating income	2,447		44		(3)	—			2,491
Interest expense, net	203		3			(3)			203
Total assets, end of period	70,265		3,309			(77)			73,497
Capital expenditures	1,422		30			—			1,452
Three Months Ended June 30, 2022
Operating revenue:	$	12,310	$	3,353					$	13,824
Sales to airline segment						$	(761)	(1)
Exchanged products						(982)		(2)
Sales of refined products						(96)
Depreciation and amortization	510		23			(23)		(3)	510
Operating income	1,250		269		(3)	—			1,519
Interest expense, net	269		2			(2)			269
Total assets, end of period	71,766		3,065			(26)			74,805
Net fair value obligations, end of period	—		(556)			—			(556)
Capital expenditures	928		30			—			958

(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 for jet fuel from the refinery by reference to the market index for the primary delivery location, which is New York Harbor.

(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.

Financial information by segment
(in millions)	Airline		Refinery			Intersegment Sales/Other			Consolidated
Six Months Ended June 30, 2023
Operating revenue:	$	26,455	$	4,388					$	28,337
Sales to airline segment						$	(961)	(1)
Exchanged products						(1,330)		(2)
Sales of refined products						(215)
Depreciation and amortization	1,137		46			(46)		(3)	1,137
Operating income	1,949		266		(3)	—			2,215
Interest expense, net	430		8			(8)			430
Capital expenditures	2,393		59			—			2,452
Six Months Ended June 30, 2022
Operating revenue:	$	20,473	$	5,666					$	23,173
Sales to airline segment						$	(1,053)	(1)
Exchanged products						(1,791)		(2)
Sales of refined products						(122)
Depreciation and amortization	1,016		47			(47)		(3)	1,016
Operating income	412		323		(3)	—			735
Interest expense, net	543		4			(4)			543
Capital expenditures	2,676		48			—			2,724

(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 for jet fuel from the refinery by reference to the market index for the primary delivery location, which is New York Harbor.

(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.