SEGMENTS (Tables)

12 Months Ended

Dec. 31, 2023

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, 2023
Operating revenue	$	54,669	$	7,572	$	(4,193)	(1)	$	58,048



Depreciation and amortization	2,341		94		(94)		(2)	2,341
Operating income(2)	5,136		385					5,521
Interest expense, net	834		17		(17)			834

Total assets, end of period	71,529		2,174		(59)			73,644

Capital expenditures	5,088		235					5,323
Year Ended December 31, 2022
Operating revenue	$	45,605	$	10,706	$	(5,729)	(1)	$	50,582



Depreciation and amortization	2,107		93		(93)		(2)	2,107
Operating income(2)	2,884		777					3,661
Interest expense, net	1,029		12		(12)			1,029

Total assets, end of period	69,355		3,039		(106)			72,288

Capital expenditures	6,217		149					6,366
Year Ended December 31, 2021
Operating revenue	$	26,670	$	6,054	$	(2,825)	(1)	$	29,899



Depreciation and amortization	1,998		95		(95)		(2)	1,998
Operating income/(loss)(2)	1,888		(2)					1,886
Interest expense, net	1,279		7		(7)			1,279

Total assets, end of period	70,417		2,099		(57)			72,459

Capital expenditures	3,188		59					3,247

(1)See table below for detail of the intersegment operating revenue amounts.

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


Operating Revenue Intersegment Sales/Other
	Year Ended December 31,
(in millions)	2023		2022		2021
Sales to airline segment(1)	$	(1,535)	$	(1,976)	$	(492)
Exchanged products(2)	(2,354)		(3,475)		(2,293)
Sales of refined products	(304)		(278)		(40)
Total Operating Revenue Intersegment Sales/Other	$	(4,193)	$	(5,729)	$	(2,825)

(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.