SEGMENTS (Tables)

3 Months Ended

Mar. 31, 2024

Segment Reporting [Abstract]

Schedule of segment reporting information

Financial information by segment
(in millions)	Airline		Refinery		Intersegment Sales/Other			Consolidated
Three Months Ended March 31, 2024
Operating revenue	$	12,563	$	2,049	$	(864)	(1)	$	13,748
Depreciation and amortization	615		27		(27)		(2)	615
Operating income(2)	565		49		—			614
Interest expense, net	205		5		(5)			205
Total assets, end of period	72,875		2,123		(29)			74,969
Capital expenditures	1,178		15		—			1,193
Three Months Ended March 31, 2023
Operating revenue	$	11,843	$	2,352	$	(1,436)	(1)	$	12,759
Depreciation and amortization	564		23		(23)		(2)	564
Operating (loss)/income(2)	(499)		222		—			(277)
Interest expense, net	227		4		(4)			227
Total assets, end of period	70,183		3,005		(54)			73,134
Capital expenditures	971		29		—			1,000

(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
	Three Months Ended March 31,
(in millions)	2024		2023
Sales to airline segment(1)	$	(386)	$	(596)
Exchanged products(2)	(439)		(714)
Sales of refined products	(39)		(126)
Total Operating Revenue Intersegment Sales/Other	$	(864)	$	(1,436)

(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.