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SEGMENTS (Tables) | 3 Months Ended
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Mar. 31, 2023
Segment Reporting [Abstract] |
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, 2023 |  |  |  |  |  |
Operating revenue: | $ | 11,843 |  | $ | 2,352 |  |  |  |  | $ | 12,759 |
Sales to airline segment |  |  |  | $ | (596) |  | (1) |
Exchanged products |  |  |  | (714) |  | (2) |
Sales of refined products |  |  |  | (126) |  |  |
Operating (loss)/income | (499) |  | 222 |  | (3) | — |  |  | (277) |
Interest expense, net | 227 |  | 4 |  |  | (4) |  |  | 227 |
Depreciation and amortization | 564 |  | 23 |  |  | (23) |  | (3) | 564 |
Total assets, end of period | 70,183 |  | 3,005 |  |  | (54) |  |  | 73,134 |
Net fair value obligations, end of period | — |  | (38) |  |  | — |  |  | (38) |
Capital expenditures | 971 |  | 29 |  |  | — |  |  | 1,000 |
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) |  |  |
Operating (loss)/income | (836) |  | 53 |  | (3) | — |  |  | (783) |
Interest expense, net | 274 |  | 2 |  |  | (2) |  |  | 274 |
Depreciation and amortization | 506 |  | 23 |  |  | (23) |  | (3) | 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 |
(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.

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- Definition Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8813-108599 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 20 -Section 50 -Paragraph 1 -URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8906-108599 + Details
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