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SEGMENTS (Tables)

9 Months Ended

Sep. 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 September 30, 2023
Operating revenue:			$	14,553		$	1,886											$	15,488
Sales to airline segment												$	(385)		(1)
Exchanged products												(519)			(2)
Sales of refined products												(47)
Depreciation and amortization			594			23						(23)			(3)			594
Operating income			1,865			119			(3)			—						1,984
Interest expense, net			196			6						(6)						196
Total assets, end of period			69,851			3,397						(1)						73,247
Net fair value obligations, end of period			—			(9)						—						(9)
Capital expenditures			1,201			68						—						1,269
Three Months Ended September 30, 2022
Operating revenue:			$	12,841		$	2,599											$	13,975
Sales to airline segment												$	(504)		(1)
Exchanged products												(834)			(2)
Sales of refined products												(127)
Depreciation and amortization			538			23						(23)			(3)			538
Operating income			1,264			192			(3)			—						1,456
Interest expense, net			248			3						(3)						248
Total assets, end of period			69,680			2,977						(61)						72,596
Net fair value obligations, end of period			—			(291)						—						(291)
Capital expenditures			1,393			49						—						1,442

(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
Nine Months Ended September 30, 2023
Operating revenue:			$	41,008		$	6,274											$	43,825
Sales to airline segment												$	(1,346)		(1)
Exchanged products												(1,848)			(2)
Sales of refined products												(263)
Depreciation and amortization			1,731			69						(69)			(3)			1,731
Operating income			3,814			385			(3)			—						4,199
Interest expense, net			627			14						(14)						627
Capital expenditures			3,594			127						—						3,721
Nine Months Ended September 30, 2022
Operating revenue:			$	33,312		$	8,265											$	37,147
Sales to airline segment												$	(1,557)		(1)
Exchanged products												(2,623)			(2)
Sales of refined products												(250)
Depreciation and amortization			1,554			70						(70)			(3)			1,554
Operating income			1,676			515			(3)			—						2,191
Interest expense, net			791			7						(7)						791
Capital expenditures			4,069			97						—						4,166

(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
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 25
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-25

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-30

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- References

No definition available.

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