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SEGMENTS | 6 Months Ended
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Jun. 30, 2024
Segment Reporting [Abstract] |
SEGMENTS | SEGMENTS Refinery Operations Our refinery segment operates for the benefit of the airline segment by providing jet fuel to the airline segment from its own production and from jet fuel obtained through agreements with third parties. The refinery's production consists of jet fuel, as well as non-jet fuel products. We use several counterparties to exchange non-jet fuel products produced by the refinery for jet fuel consumed in our airline operations. Segment Reporting 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 June 30, 2024 |  |  |  |  |  |
Operating revenue | $ | 15,407 |  | $ | 2,051 |  |  | $ | (800) |  | (1) | $ | 16,658 |
Depreciation and amortization | 620 |  | 30 |  |  | (30) |  | (2) | 620 |
Operating income | 2,207 |  | 60 |  | (2) | — |  |  | 2,267 |
Interest expense, net | 188 |  | 6 |  |  | (6) |  |  | 188 |
Total assets, end of period | 72,938 |  | 2,337 |  |  | (78) |  |  | 75,197 |
Capital expenditures | 1,292 |  | 16 |  |  | — |  |  | 1,308 |
Three Months Ended June 30, 2023 |  |  |  |  |  |
Operating revenue | $ | 14,613 |  | $ | 2,037 |  |  | $ | (1,072) |  | (1) | $ | 15,578 |
Depreciation and amortization | 573 |  | 23 |  |  | (23) |  | (2) | 573 |
Operating income | 2,447 |  | 44 |  | (2) | — |  |  | 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 |
(in millions) | Airline | Refinery |  | Intersegment Sales/Other |  | Consolidated
Six Months Ended June 30, 2024 |  |  |  |  |  |
Operating revenue | $ | 27,970 |  | $ | 4,100 |  |  | $ | (1,664) |  | (1) | $ | 30,406 |
Depreciation and amortization | 1,235 |  | 57 |  |  | (57) |  | (2) | 1,235 |
Operating income | 2,773 |  | 108 |  | (2) | — |  |  | 2,881 |
Interest expense, net | 394 |  | 11 |  |  | (11) |  |  | 394 |
Capital expenditures | 2,472 |  | 30 |  |  | — |  |  | 2,502 |
Six Months Ended June 30, 2023 |  |  |  |  |  |
Operating revenue | $ | 26,455 |  | $ | 4,388 |  |  | $ | (2,506) |  | (1) | $ | 28,337 |
Depreciation and amortization | 1,137 |  | 46 |  |  | (46) |  | (2) | 1,137 |
Operating income | 1,949 |  | 266 |  | (2) | — |  |  | 2,215 |
Interest expense, net | 430 |  | 8 |  |  | (8) |  |  | 430 |
Capital expenditures | 2,393 |  | 59 |  |  | — |  |  | 2,452 |
(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 June 30, | Six Months Ended June 30,
(in millions) | 2024 | 2023 | 2024 | 2023
Sales to airline segment(1) | $ | (393) |  | $ | (365) |  | $ | (780) |  | $ | (961) |
Exchanged products(2) | (361) |  | (618) |  | (798) |  | (1,330) |
Sales of refined products | (46) |  | (89) |  | (86) |  | (215) |
Total operating revenue intersegment sales/other | $ | (800) |  | $ | (1,072) |  | $ | (1,664) |  | $ | (2,506) |
(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.

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- Definition The entire disclosure for reporting segments including data and tables. 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