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SEGMENTS | 12 Months Ended
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Dec. 31, 2024
Segment Reporting [Abstract] |
SEGMENTS | SEGMENTS Operating segments are defined as components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision maker ("CODM") and is used in resource allocation and performance assessments. Our executive leadership team, the Delta Leadership Committee (“DLC”), is our CODM. The DLC regularly reviews information for our two operating segments: our airline segment and our refinery segment. The DLC uses operating income to evaluate segment performance. The DLC is involved in determining and reviewing projected operating income as part of the annual plan process. Throughout the year, the DLC considers forecast to actual results and variances on a monthly and quarterly basis to allocate resources for the airline segment's fleet and network and to optimize the refinery segment's operations. The DLC also considers this information in strategic decisions related to capital allocations, including investments in fleet, ground, information technology and refinery assets, route and network development and human capital. Airline Segment Our airline segment is managed as a single business unit that provides scheduled air transportation for passengers and cargo throughout the U.S. and around the world and includes our loyalty program, as well as other ancillary businesses. This allows us to benefit from an integrated revenue pricing and route network. Our flight equipment forms one fleet, which is deployed through a single route scheduling system. When making resource allocation decisions, our CODM evaluates aggregated flight profitability data, which considers fleet type and route economics, but gives no weight to the financial impact of the resource allocation decision on a geographic region or mainline/regional carrier basis. Our objective in making resource allocation decisions is to optimize our consolidated financial results. Refinery Segment Our Monroe subsidiary operates the Trainer oil refinery and related assets located near Philadelphia, Pennsylvania, as part of our strategy to mitigate the cost of the refining margin reflected in the price of jet fuel. Monroe's operations include pipelines and terminal assets that allow the refinery to supply jet fuel to our airline operations throughout the Northeastern U.S., including our New York hubs at LaGuardia and JFK. Our refinery segment operates for the benefit of the airline segment by providing jet fuel to the airline segment from its own production and through jet fuel obtained through agreements with third parties. The refinery's production consists of jet fuel, as well as non-jet fuel products. We exchange the non-jet fuel products produced by the refinery with counterparties for jet fuel consumed in our airline operations. The gross fair value of the products exchanged under these agreements during the years ended December 31, 2024, 2023 and 2022 was $1.5 billion, $2.4 billion and $3.5 billion, respectively. A refinery is subject to annual Environmental Protection Agency ("EPA") requirements to blend renewable fuels into the gasoline and on-road diesel fuel it produces. A refinery may meet its obligation by blending the necessary volumes of renewable fuels, by purchasing Renewable Identification Numbers ("RINs") in the open market or through a combination of blending and purchasing RINs. Because Monroe is able to blend only a small amount of renewable fuels, it must purchase the majority of its RINs requirement in the secondary market. Renewable fuel compliance costs are accrued in accounts payable each period as the RINs obligation is generated. Purchased RINs are carried at the lower of cost and net realizable value and are recorded in prepaid expenses and other. The RINs asset and obligation are retired when used to satisfy EPA requirements. 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. Our income tax provision is determined on a consolidated basis and is not calculated at the segment level.
Financial information by segment |  |  |  |  |  |
(in millions) | Airline | Refinery |  | Intersegment Sales/Other |  | Consolidated
Year Ended December 31, 2024 |  |  |  |  |  |
Operating revenue | $ | 57,001 |  | $ | 7,767 |  |  | $ | (3,125) |  | (1) | $ | 61,643 |
Airline salaries and related costs | 16,161 |  |  |  |  |  |
Aircraft fuel and related costs | 10,566 |  |  |  |  |  |
Refinery cost of goods sold(2) |  | 7,234 |  |  |  |  |
Depreciation and amortization | 2,513 |  | 113 |  |  |  |  |
Other segment items(3) | 21,804 |  | 382 |  |  |  |  |
Operating income(4) | 5,957 |  | 38 |  |  |  |  | 5,995 |
Interest expense, net | 747 |  | 3 |  |  | (3) |  |  | 747 |
Other non-operating expense | 590 |  |  |  |  |  | 590 |
Income before income taxes | 4,620 |  | 35 |  |  | 3 |  |  | 4,658 |
Total assets, end of period | 72,979 |  | 2,418 |  |  | (25) |  |  | 75,372 |
Capital expenditures | 5,075 |  | 65 |  |  |  |  | 5,140 |
Year Ended December 31, 2023 |  |  |  |  |  |
Operating revenue | $ | 54,669 |  | $ | 7,572 |  |  | $ | (4,193) |  | (1) | $ | 58,048 |
Airline salaries and related costs | 14,607 |  |  |  |  |  |
Aircraft fuel and related costs | 11,069 |  |  |  |  |  |
Refinery cost of goods sold(2) |  | 6,665 |  |  |  |  |
Depreciation and amortization | 2,341 |  | 94 |  |  |  |  |
Other segment items(3) | 21,516 |  | 428 |  |  |  |  |
Operating income(4) | 5,136 |  | 385 |  |  |  |  | 5,521 |
Interest expense, net | 834 |  | 17 |  |  | (17) |  |  | 834 |
Other non-operating income | 921 |  |  |  |  |  | 921 |
Income before income taxes | 5,223 |  | 368 |  |  | 17 |  |  | 5,608 |
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 |
Airline salaries and related costs | 11,902 |  |  |  |  |  |
Aircraft fuel and related costs | 11,482 |  |  |  |  |  |
Refinery cost of goods sold(2) |  | 9,442 |  |  |  |  |
Depreciation and amortization | 2,107 |  | 93 |  |  |  |  |
Other segment items(3) | 17,230 |  | 394 |  |  |  |  |
Operating income(4) | 2,884 |  | 777 |  |  |  |  | 3,661 |
Interest expense, net | 1,029 |  | 12 |  |  | (12) |  |  | 1,029 |
Other non-operating expense | 718 |  |  |  |  |  | 718 |
Income before income taxes | 1,137 |  | 765 |  |  | 12 |  |  | 1,914 |
Total assets, end of period | 69,355 |  | 3,039 |  |  | (106) |  |  | 72,288 |
Capital expenditures | 6,217 |  | 149 |  |  |  |  | 6,366 |
(1)See table below for detail of the intersegment operating revenue amounts. (2)Refinery cost of goods sold are included within aircraft fuel and related taxes and ancillary businesses and refinery in our income statement. (3)The nature of other segment items for the airline segment are shown on the income statement and for the refinery segment include salaries and related costs, maintenance, utilities and other expenses. (4)Refinery segment operating results are included within aircraft fuel and related taxes in our income statement.
Operating revenue intersegment sales/other
| Year Ended December 31,
(in millions) | 2024 | 2023 | 2022
Sales to airline segment(1) | $ | (1,421) |  | $ | (1,535) |  | $ | (1,976) |
Exchanged products(2) | (1,473) |  | (2,354) |  | (3,475) |
Sales of refined products | (231) |  | (304) |  | (278) |
Total operating revenue intersegment sales/other | $ | (3,125) |  | $ | (4,193) |  | $ | (5,729) |
(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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