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SEGMENTS
 3 Months Ended
Mar. 31, 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)AirlineRefineryIntersegment Sales/OtherConsolidated
Three Months Ended March 31, 2024
Operating revenue$12,563 $2,049 $(864)
(1)
$13,748 
Depreciation and amortization615 27 (27)
(2)
615 
Operating income(2)
565 49 — 614 
Interest expense, net205 5 (5)205 
Total assets, end of period72,875 2,123 (29)74,969 
Capital expenditures1,178 15 — 1,193 
Three Months Ended March 31, 2023
Operating revenue$11,843 $2,352 $(1,436)
(1)
$12,759 
Depreciation and amortization564 23 (23)
(2)
564 
Operating (loss)/income(2)
(499)222 — (277)
Interest expense, net227 4 (4)227 
Total assets, end of period70,183 3,005 (54)73,134 
Capital expenditures971 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)20242023
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.