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SEGMENTS
 9 Months Ended
Sep. 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)AirlineRefineryIntersegment Sales/OtherConsolidated
Three Months Ended September 30, 2024
Operating revenue$14,594 $1,912 $(829)
(1)
$15,677 
Depreciation and amortization643 29 (29)
(2)
643 
Operating income/(loss)
1,430 (33)
(2)
— 1,397 
Interest expense/(income), net173 (8)8 173 
Total assets, end of period72,954 2,490 (76)75,368 
Capital expenditures1,312 16 — 1,328 
Three Months Ended September 30, 2023
Operating revenue$14,553 $1,886 $(951)
(1)
$15,488 
Depreciation and amortization594 23 (23)
(2)
594 
Operating income
1,865 119 
(2)
— 1,984 
Interest expense, net196 6 (6)196 
Total assets, end of period69,851 3,397 (1)73,247 
Capital expenditures1,201 68 — 1,269 
(in millions)AirlineRefineryIntersegment Sales/OtherConsolidated
Nine Months Ended September 30, 2024
Operating revenue$42,564 $6,011 $(2,491)
(1)
$46,084 
Depreciation and amortization1,878 86 (86)
(2)
1,878 
Operating income4,202 76 
(2)
— 4,278 
Interest expense, net567 3 (3)567 
Capital expenditures3,783 47 — 3,830 
Nine Months Ended September 30, 2023
Operating revenue$41,008 $6,274 $(3,457)
(1)
$43,825 
Depreciation and amortization1,731 69 (69)
(2)
1,731 
Operating income3,814 385 
(2)
— 4,199 
Interest expense, net627 14 (14)627 
Capital expenditures3,594 127 — 3,721 
(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 September 30,
Nine Months Ended September 30,
(in millions)2024202320242023
Sales to airline segment(1)
$(369)$(385)$(1,147)$(1,346)
Exchanged products(2)
(349)(519)(1,147)(1,848)
Sales of refined products
(111)(47)(197)(263)
Total operating revenue intersegment sales/other$(829)$(951)$(2,491)$(3,457)
(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.