Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2012

Debt Instrument [Line Items]

Summary Of Assets And Liabilities Measured At Fair Value On Recurring Basis

Assets and liabilities measured at fair value on a recurring basis are summarized below:

(in millions)	Fair Value Measurements as of June 30, 2012
Description	Total		Level 1		Level 2		Level 3
Short-term investments 1, 2
Money market funds	$	490	$	490	$	—	$	—
Government agency investments	613		—		613		—
Repurchase investments	360		—		360		—
Corporate obligations	2,309				2,309		—
Bank notes / Certificates of deposit / Time deposits	837				837		—
	4,609		490		4,119		—
Restricted cash and short-term investments 1	772		772		—		—
Fuel derivative contracts, net 1	24		—		24		—
Total	$	5,405	$	1,262	$	4,143	$	—

^1.  Unrealized gains or losses on short-term investments, restricted cash and short-term investments and derivatives qualifying for hedge accounting are recorded in Accumulated other comprehensive income (loss) (OCI) at each measurement date.

^2.  The Company’s short-term investments mature in one year or less except for $262 million of Bank notes/Certificates of deposit/Time deposits, $613 million of U.S. Government agency investments and $524 million of Corporate obligations which have maturity dates exceeding one year.

Components Of Long-Term Debt

The carrying value and estimated fair values of the Company’s long-term debt, including current maturities, not classified as subject to compromise, were (in millions):

	June 30, 2012				December 31, 2011
	Carrying Value		Fair Value		Carrying Value		Fair Value
Secured variable and fixed rate indebtedness	$	2,769	$	2,665	$	2,952	$	2,647
Enhanced equipment trust certificates	1,869		1,972		1,942		1,927
6.0%—8.5% special facility revenue bonds	1,437		1,478		1,436		1,230
7.50% senior secured notes	1,000		941		1,000		711
AAdvantage Miles advance purchase	846		848		890		902
6.25% senior convertible notes	—		—		—		—
9.0%—10.20% debentures	—		—		—		—
7.88%—10.55% notes	—		—		—		—
	$	7,921	$	7,904	$	8,220	$	7,417

The carrying value and estimated fair value of the Company’s long-term debt, including current maturities, classified as subject to compromise, were (in millions):

	June 30, 2012				December 31, 2011
	Carrying Value		Fair Value		Carrying Value		Fair Value
Secured variable and fixed rate indebtedness	$	1,283	$	1,133	$	1,456	$	1,123
Enhanced equipment trust certificates	—		—		—		—
6.0%—8.5% special facility revenue bonds	186		99		186		37
7.50% senior secured notes	—		—		—		—
AAdvantage Miles advance purchase	—		—		—		—
6.25% senior convertible notes	460		281		460		101
9.0%—10.20% debentures	214		110		214		46
7.88%—10.55% notes	166		30		166		34
	$	2,309	$	1,653	$	2,482	$	1,341