Fair Value Measurements (Tables)

9 Months Ended

Sep. 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 September 30, 2012
Description	Total		Level 1		Level 2		Level 3
Short-term investments 1, 2
Money market funds	$	235	$	235	$	—	$	—
Government agency investments	580		—		580		—
Repurchase investments	293		—		293		—
Corporate obligations	1,859				1,859		—
Bank notes / Certificates of deposit / Time deposits	751				751		—
	3,718		235		3,483		—
Restricted cash and short-term investments 1	847		847		—		—
Fuel derivative contracts, net 1	98		—		98		—
Total	$	4,663	$	1,082	$	3,581	$	—

^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 $100 million of Bank notes/Certificates of deposit/Time deposits, $580 million of U.S. Government agency investments and $363 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):

	September 30, 2012				December 31, 2011
	Carrying Value		Fair Value		Carrying Value		Fair Value
Secured variable and fixed rate indebtedness	$	2,648	$	2,568	$	2,952	$	2,647
Enhanced equipment trust certificates	1,830		1,949		1,942		1,927
6.0%—8.5% special facility revenue bonds	1,318		1,332		1,436		1,230
7.50% senior secured notes	1,000		1,001		1,000		711
AAdvantage Miles advance purchase	809		815		890		902
6.25% senior convertible notes	—		—		—		—
9.0%—10.20% debentures	—		—		—		—
7.88%—10.55% notes	—		—		—		—
	$	7,605	$	7,665	$	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):

	September 30, 2012				December 31, 2011
	Carrying Value		Fair Value		Carrying Value		Fair Value
Secured variable and fixed rate indebtedness	$	1,241	$	1,024	$	1,456	$	1,123
Enhanced equipment trust certificates	—		—		—		—
6.0%—8.5% special facility revenue bonds	186		106		186		37
7.50% senior secured notes	—		—		—		—
AAdvantage Miles advance purchase	—		—		—		—
6.25% senior convertible notes	460		307		460		101
9.0%—10.20% debentures	214		138		214		46
7.88%—10.55% notes	166		31		166		34
	$	2,267	$	1,606	$	2,482	$	1,341