Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2013

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 March 31, 2013
Description	Total		Level 1		Level 2		Level 3
Short-term investments 1, 2
Money market funds	$	417	$	417	$	—	$	—
Government agency investments	609		—		609		—
Repurchase investments	280		—		280		—
Corporate obligations	1,749		—		1,749		—
Bank notes / Certificates of deposit / Time deposits	583		—		583		—
	3,638		417		3,221		—
Restricted cash and short-term investments 1	853		853		—		—
Fuel derivative contracts, net 1	66		—		66		—
Total	$	4,557	$	1,270	$	3,287	$	—

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) at each measurement date.

² The Company’s short-term investments mature in one year or less except for $350 million of Bank notes/Certificates of deposit/Time deposits, $609 million of U.S. Government agency investments and $470 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):

	March 31, 2013				December 31, 2012
	Carrying Value		Fair Value		Carrying Value		Fair Value
Secured variable and fixed rate indebtedness	$	3,004	$	2,883	$	3,297	$	3,143
Enhanced equipment trust certificates	1,851		1,946		1,741		1,811
6.0%—8.5% special facility revenue bonds	1,314		1,453		1,313		1,308
7.50% senior secured notes	1,000		1,150		1,000		1,074
AAdvantage Miles advance purchase	733		739		772		779
6.25% senior convertible notes	—		—		—		—
9.0%—10.20% debentures	—		—		—		—
7.88%—10.55% notes	—		—		—		—
	$	7,902	$	8,171	$	8,123	$	8,115

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):

	March 31, 2013				December 31, 2012
	Carrying Value		Fair Value		Carrying Value		Fair Value
Secured variable and fixed rate indebtedness	$	172	$	148	$	172	$	154
Enhanced equipment trust certificates	—		—		—		—
6.0%—8.5% special facility revenue bonds	186		194		186		186
7.50% senior secured notes	—		—		—		—
AAdvantage Miles advance purchase	—		—		—		—
6.25% senior convertible notes	460		509		460		400
9.0%—10.20% debentures	214		238		214		112
7.88%—10.55% notes	166		49		166		33
	$	1,198	$	1,138	$	1,198	$	885