Investments and Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2013

Short-term investments consisted of (in millions):



	December 31,
	2013		2012
Overnight Investments, Time Deposits and Repurchase Agreements	$	177	$	308
Corporate and Bank Notes	3,350		2,121
U.S. Government Agency and Treasury Obligations	1,513		545
Commingled Funds	3,069		435
Other	2		3
	$	8,111	$	3,412

Short-term investments at December 31, 2013, by contractual maturity included (in millions):



Due in one year or less	$	5,257
Due between one year and three years	2,443
Due after three years	411
	$	8,111

Assets and liabilities measured at fair value on a recurring basis are summarized below (in millions):



	Fair Value Measurements as of December 31, 2013
Description	Total		Level 1		Level 2		Level 3
Short-term investments ^{1, 2}
Money market funds	$	3,071	$	3,071	$	—	$	—
Government agency investments	1,512		—		1,512		—
Repurchase agreements	170		—		170		—
Corporate obligations	2,750		—		2,750		—
Bank notes / Certificates of deposit / Time deposits	608		—		608		—
	8,111		3,071		5,040		—
Restricted cash and short-term investments ¹	1,035		979		56		—
Fuel derivative contracts, net ¹	109		—		109		—
Total	$	9,255	$	4,050	$	5,205	$	—


(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 $250 million of Bank notes/Certificates of deposit/Time deposits, $511 million of U.S. Government agency investments and $2.1 billion of Corporate obligations.

AA [Member]

Short-term investments consisted of (in millions):



	December 31,
	2013		2012
Overnight Investments, Time Deposits and Repurchase Agreements	$	177	$	306
Corporate and Bank Notes	3,350		2,121
U.S. Government Agency and Treasury Obligations	1,312		545
Commingled Funds	323		435
Other	—		1
	$	5,162	$	3,408

Short-term investments at December 31, 2013, by contractual maturity included (in millions):



Due in one year or less	$	2,308
Due between one year and three years	2,443
Due after three years	411
	$	5,162

Assets and liabilities measured at fair value on a recurring basis are summarized below (in millions):



	Fair Value Measurements as of December 31, 2013
Description	Total		Level 1		Level 2		Level 3
Short-term investments ^{1, 2}
Money market funds	$	323	$	323	$	—	$	—
Government agency investments	1,312		—		1,312		—
Repurchase agreements	170		—		170		—
Corporate obligations	2,750		—		2,750		—
Bank notes / Certificates of deposit / Time deposits	607		—		607		—
	5,162		323		4,839		—
Restricted cash and short-term investments ¹	702		646		56		—
Fuel derivative contracts, net ¹	109		—		109		—
Total	$	5,973	$	969	$	5,004	$	—


(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)	American's short-term investments mature in one year or less except for $250 million of Bank notes/Certificates of deposit/Time deposits, $511 million of U.S. Government agency investments and $2.1 billion of Corporate obligations.