Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2014

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



	Fair Value Measurements as of March 31, 2014
Description	Total		Level 1		Level 2		Level 3
Short-term investments ^{(1), (2)}
Money market funds	$	3,596	$	3,596	$	—	$	—
Government agency investments	941		—		941		—
Repurchase agreements	99		—		99		—
Corporate obligations	3,064		—		3,064		—
Bank notes / Certificates of deposit / Time deposits	705		—		705		—
	8,405		3,596		4,809		—
Restricted cash and short-term investments ⁽¹⁾	947		891		56		—
Fuel derivative contracts, net ⁽¹⁾	50		—		50		—
Total	$	9,402	$	4,487	$	4,915	$	—


⁽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 $441 million of U.S. government agency investments and $2.1 billion of corporate obligations.

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



	March 31, 2014				December 31, 2013
	Carrying Value		Fair Value		Carrying Value		Fair Value
Long-term debt, including current maturities	$	16,685	$	17,494	$	16,799	$	17,035

AA [Member]

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



	Fair Value Measurements as of March 31, 2014
Description	Total		Level 1		Level 2		Level 3
Short-term investments ^{(1), (2)}
Money market funds	$	171	$	171	$	—	$	—
Government agency investments	941		—		941		—
Repurchase agreements	99		—		99		—
Corporate obligations	3,064		—		3,064		—
Bank notes / Certificates of deposit / Time deposits	704		—		704		—
	4,979		171		4,808		—
Restricted cash and short-term investments ⁽¹⁾	699		643		56		—
Fuel derivative contracts, net ⁽¹⁾	50		—		50		—
Total	$	5,728	$	814	$	4,914	$	—


⁽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 $441 million of U.S. government agency investments and $2.1 billion of corporate obligations.

The carrying value and estimated fair values of American’s long-term debt, including current maturities, were (in millions):



	March 31, 2014				December 31, 2013
	Carrying Value		Fair Value		Carrying Value		Fair Value
Long-term debt, including current maturities	$	10,541	$	11,032	$	10,809	$	11,045