Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2014

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



	Fair Value Measurements as of September 30, 2014
	Total		Level 1		Level 2		Level 3
Short-term investments ^{(1), (2)}
Money market funds	$	518	$	518	$	—	$	—
Government agency investments	101		—		101		—
Repurchase agreements	230		—		230		—
Corporate obligations	4,254		—		4,254		—
Bank notes / Certificates of deposit / Time deposits	1,618		—		1,618		—
	6,721		518		6,203		—
Restricted cash and short-term investments ⁽¹⁾	875		875		—		—
Total	$	7,596	$	1,393	$	6,203	$	—


⁽¹⁾	Unrealized gains or losses on short-term investments and restricted cash and short-term investments are recorded in Accumulated other comprehensive loss at each measurement date.


⁽²⁾	The Company's short-term investments mature in one year or less except for $1.1 billion of corporate obligations and $775 million of bank notes.

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



	September 30, 2014				December 31, 2013
	Carrying Value		Fair Value		Carrying Value		Fair Value
Long-term debt, including current maturities	$	17,090	$	17,787	$	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 September 30, 2014
	Total		Level 1		Level 2		Level 3
Short-term investments ^{(1), (2)}
Money market funds	$	471	$	471	$	—	$	—
Government agency investments	100		—		100		—
Repurchase agreements	130		—		130		—
Corporate obligations	2,335		—		2,335		—
Bank notes / Certificates of deposit / Time deposits	763		—		763		—
	3,799		471		3,328		—
Restricted cash and short-term investments ⁽¹⁾	652		652		—		—
Total	$	4,451	$	1,123	$	3,328	$	—


⁽¹⁾	Unrealized gains or losses on short-term investments and restricted cash and short-term investments are recorded in Accumulated other comprehensive loss at each measurement date.


⁽²⁾	American's short-term investments mature in one year or less except for $790 million of corporate obligations and $400 million of bank notes.

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



	September 30, 2014				December 31, 2013
	Carrying Value		Fair Value		Carrying Value		Fair Value
Long-term debt, including current maturities	$	10,211	$	10,639	$	10,809	$	11,045