Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2019

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Summary of Assets Measured at Fair Value on Recurring Basis

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

	Fair Value Measurements as of March 31, 2019
	Total		Level 1		Level 2		Level 3
Short-term investments (1) (2):
Money market funds	$	12	$	12	$	—	$	—
Corporate obligations	1,310		—		1,310		—
Bank notes/certificates of deposit/time deposits	2,465		—		2,465		—
Repurchase agreements	225		—		225		—
	4,012		12		4,000		—
Restricted cash and short-term investments (1)	156		12		144		—
Long-term investments (3)	265		265		—		—
Total	$	4,433	$	289	$	4,144	$	—

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

⁽²⁾  All short-term investments are classified as available-for-sale and stated at fair value. Our short-term investments mature in one year or less except for $1.2 billion of bank notes/certificates of deposit/time deposits and $188 million of corporate obligations.

⁽³⁾  Long-term investments primarily include our equity investment in China Southern Airlines, in which we presently own a 2.2% equity interest, and are classified in other assets on the condensed consolidated balance sheets.

Schedule of Carrying Value and Estimated Fair Value of Long-Term Debt, Including Current Maturities

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

	March 31, 2019				December 31, 2018
	Carrying Value		Fair Value		Carrying Value		Fair Value
Long-term debt, including current maturities	$	23,351	$	23,634	$	23,779	$	23,775

American Airlines, Inc. [Member]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Summary of Assets Measured at Fair Value on Recurring Basis

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

	Fair Value Measurements as of March 31, 2019
	Total		Level 1		Level 2		Level 3
Short-term investments (1) (2):
Money market funds	$	11	$	11	$	—	$	—
Corporate obligations	1,310		—		1,310		—
Bank notes/certificates of deposit/time deposits	2,464		—		2,464		—
Repurchase agreements	225		—		225		—
	4,010		11		3,999		—
Restricted cash and short-term investments (1)	156		12		144		—
Long-term investments (3)	265		265		—		—
Total	$	4,431	$	288	$	4,143	$	—

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

⁽²⁾  All short-term investments are classified as available-for-sale and stated at fair value. American’s short-term investments mature in one year or less except for $1.2 billion of bank notes/certificates of deposit/time deposits and $188 million of corporate obligations.

⁽³⁾  Long-term investments primarily include American's equity investment in China Southern Airlines, in which American presently owns a 2.2% equity interest, and are classified in other assets on the condensed consolidated balance sheets.

Schedule of Carrying Value and Estimated Fair Value of Long-Term Debt, Including Current Maturities

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

	March 31, 2019				December 31, 2018
	Carrying Value		Fair Value		Carrying Value		Fair Value
Long-term debt, including current maturities	$	22,075	$	22,347	$	22,503	$	22,497