XML 25 R36.htm IDEA: XBRL DOCUMENT

Fair Value Measurements and Other Investments (Tables)

12 Months Ended

Dec. 31, 2019

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



	Fair Value Measurements as of December 31, 2019
	Total		Level 1		Level 2		Level 3
Short-term investments ^(1), ⁽²⁾:
Money market funds	$	333	$	333	$	—	$	—
Bank notes/certificates of deposit/time deposits	2,107		—		2,107		—
Corporate obligations	1,021		—		1,021		—
Repurchase agreements	85		—		85		—
	3,546		333		3,213		—
Restricted cash and short-term investments ⁽¹⁾	158		10		148		—
Long-term investments ⁽³⁾	204		204		—		—
Total	$	3,908	$	547	$	3,361	$	—



	Fair Value Measurements as of December 31, 2018
	Total		Level 1		Level 2		Level 3
Short-term investments ⁽¹⁾:
Money market funds	$	16	$	16	$	—	$	—
Bank notes/certificates of deposit/time deposits	2,436		—		2,436		—
Corporate obligations	1,658		—		1,658		—
Repurchase agreements	375		—		375		—
	4,485		16		4,469		—
Restricted cash and short-term investments ⁽¹⁾	154		12		142		—
Long-term investments ⁽³⁾	189		189		—		—
Total	$	4,828	$	217	$	4,611	$	—


⁽¹⁾	Unrealized gains and 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 as of December 31, 2019 mature in one year or less except for $1.1 billion of bank notes/certificates of deposit/time deposits and $95 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 consolidated balance sheets.

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



	December 31, 2019				December 31, 2018
	Carrying Value		Fair Value		Carrying Value		Fair Value
Long-term debt, including current maturities	$	23,645	$	24,508	$	23,779	$	23,775

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



	Fair Value Measurements as of December 31, 2019
	Total		Level 1		Level 2		Level 3
Short-term investments ^(1), ⁽²⁾:
Money market funds	$	331	$	331	$	—	$	—
Bank notes/certificates of deposit/time deposits	2,106		—		2,106		—
Corporate obligations	1,021		—		1,021		—
Repurchase agreements	85		—		85		—
	3,543		331		3,212		—
Restricted cash and short-term investments ⁽¹⁾	158		10		148		—
Long-term investments ⁽³⁾	204		204		—		—
Total	$	3,905	$	545	$	3,360	$	—



	Fair Value Measurements as of December 31, 2018
	Total		Level 1		Level 2		Level 3
Short-term investments ⁽¹⁾:
Money market funds	$	14	$	14	$	—	$	—
Bank notes/certificates of deposit/time deposits	2,435		—		2,435		—
Corporate obligations	1,658		—		1,658		—
Repurchase agreements	375		—		375		—
	4,482		14		4,468		—
Restricted cash and short-term investments ⁽¹⁾	154		12		142		—
Long-term investments ⁽³⁾	189		189		—		—
Total	$	4,825	$	215	$	4,610	$	—


⁽¹⁾	Unrealized gains and 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 as of December 31, 2019 mature in one year or less except for $1.1 billion of bank notes/certificates of deposit/time deposits and $95 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 consolidated balance sheets.

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



	December 31, 2019				December 31, 2018
	Carrying Value		Fair Value		Carrying Value		Fair Value
Long-term debt, including current maturities	$	22,372	$	23,196	$	22,503	$	22,497