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Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2020

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 September 30, 2020
	Total		Level 1		Level 2		Level 3
Short-term investments ^{(1), (2)}:
Money market funds	$	2,828	$	2,828	$	—	$	—
Corporate obligations	2,454		—		2,454		—
Bank notes/certificates of deposit/time deposits	1,974		—		1,974		—
Repurchase agreements	775		—		775		—
	8,031		2,828		5,203		—
Restricted cash and short-term investments ^{(1), (4)}	508		385		123		—
Long-term investments ⁽³⁾	146		146		—		—
Total	$	8,685	$	3,359	$	5,326	$	—

⁽¹⁾All short-term investments are classified as available-for-sale and stated at fair value. Unrealized gains and losses are recorded in accumulated other comprehensive loss at each reporting period. There were no credit losses.

⁽²⁾Our short-term investments mature in one year or less except for $286 million of bank notes/certificates of deposit/time deposits and $70 million of corporate obligations.

⁽³⁾Long-term investments primarily include our equity investment in China Southern Airlines, in which we presently own a 1.8% equity interest, and are classified in other assets on the condensed consolidated balance sheet.

⁽⁴⁾Restricted cash and short-term investments primarily includes money market funds to be used to finance a substantial portion of the cost of the renovation and expansion of Terminal 8 at JFK and collateral held to support workers' compensation obligations.

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):


	September 30, 2020						December 31, 2019
	Carrying Value		Fair Value		Carrying Value		Fair Value
Long-term debt, including current maturities	$	32,203	$	28,047	$	23,645	$	24,508

American Airlines, Inc.

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 September 30, 2020
	Total		Level 1		Level 2		Level 3
Short-term investments ^(1), (2):
Money market funds	$	2,827	$	2,827	$	—	$	—
Corporate obligations	2,454		—		2,454		—
Bank notes/certificates of deposit/time deposits	1,973		—		1,973		—
Repurchase agreements	775		—		775		—
	8,029		2,827		5,202		—
Restricted cash and short-term investments ^{(1), (4)}	508		385		123		—
Long-term investments ⁽³⁾	146		146		—		—
Total	$	8,683	$	3,358	$	5,325	$	—

⁽²⁾American’s short-term investments mature in one year or less except for $286 million of bank notes/certificates of deposit/time deposits and $70 million of corporate obligations.

⁽³⁾Long-term investments primarily include American's equity investment in China Southern Airlines, in which American presently owns a 1.8% equity interest, and are classified in other assets on the condensed consolidated balance sheet.

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):


	September 30, 2020						December 31, 2019
	Carrying Value		Fair Value		Carrying Value		Fair Value
Long-term debt, including current maturities	$	28,607	$	24,585	$	22,372	$	23,196