XML 81 R37.htm IDEA: XBRL DOCUMENT v3.20.4
Employee Benefit Plans (Tables)
 12 Months Ended
Dec. 31, 2020
Defined Benefit Plan Disclosure [Line Items]  
Schedule of Changes in Projected Benefit Obligations, Fair Value of Plan Assets and Funded Status
The following tables provide a reconciliation of the changes in the pension and retiree medical and other postretirement benefits obligations, fair value of plan assets and a statement of funded status as of December 31, 2020 and 2019:
 Pension BenefitsRetiree Medical and 
Other Postretirement Benefits
 2020201920202019
 (In millions)
Benefit obligation at beginning of period$18,358 $16,378 $824 $837 
Service cost2 2 8 3 
Interest cost615 703 30 33 
Actuarial loss (1), (2)
1,613 1,965 46 20 
Special termination benefits (3)
— — 410 — 
Plan amendments (4)
— — (195)— 
Settlements(36)(2)— — 
Benefit payments(740)(689)(77)(74)
Other— 1 — 5 
Benefit obligation at end of period$19,812 $18,358 $1,046 $824 
Fair value of plan assets at beginning of period$12,897 $10,053 $204 $225 
Actual return on plan assets1,427 2,305 13 41 
Employer contributions (5)
9 1,230 30 12 
Settlements(36)(2)— — 
Benefit payments(740)(689)(77)(74)
Fair value of plan assets at end of period$13,557 $12,897 $170 $204 
Funded status at end of period$(6,255)$(5,461)$(876)$(620)
(1)The 2020 and 2019 pension actuarial loss primarily relates to the change in our weighted average discount rate assumption and, additionally, in 2019, the change to our mortality assumption.
(2)The 2020 retiree medical and other postretirement benefits actuarial loss primarily relates to the change in our weighted average discount rate assumption.
The 2019 retiree medical and other postretirement benefits actuarial loss primarily relates to changes in our weighted average discount rate assumption and plan experience adjustments.
(3)During the third quarter of 2020, we remeasured our retiree medical and other postretirement benefits to account for enhanced healthcare benefits provided to eligible team members who opted in to voluntary early retirement programs offered as a result of reductions to our operation due to the COVID-19 pandemic. During the third quarter of 2020, we recognized a $410 million special charge for these enhanced healthcare benefits and increased our postretirement benefits obligation by $410 million.
(4)Principally relates to the transition of our retiree medical benefit program from a self-insured plan to a fully-insured Medicare Advantage plan as discussed above.
(5)Pursuant to the CARES Act, minimum required contributions to be made in the calendar year 2020 can be deferred to January 1, 2021, with interest accruing from the original due date to the new payment date. During 2019, we contributed $1.2 billion to our defined benefit pension plans, including a $786 million minimum required contribution and supplemental contributions of $444 million.
Schedule of Amounts Recognized in Consolidated Balance Sheets
Balance Sheet Position
 Pension BenefitsRetiree Medical and 
Other Postretirement Benefits
 2020201920202019
 (In millions)
As of December 31,
Current liability$7 $5 $55 $24 
Noncurrent liability6,248 5,456 821 596 
Total liabilities$6,255 $5,461 $876 $620 
Schedule of Amounts Recognized in Other Comprehensive Income
Net actuarial loss (gain)$6,700 $5,680 $(358)$(426)
Prior service cost (benefit)75 104 (181)(120)
Total accumulated other comprehensive loss (income), pre-tax
$6,775 $5,784 $(539)$(546)
Schedule of Accumulated Benefit Obligations Exceeding Fair Value of Plan Assets
Plans with Projected Benefit Obligations Exceeding Fair Value of Plan Assets
 Pension Benefits
 20202019
 (In millions)
Projected benefit obligation$19,812 $18,327 
Fair value of plan assets13,557 12,862 
Plans with Accumulated Benefit Obligations Exceeding Fair Value of Plan Assets
 Pension BenefitsRetiree Medical and 
Other Postretirement Benefits
 2020201920202019
 (In millions)
Accumulated benefit obligation (ABO)$19,799 $18,315 $— $— 
Accumulated postretirement benefit obligation
— — 1,046 824 
Fair value of plan assets13,557 12,862 170 204 
Components of Net Periodic Benefit Cost (Income)
Net Periodic Benefit Cost (Income)
 Pension BenefitsRetiree Medical and
Other Postretirement Benefits
 202020192018202020192018
 (In millions)
Defined benefit plans:
Service cost$2 $2 $3 $8 $3 $5 
Interest cost615 703 674 30 33 35 
Expected return on assets(1,010)(815)(905)(11)(15)(24)
Special termination benefits— — — 410 — — 
Settlements12 — — — — — 
Amortization of:
Prior service cost (benefit)30 28 28 (135)(236)(236)
Unrecognized net loss (gain)164 150 141 (24)(31)(21)
Net periodic benefit cost (income)$(187)$68 $(59)$278 $(246)$(241)
Schedule of Assumptions Used to Determine Benefit Obligations and Net Periodic Benefit Cost
The following actuarial assumptions were used to determine our benefit obligations and net periodic benefit cost (income) for the periods presented:
 Pension BenefitsRetiree Medical and
Other Postretirement Benefits
 2020201920202019
Benefit obligations:
Weighted average discount rate2.7%3.4%2.4%3.3%
 Pension BenefitsRetiree Medical and
Other Postretirement Benefits
 202020192018202020192018
Net periodic benefit cost (income):
Weighted average discount rate3.4%4.4%3.8%3.2%4.3%3.6%
Weighted average expected rate of return on plan assets
8.0%8.0%8.0%8.0%8.0%8.0%
Weighted average health care cost trend rate assumed for next year (1)
N/AN/AN/A4.0%3.7%3.9%
(1)The weighted average health care cost trend rate at December 31, 2020 is assumed to decline gradually to 3.4% by 2027 and remain level thereafter.
Schedule of Expected Future Service Benefit Payments
The following benefit payments, which reflect expected future service as appropriate, are expected to be paid (approximately, in millions):
202120222023202420252026-2030
Pension benefits$790 $830 $872 $914 $952 $5,150 
Retiree medical and other postretirement benefits102 93 89 86 82 356 
Schedule of Allocation of Plan Assets The current strategic target asset allocation is as follows:
Asset Class/Sub-ClassAllowed Range
Equity
45% - 80%
Public:
U.S. Large
10% - 40%
U.S. Small/Mid
2% - 10%
International
10% - 25%
International Small/Mid
0% - 10%
Emerging Markets
2% - 15%
Alternative Investments
5% - 30%
Fixed Income
20% - 55%
Public:
U.S. Long Duration
15% - 45%
High Yield and Emerging Markets
0% - 10%
Private Income
0% - 15%
Other
0% - 5%
Cash Equivalents
0% - 20%
Changes in Fair Value Measurements of Level 3 Investments
Changes in fair value measurements of Level 3 investments during the year ended December 31, 2020, were as follows (in millions):
Private Market PartnershipsInsurance Group
Annuity Contracts
Beginning balance at December 31, 2019$10 $2 
Actual gain on plan assets:
Relating to assets still held at the reporting date1 — 
Purchases4 — 
Ending balance at December 31, 2020$15 $2 
Changes in fair value measurements of Level 3 investments during the year ended December 31, 2019, were as follows (in millions):
Private Market
Partnerships		Insurance Group
Annuity Contracts
Beginning balance at December 31, 2018$7 $2 
Purchases3 — 
Ending balance at December 31, 2019$10 $2 
Pension Benefits  
Defined Benefit Plan Disclosure [Line Items]  
Schedule of Allocation of Plan Assets
The fair value of our pension plan assets at December 31, 2020 and 2019, by asset category, were as follows (in millions):
 Fair Value Measurements as of December 31, 2020
Asset CategoryQuoted Prices in
Active Markets
for Identical
Assets
(Level 1)		Significant
Observable
Inputs
(Level 2)		Significant
Unobservable
Inputs
(Level 3)		Total
Cash and cash equivalents$40 $— $— $40 
Equity securities:
International markets (a), (b)
2,282 — — 2,282 
Large-cap companies (b)
2,085 — — 2,085 
Mid-cap companies (b)
428 — — 428 
Small-cap companies (b)
73 1 — 74 
Mutual funds (c)
80 — — 80 
Fixed income:
Corporate debt (d)
— 3,026 — 3,026 
Government securities (e)
— 1,010 — 1,010 
U.S. municipal securities— 30 — 30 
Alternative instruments:
Private market partnerships (f)
— — 15 15 
Private market partnerships measured at net asset value (f), (g)
— — — 1,791 
Common/collective trusts (h)
— 259 — 259 
Common/collective trusts measured at net asset value (g), (h)
— — — 2,384 
Insurance group annuity contracts— — 2 2 
Dividend and interest receivable49 — — 49 
Due from brokers for sale of securities – net1 — — 1 
Other receivables – net1 — — 1 
Total$5,039 $4,326 $17 $13,557 
(a)Holdings are diversified as follows: 11% Switzerland, 11% Ireland, 10% United Kingdom, 9% France, 8% Japan, 7% Germany, 6% Netherlands, 13% emerging markets and the remaining 25% with no concentration greater than 5% in any one country.
(b)There are no significant concentrations of holdings by company or industry.
(c)Investment includes mutual funds invested 39% in equity securities of large-cap, mid-cap and small-cap U.S. companies, 35% in U.S. treasuries and corporate bonds and 26% in equity securities of international companies.
(d)Includes approximately 77% investments in corporate debt with a S&P rating lower than A and 23% investments in corporate debt with a S&P rating A or higher. Holdings include 89% U.S. companies, 9% international companies and 2% emerging market companies.
(e)Includes approximately 89% investments in U.S. domestic government securities, 9% in emerging market government securities and 2% in international government securities. There are no significant foreign currency risks within this classification.
(f)Includes limited partnerships that invest primarily in domestic private equity and private income opportunities. The pension plan’s master trust does not have the right to redeem its limited partnership investment at its net asset value, but rather receives distributions as the underlying assets are liquidated. It is estimated that the underlying assets of these funds will be gradually liquidated over the next one to ten years. Additionally, the pension plan’s master trust has future funding commitments of approximately $1.6 billion over the next ten years.
(g)Certain investments that are measured using net asset value per share (or its equivalent) as a practical expedient for fair value have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the notes to the consolidated financial statements.
(h)Investment includes 34% in a common/collective trust investing in large market capitalization equity securities within the U.S., 30% in three common/collective trusts investing in emerging country equity securities, 21% in a common/collective trust investing in equity securities of companies located outside the U.S., 9% in a collective interest trust investing primarily in short-term securities, 5% in a common/collective trust investing in smaller market capitalization equity securities within the U.S. and 1% in Canadian segregated balanced value, income growth and diversified pooled funds. For some trusts, requests for withdrawals must meet specific requirements with advance notice of redemption preferred.
 Fair Value Measurements as of December 31, 2019
Asset CategoryQuoted Prices in
Active Markets
for Identical
Assets
(Level 1)		Significant
Observable
Inputs
(Level 2)		Significant
Unobservable
Inputs
(Level 3)		Total
Cash and cash equivalents$20 $— $— $20 
Equity securities:
International markets (a), (b)
2,769 — — 2,769 
Large-cap companies (b)
2,312 — — 2,312 
Mid-cap companies (b)
543 — — 543 
Small-cap companies (b)
97 — — 97 
Mutual funds (c)
68 — — 68 
Fixed income:
Corporate debt (d)
— 2,804 — 2,804 
Government securities (e)
— 923 — 923 
U.S. municipal securities— 51 — 51 
Mortgage backed securities— 4 — 4 
Alternative instruments:
Private market partnerships (f)
— — 10 10 
Private market partnerships measured at net asset value (f), (g)
— — — 1,464 
Common/collective trusts (h)
— 358 — 358 
Common/collective trusts and 103-12 Investment Trust measured at net asset value (g), (h)
— — — 1,423 
Insurance group annuity contracts— — 2 2 
Dividend and interest receivable53 — — 53 
Due to brokers for sale of securities – net(4)— — (4)
Total$5,858 $4,140 $12 $12,897 
(a)Holdings are diversified as follows: 14% United Kingdom, 8% Switzerland, 8% Ireland, 7% Japan, 7% France, 6%
South Korea, 6% Canada, 18% emerging markets and the remaining 26% with no concentration greater than 5% in any one country.
(b)There are no significant concentrations of holdings by company or industry.
(c)Investment includes mutual funds invested 40% in equity securities of large-cap, mid-cap and small-cap U.S. companies, 33% in U.S. treasuries and corporate bonds and 27% in equity securities of international companies.
(d)Includes approximately 76% investments in corporate debt with a S&P rating lower than A and 24% investments in corporate debt with a S&P rating A or higher. Holdings include 86% U.S. companies, 11% international companies and 3% emerging market companies.
(e)Includes approximately 79% investments in U.S. domestic government securities, 13% in emerging market government securities and 8% in international government securities. There are no significant foreign currency risks within this classification.
(f)Includes limited partnerships that invest primarily in domestic private equity and private income opportunities. The pension plan’s master trust does not have the right to redeem its limited partnership investment at its net asset value, but rather receives distributions as the underlying assets are liquidated. It is estimated that the underlying assets of these funds will be gradually liquidated over the next one to ten years. Additionally, the pension plan’s master trust has future funding commitments of approximately $1.4 billion over the next ten years.
(g)Certain investments that are measured using net asset value per share (or its equivalent) as a practical expedient for fair value have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the notes to the consolidated financial statements.
(h)Investment includes 36% in a common/collective trust investing in securities of larger companies within the U.S., 29% in a common/collective trust investing in securities of smaller companies located outside the U.S., 16% in a collective interest trust investing primarily in short-term securities, 15% in an emerging market 103-12 Investment Trust with investments in emerging country equity securities and 4% in Canadian segregated balanced value, income growth and diversified pooled funds. For some trusts, requests for withdrawals must meet specific requirements with advance notice of redemption preferred.
Retiree Medical and  Other Postretirement Benefits  
Defined Benefit Plan Disclosure [Line Items]  
Schedule of Allocation of Plan Assets
The fair value of our retiree medical and other postretirement benefits plans assets by asset category, were as follows (in millions):
 Fair Value Measurements as of December 31, 2020
Asset CategoryQuoted Prices in
Active Markets for Identical Assets
(Level 1)		Significant
Observable
Inputs
(Level 2)		Significant
Unobservable
Inputs
(Level 3)		Total
Money market fund$4 $— $— $4 
Mutual funds – AAL Class— 166 — 166 
Total$4 $166 $— $170 
 Fair Value Measurements as of December 31, 2019
Asset CategoryQuoted Prices in
Active Markets for Identical Assets
(Level 1)		Significant
Observable
Inputs
(Level 2)		Significant
Unobservable
Inputs
(Level 3)		Total
Money market fund$4 $— $— $4 
Mutual funds – AAL Class— 200 — 200 
Total$4 $200 $— $204 
American Airlines, Inc.  
Defined Benefit Plan Disclosure [Line Items]  
Schedule of Changes in Projected Benefit Obligations, Fair Value of Plan Assets and Funded Status
The following tables provide a reconciliation of the changes in the pension and retiree medical and other postretirement benefits obligations, fair value of plan assets and a statement of funded status as of December 31, 2020 and 2019:
 Pension BenefitsRetiree Medical and
Other Postretirement Benefits
 2020201920202019
 (In millions)
Benefit obligation at beginning of period$18,246 $16,282 $824 $837 
Service cost2 2 8 3 
Interest cost611 699 30 33 
Actuarial loss (1), (2)
1,603 1,951 46 20 
Special termination benefits (3)
— — 410 — 
Plan amendments (4)
— — (195)— 
Settlements(36)(2)— — 
Benefit payments(736)(686)(77)(74)
Other— — — 5 
Benefit obligation at end of period$19,690 $18,246 $1,046 $824 
Fair value of plan assets at beginning of period$12,829 $10,001 $204 $225 
Actual return on plan assets1,414 2,292 13 41 
Employer contributions (5)
6 1,224 30 12 
Settlements(36)(2)— — 
Benefit payments(736)(686)(77)(74)
Fair value of plan assets at end of period$13,477 $12,829 $170 $204 
Funded status at end of period$(6,213)$(5,417)$(876)$(620)
(1)The 2020 and 2019 pension actuarial loss primarily relates to the change in American’s weighted average discount rate assumption and, additionally, in 2019, the change to American’s mortality assumption.
(2)The 2020 retiree medical and other postretirement benefits actuarial loss primarily relates to the change in American’s weighted average discount rate assumption.
The 2019 retiree medical and other postretirement benefits actuarial loss primarily relates to changes in American’s weighted average discount rate assumption and plan experience adjustments.
(3)During the third quarter of 2020, American remeasured its retiree medical and other postretirement benefits to account for enhanced healthcare benefits provided to eligible team members who opted in to voluntary early retirement programs offered as a result of reductions to its operation due to the COVID-19 pandemic. During the third quarter of 2020, American recognized a $410 million special charge for these enhanced healthcare benefits and increased its postretirement benefits obligation by $410 million.
(4)Principally relates to the transition of American’s retiree medical benefit program from a self-insured plan to a fully-insured Medicare Advantage plan as discussed above.
(5)Pursuant to the CARES Act, minimum required contributions to be made in the calendar year 2020 can be deferred to January 1, 2021, with interest accruing from the original due date to the new payment date. During 2019, American contributed $1.2 billion to its defined benefit pension plans, including a $780 million minimum required contribution and supplemental contributions of $444 million.
Schedule of Amounts Recognized in Consolidated Balance Sheets
 Pension BenefitsRetiree Medical and
Other Postretirement Benefits
 2020201920202019
 (In millions)
As of December 31,
Current liability$7 $5 $55 $24 
Noncurrent liability6,206 5,412 821 596 
Total liabilities$6,213 $5,417 $876 $620 
Schedule of Amounts Recognized in Other Comprehensive Income
Net actuarial loss (gain)$6,679 $5,662 $(358)$(426)
Prior service cost (benefit)75 102 (181)(120)
Total accumulated other comprehensive loss (income), pre-tax
$6,754 $5,764 $(539)$(546)
Schedule of Accumulated Benefit Obligations Exceeding Fair Value of Plan Assets
Plans with Projected Benefit Obligations Exceeding Fair Value of Plan Assets
 Pension Benefits
 20202019
 (In millions)
Projected benefit obligation$19,690 $18,215 
Fair value of plan assets13,477 12,794 
Plans with Accumulated Benefit Obligations Exceeding Fair Value of Plan Assets
 Pension BenefitsRetiree Medical and
Other Postretirement Benefits
 2020201920202019
 (In millions)
Accumulated benefit obligation (ABO)$19,678 $18,204 $— $— 
Accumulated postretirement benefit obligation
— — 1,046 824 
Fair value of plan assets13,477 12,794 170 204 
Components of Net Periodic Benefit Cost (Income)
 Pension BenefitsRetiree Medical and
  Other Postretirement Benefits  
 202020192018202020192018
 (In millions)
Defined benefit plans:
Service cost$2 $2 $2 $8 $3 $5 
Interest cost611 699 670 30 33 35 
Expected return on assets(1,005)(811)(901)(11)(15)(24)
Special termination benefits— — — 410 — — 
Settlements12 — — — — — 
Amortization of:
Prior service cost (benefit)29 28 28 (135)(236)(236)
Unrecognized net loss (gain)164 150 140 (24)(31)(21)
Net periodic benefit cost (income)$(187)$68 $(61)$278 $(246)$(241)
Schedule of Assumptions Used to Determine Benefit Obligations and Net Periodic Benefit Cost
The following actuarial assumptions were used to determine American’s benefit obligations and net periodic benefit cost (income) for the periods presented:
 Pension BenefitsRetiree Medical and
Other Postretirement Benefits
 2020201920202019
Benefit obligations:
Weighted average discount rate2.7%3.4%2.4%3.3%
 Pension BenefitsRetiree Medical and
Other Postretirement Benefits
 202020192018202020192018
Net periodic benefit cost (income):
Weighted average discount rate3.4%4.4%3.8%3.2%4.3%3.6%
Weighted average expected rate of return on plan assets
8.0%8.0%8.0%8.0%8.0%8.0%
Weighted average health care cost trend rate assumed for next year (1)
N/AN/AN/A4.0%3.7%3.9%
(1)The weighted average health care cost trend rate at December 31, 2020 is assumed to decline gradually to 3.4% by 2027 and remain level thereafter.
Schedule of Expected Future Service Benefit Payments
The following benefit payments, which reflect expected future service as appropriate, are expected to be paid (approximately, in millions):
202120222023202420252026-2030
Pension benefits$786 $825 $868 $909 $947 $5,120 
Retiree medical and other postretirement benefits102 93 89 86 82 356 
Schedule of Allocation of Plan Assets The current strategic target asset allocation is as follows:
Asset Class/Sub-ClassAllowed Range
Equity
45% - 80%
Public:
U.S. Large
10% - 40%
U.S. Small/Mid
2% - 10%
International
10% - 25%
International Small/Mid
0% - 10%
Emerging Markets
2% - 15%
Alternative Investments
5% - 30%
Fixed Income
20% - 55%
Public:
U.S. Long Duration
15% - 45%
High Yield and Emerging Markets
0% - 10%
Private Income
0% - 15%
Other
0% - 5%
Cash Equivalents
0% - 20%
Changes in Fair Value Measurements of Level 3 Investments
Changes in fair value measurements of Level 3 investments during the year ended December 31, 2020, were as follows (in millions):
Private Market PartnershipsInsurance Group
Annuity Contracts
Beginning balance at December 31, 2019$10 $2 
Actual gain on plan assets:
Relating to assets still held at the reporting date1 — 
Purchases4 — 
Ending balance at December 31, 2020$15 $2 
Changes in fair value measurements of Level 3 investments during the year ended December 31, 2019, were as follows (in millions):
Private Market
Partnerships		Insurance Group
Annuity Contracts
Beginning balance at December 31, 2018$7 $2 
Purchases3 — 
Ending balance at December 31, 2019$10 $2 
American Airlines, Inc. | Pension Benefits  
Defined Benefit Plan Disclosure [Line Items]  
Schedule of Allocation of Plan Assets
The fair value of American’s pension plan assets at December 31, 2020 and 2019, by asset category, were as follows (in millions):
 Fair Value Measurements as of December 31, 2020
Asset CategoryQuoted Prices in
Active Markets 
for Identical Assets
(Level 1)		Significant
Observable
Inputs
(Level 2)		Significant
Unobservable
Inputs
(Level 3)		Total
Cash and cash equivalents$40 $— $— $40 
Equity securities:
International markets (a), (b)
2,282 — — 2,282 
Large-cap companies (b)
2,085 — — 2,085 
Mid-cap companies (b)
428 — — 428 
Small-cap companies (b)
73 1 — 74 
Fixed income:
Corporate debt (c)
— 3,026 — 3,026 
Government securities (d)
— 1,010 — 1,010 
U.S. municipal securities— 30 — 30 
Alternative instruments:
Private market partnerships (e)
— — 15 15 
Private market partnerships measured at net asset value (e), (f)
— — — 1,791 
Common/collective trusts (g)
— 259 — 259 
Common/collective trusts measured at net asset value (f), (g)
— — — 2,384 
Insurance group annuity contracts— — 2 2 
Dividend and interest receivable49 — — 49 
Due from brokers for sale of securities – net1 — — 1 
Other receivables – net1 — — 1 
Total$4,959 $4,326 $17 $13,477 
(a)Holdings are diversified as follows: 11% Switzerland, 11% Ireland, 10% United Kingdom, 9% France, 8% Japan, 7% Germany, 6% Netherlands, 13% emerging markets and the remaining 25% with no concentration greater than 5% in any one country.
(b)There are no significant concentrations of holdings by company or industry.
(c)Includes approximately 77% investments in corporate debt with a S&P rating lower than A and 23% investments in corporate debt with a S&P rating A or higher. Holdings include 89% U.S. companies, 9% international companies and 2% emerging market companies.
(d)Includes approximately 89% investments in U.S. domestic government securities, 9% in emerging market government securities and 2% in international government securities. There are no significant foreign currency risks within this classification.
(e)Includes limited partnerships that invest primarily in domestic private equity and private income opportunities. The pension plan’s master trust does not have the right to redeem its limited partnership investment at its net asset value, but rather receives distributions as the underlying assets are liquidated. It is estimated that the underlying assets of these funds will be gradually liquidated over the next one to ten years. Additionally, the pension plan’s master trust has future funding commitments of approximately $1.6 billion over the next ten years.
(f)Certain investments that are measured using net asset value per share (or its equivalent) as a practical expedient for fair value have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the notes to the consolidated financial statements.
(g)Investment includes 34% in a common/collective trust investing in large market capitalization equity securities within the U.S., 30% in three common/collective trusts investing in emerging country equity securities, 21% in a common/collective trust investing in equity securities of companies located outside the U.S., 9% in a collective interest trust investing primarily in short-term securities, 5% in a common/collective trust investing in smaller market capitalization equity securities within the U.S. and 1% in Canadian segregated balanced value, income growth and diversified pooled funds. For some trusts, requests for withdrawals must meet specific requirements with advance notice of redemption preferred.
 Fair Value Measurements as of December 31, 2019
Asset CategoryQuoted Prices in
Active Markets 
for Identical Assets
(Level 1)		Significant
Observable
Inputs
(Level 2)		Significant
Unobservable
Inputs
(Level 3)		Total
Cash and cash equivalents$20 $— $— $20 
Equity securities:
International markets (a), (b)
2,769 — — 2,769 
Large-cap companies (b)
2,312 — — 2,312 
Mid-cap companies (b)
543 — — 543 
Small-cap companies (b)
97 — — 97 
Fixed income:
Corporate debt (c)
— 2,804 — 2,804 
Government securities (d)
— 923 — 923 
U.S. municipal securities— 51 — 51 
Mortgage backed securities— 4 — 4 
Alternative instruments:
Private market partnerships (e)
— — 10 10 
Private market partnerships measured at net asset value (e), (f)
— — — 1,464 
Common/collective trusts (g)
— 358 — 358 
Common/collective trusts and 103-12 Investment Trust measured at net asset value (f), (g)
— — — 1,423 
Insurance group annuity contracts— — 2 2 
Dividend and interest receivable53 — — 53 
Due to brokers for sale of securities – net(4)— — (4)
Total$5,790 $4,140 $12 $12,829 
(a)Holdings are diversified as follows: 14% United Kingdom, 8% Switzerland, 8% Ireland, 7% Japan, 7% France, 6% South Korea, 6% Canada, 18% emerging markets and the remaining 26% with no concentration greater than 5% in any one country.
(b)There are no significant concentrations of holdings by company or industry.
(c)Includes approximately 76% investments in corporate debt with a S&P rating lower than A and 24% investments in corporate debt with a S&P rating A or higher. Holdings include 86% U.S. companies, 11% international companies and 3% emerging market companies.
(d)Includes approximately 79% investments in U.S. domestic government securities, 13% in emerging market government securities and 8% in international government securities. There are no significant foreign currency risks within this classification.
(e)Includes limited partnerships that invest primarily in domestic private equity and private income opportunities. The pension plan’s master trust does not have the right to redeem its limited partnership investment at its net asset value, but rather receives distributions as the underlying assets are liquidated. It is estimated that the underlying assets of these funds will be gradually liquidated over the next one to ten years. Additionally, the pension plan’s master trust has future funding commitments of approximately $1.4 billion over the next ten years.
(f)Certain investments that are measured using net asset value per share (or its equivalent) as a practical expedient for fair value have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the notes to the consolidated financial statements.
(g)Investment includes 36% in a common/collective trust investing in securities of larger companies within the U.S., 29% in a common/collective trust investing in securities of smaller companies located outside the U.S., 16% in a collective interest trust investing primarily in short-term securities, 15% in an emerging market 103-12 Investment Trust with investments in emerging country equity securities and 4% in Canadian segregated balanced value, income growth and diversified pooled funds. For some trusts, requests for withdrawals must meet specific requirements with advance notice of redemption preferred.
American Airlines, Inc. | Retiree Medical and  Other Postretirement Benefits  
Defined Benefit Plan Disclosure [Line Items]  
Schedule of Allocation of Plan Assets
The fair value of American’s retiree medical and other postretirement benefits plans assets by asset category, were as follows (in millions):
 Fair Value Measurements as of December 31, 2020
Asset CategoryQuoted Prices in
Active Markets for
Identical Assets
(Level 1)		Significant
Observable
Inputs
(Level 2)		Significant
Unobservable
Inputs
(Level 3)		Total
Money market fund$4 $— $— $4 
Mutual funds – AAL Class— 166 — 166 
Total$4 $166 $— $170 
 Fair Value Measurements as of December 31, 2019
Asset CategoryQuoted Prices in
Active Markets for
Identical Assets
(Level 1)		Significant
Observable
Inputs
(Level 2)		Significant
Unobservable
Inputs
(Level 3)		Total
Money market fund$4 $— $— $4 
Mutual funds – AAL Class— 200 — 200 
Total$4 $200 $— $204