Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2022

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, 2022
	Total		Level 1		Level 2		Level 3
Short-term investments (1), (2):
Money market funds	$	472	$	472	$	—	$	—
Corporate obligations	7,727		—		7,727		—
Bank notes/certificates of deposit/time deposits	2,569		—		2,569		—
Repurchase agreements	1,340		—		1,340		—
	12,108		472		11,636		—
Restricted cash and short-term investments (1), (3)	952		619		333		—
Long-term investments (4)	236		236		—		—
Total	$	13,296	$	1,327	$	11,969	$	—

(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.

(3)Restricted cash and short-term investments primarily include collateral held to support workers' compensation obligations, collateral associated with the payment of interest for the AAdvantage Financing and money market funds to be used to finance a substantial portion of the cost of the renovation and expansion of Terminal 8 at John F. Kennedy International Airport.

(4)Long-term investments primarily include our equity investments in China Southern Airlines and Vertical. These investments are reflected 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, 2022				December 31, 2021
	Carrying Value		Fair Value		Carrying Value		Fair Value
Long-term debt, including current maturities	$	37,093	$	37,134	$	37,323	$	38,567

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 March 31, 2022
	Total		Level 1		Level 2		Level 3
Short-term investments (1), (2):
Money market funds	$	458	$	458	$	—	$	—
Corporate obligations	7,727		—		7,727		—
Bank notes/certificates of deposit/time deposits	2,568		—		2,568		—
Repurchase agreements	1,340		—		1,340		—
	12,093		458		11,635		—
Restricted cash and short-term investments (1), (3)	952		619		333		—
Long-term investments (4)	236		236		—		—
Total	$	13,281	$	1,313	$	11,968	$	—

(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)American’s short-term investments mature in one year or less.

(3)Restricted cash and short-term investments primarily include collateral held to support workers' compensation obligations, collateral associated with the payment of interest for the AAdvantage Financing and money market funds to be used to finance a substantial portion of the cost of the renovation and expansion of Terminal 8 at John F. Kennedy International Airport.

(4)Long-term investments primarily include American's equity investments in China Southern Airlines and Vertical. These investments are reflected 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, 2022				December 31, 2021
	Carrying Value		Fair Value		Carrying Value		Fair Value
Long-term debt, including current maturities	$	31,441	$	31,837	$	31,357	$	32,999