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Fair Value Measurements (Tables)
12 Months Ended
Dec. 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 December 31, 2022
 Total    Level 1    Level 2    Level 3    
Short-term investments (1), (2):
Money market funds$732 $732 $— $— 
Corporate obligations3,688 — 3,688 — 
Bank notes/certificates of deposit/time deposits3,655 — 3,655 — 
Repurchase agreements450 — 450 — 
8,525 732 7,793 — 
Restricted cash and short-term investments (1), (3)
995 535 460 — 
Long-term investments (4)
245 245 — — 
Total$9,765 $1,512 $8,253 $— 
 Fair Value Measurements as of December 31, 2021
 Total    Level 1    Level 2    Level 3    
Short-term investments (1):
Money market funds$108 $108 $— $— 
Corporate obligations8,665 — 8,665 — 
Bank notes/certificates of deposit/time deposits2,195 — 2,195 — 
Repurchase agreements1,190 — 1,190 — 
12,158 108 12,050 — 
Restricted cash and short-term investments (1), (3)
990 654 336 — 
Long-term investments (4)
239 239 — — 
Total$13,387 $1,001 $12,386 $— 
(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 as of December 31, 2022 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 JFK.
(4)Long-term investments include our equity investments in China Southern Airlines Company Limited (China Southern Airlines) and Vertical Aerospace Ltd. (Vertical) and as of December 31, 2022, our long-term investments also include GOL. See Note 8 for further information on our equity investments.
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):
 December 31, 2022December 31, 2021
 Carrying
Value
Fair
Value
Carrying
Value
Fair
Value
Long-term debt, including current maturities$34,903 $32,569 $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 December 31, 2022
 TotalLevel 1Level 2Level 3
Short-term investments (1), (2):
Money market funds$731 $731 $— $— 
Corporate obligations3,688 — 3,688 — 
Bank notes/certificates of deposit/time deposits3,654 — 3,654 — 
Repurchase agreements450 — 450 — 
8,523 731 7,792 — 
Restricted cash and short-term investments (1), (3)
995 535 460 — 
Long-term investments (4)
245 245 — — 
Total$9,763 $1,511 $8,252 $— 
 Fair Value Measurements as of December 31, 2021
 TotalLevel 1Level 2Level 3
Short-term investments (1):
Money market funds$106 $106 $— $— 
Corporate obligations8,665 — 8,665 — 
Bank notes/certificates of deposit/time deposits2,194 — 2,194 — 
Repurchase agreements1,190 — 1,190 — 
12,155 106 12,049 — 
Restricted cash and short-term investments (1), (3)
990 654 336 — 
Long-term investments (4)
239 239 — — 
Total$13,384 $999 $12,385 $— 
(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 as of December 31, 2022 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 JFK.
(4)Long-term investments include American's equity investments in China Southern Airlines Company Limited (China Southern Airlines) and Vertical Aerospace Ltd. (Vertical) and as of December 31, 2022, American’s long-term investments also include GOL. See Note 7 for further information on American’s equity investments.
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):
 December 31, 2022December 31, 2021
 Carrying
Value
Fair
Value
Carrying
Value
Fair
Value
Long-term debt, including current maturities$29,679 $28,453 $31,357 $32,999