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Fair Value Measurements (Tables)
12 Months Ended
Dec. 31, 2023
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, 2023
 Total    Level 1    Level 2    Level 3    
Short-term investments (1), (2):
Money market funds$818 $818 $— $— 
Corporate obligations4,046 — 4,046 — 
Bank notes/certificates of deposit/time deposits1,586 — 1,586 — 
Repurchase agreements450 — 450 — 
U.S. government and agency obligations100 — 100 — 
7,000 818 6,182 — 
Restricted cash and short-term investments (1), (3)
910 459 451 — 
Long-term investments (4)
163 163 — — 
Total$8,073 $1,440 $6,633 $— 
 Fair Value Measurements as of December 31, 2022
 Total    Level 1    Level 2    Level 3    
Short-term investments (1):
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 $— 
(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, 2023 mature in one year or less.
(3)Restricted cash and short-term investments primarily include collateral held to support workers' compensation obligations and collateral associated with the payment of interest for the AAdvantage Financing. Restricted short-term investments mature in one year or less except for $218 million as of December 31, 2023.
(4)Long-term investments include our equity investments in China Southern Airlines Company Limited (China Southern Airlines), GOL and Vertical Aerospace Ltd. (Vertical). 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, 2023December 31, 2022
 Carrying
Value
Fair
Value
Carrying
Value
Fair
Value
Long-term debt, including current maturities$32,396 $32,310 $34,903 $32,569 
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, 2023
 TotalLevel 1Level 2Level 3
Short-term investments (1), (2):
Money market funds$817 $817 $— $— 
Corporate obligations4,046 — 4,046 — 
Bank notes/certificates of deposit/time deposits1,585 — 1,585 — 
Repurchase agreements450 — 450 — 
U.S. government and agency obligations100 — 100 — 
6,998 817 6,181 — 
Restricted cash and short-term investments (1), (3)
910 459 451 — 
Long-term investments (4)
163 163 — — 
Total$8,071 $1,439 $6,632 $— 
 Fair Value Measurements as of December 31, 2022
 TotalLevel 1Level 2Level 3
Short-term investments (1):
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 $— 
(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, 2023 mature in one year or less.
(3)Restricted cash and short-term investments primarily include collateral held to support workers' compensation obligations and collateral associated with the payment of interest for the AAdvantage Financing. Restricted short-term investments mature in one year or less except for $218 million as of December 31, 2023.
(4)Long-term investments include American's equity investments in China Southern Airlines Company Limited (China Southern Airlines), GOL and Vertical Aerospace Ltd. (Vertical). 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, 2023December 31, 2022
 Carrying
Value
Fair
Value
Carrying
Value
Fair
Value
Long-term debt, including current maturities$27,177 $27,008 $29,679 $28,453