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Fair Value Measurements
 12 Months Ended
Dec. 31, 2024
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]  
Fair Value Measurements Fair Value Measurements
Assets Measured at Fair Value on a Recurring Basis
Fair value is defined as the price that would be received from the sale of an asset or paid to transfer a liability (i.e., an exit price) on the measurement date in an orderly transaction between market participants in the principal or most advantageous market for the asset or liability. Accounting standards include disclosure requirements around fair values used for certain financial instruments and establish a fair value hierarchy. The hierarchy prioritizes valuation inputs into three levels based on the extent to which inputs used in measuring fair value are observable in the market. Each fair value measurement is reported in one of three levels:
•Level 1 – Observable inputs such as quoted prices in active markets;
•Level 2 – Inputs, other than quoted prices in active markets, that are observable either directly or indirectly; and
•Level 3 – Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions.
When available, we use quoted market prices to determine the fair value of our financial assets. If quoted market prices are not available, we measure fair value using valuation techniques that use, when possible, current market-based or independently-sourced market parameters, such as interest rates and currency rates.
We utilize the market approach to measure the fair value of our financial assets. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable assets. Our short-term investments, restricted cash and restricted short-term investments classified as Level 2 utilize significant observable inputs, other than quoted prices in active markets, for valuation of these securities. No changes in valuation techniques or inputs occurred during the year ended December 31, 2024.
Assets measured at fair value on a recurring basis are summarized below (in millions):
 Fair Value Measurements as of December 31, 2024
 Total    Level 1    Level 2    Level 3    
Short-term investments (1), (2):
Money market funds$680 $680 $— $— 
Corporate obligations2,909 — 2,909 — 
Bank notes/certificates of deposit/time deposits2,041 — 2,041 — 
Repurchase agreements550 — 550 — 
6,180 680 5,500 — 
Restricted cash and short-term investments (1), (3)
732 442 290 — 
Long-term investments (4)
161 161 — — 
Total$7,073 $1,283 $5,790 $— 
 Fair Value Measurements as of December 31, 2023
 Total    Level 1    Level 2    Level 3    
Short-term investments (1):
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 $— 
(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, 2024 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 $155 million and $218 million as of December 31, 2024 and December 31, 2023, respectively.
(4)Long-term investments include our equity investments in China Southern Airlines Company Limited (China Southern Airlines), Vertical Aerospace Ltd. (Vertical) and GOL. See Note 8 for further information on our equity investments.
Fair Value of Debt
The fair value of our long-term debt was estimated using quoted market prices or discounted cash flow analyses based on our current estimated incremental borrowing rates for similar types of borrowing arrangements. The fair value of the Convertible Notes, which would have been classified as Level 2, was $1.2 billion and $1.1 billion as of December 31, 2024 and December 31, 2023, respectively.
The carrying value and estimated fair value of our long-term debt, including current maturities, were as follows (in millions):
 December 31, 2024
 Carrying
Value		Fair Value
TotalLevel 1Level 2Level 3
Long-term debt, including current maturities$29,813 $30,010 $— $26,402 $3,608 
December 31, 2023
Carrying
Value		Fair Value
TotalLevel 1Level 2Level 3
Long-term debt, including current maturities$32,396 $32,310 $— $28,594 $3,716 
American Airlines, Inc.  
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]  
Fair Value Measurements Fair Value Measurements
Assets Measured at Fair Value on a Recurring Basis
Fair value is defined as the price that would be received from the sale of an asset or paid to transfer a liability (i.e., an exit price) on the measurement date in an orderly transaction between market participants in the principal or most advantageous market for the asset or liability. Accounting standards include disclosure requirements around fair values used for certain financial instruments and establish a fair value hierarchy. The hierarchy prioritizes valuation inputs into three levels based on the extent to which inputs used in measuring fair value are observable in the market. Each fair value measurement is reported in one of three levels:
•Level 1 – Observable inputs such as quoted prices in active markets;
•Level 2 – Inputs, other than quoted prices in active markets, that are observable either directly or indirectly; and
•Level 3 – Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions.
When available, American uses quoted market prices to determine the fair value of its financial assets. If quoted market prices are not available, American measures fair value using valuation techniques that use, when possible, current market-based or independently-sourced market parameters, such as interest rates and currency rates.
American utilizes the market approach to measure the fair value of its financial assets. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable assets. American’s short-term investments, restricted cash and restricted short-term investments classified as Level 2 utilize significant observable inputs, other than quoted prices in active markets, for valuation of these securities. No changes in valuation techniques or inputs occurred during the year ended December 31, 2024.
Assets measured at fair value on a recurring basis are summarized below (in millions):
 Fair Value Measurements as of December 31, 2024
 TotalLevel 1Level 2Level 3
Short-term investments (1), (2):
Money market funds$678 $678 $— $— 
Corporate obligations2,909 — 2,909 — 
Bank notes/certificates of deposit/time deposits2,040 — 2,040 — 
Repurchase agreements550 — 550 — 
6,177 678 5,499 — 
Restricted cash and short-term investments (1), (3)
732 442 290 — 
Long-term investments (4)
161 161 — — 
Total$7,070 $1,281 $5,789 $— 
 Fair Value Measurements as of December 31, 2023
 TotalLevel 1Level 2Level 3
Short-term investments (1):
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 $— 
(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, 2024 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 $155 million and $218 million as of December 31, 2024 and December 31, 2023, respectively.
(4)Long-term investments include American's equity investments in China Southern Airlines Company Limited (China Southern Airlines), Vertical Aerospace Ltd. (Vertical) and GOL. See Note 7 for further information on American’s equity investments.
Fair Value of Debt
The fair value of American’s long-term debt was estimated using quoted market prices or discounted cash flow analyses based on American’s current estimated incremental borrowing rates for similar types of borrowing arrangements.
The carrying value and estimated fair value of American’s long-term debt, including current maturities, were as follows (in millions):
 December 31, 2024
 Carrying
Value		Fair Value
TotalLevel 1Level 2Level 3
Long-term debt, including current maturities$25,072 $25,234 $— $25,234 $— 
December 31, 2023
Carrying
Value		Fair Value
TotalLevel 1Level 2Level 3
Long-term debt, including current maturities$27,177 $27,008 $— $27,008 $—