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Fair Value Measurements (Tables)
12 Months Ended
Dec. 31, 2024
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, 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.
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, 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]  
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, 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.
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, 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 $—