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Fair Value Measurements
 3 Months Ended
Mar. 31, 2026
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
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 three months ended March 31, 2026.
Assets measured at fair value on a recurring basis are summarized below (in millions):
 Fair Value Measurements as of March 31, 2026
 TotalLevel 1Level 2Level 3
Short-term investments (1), (2):
Money market funds$608 $608 $— $— 
Corporate obligations3,736 — 3,736 — 
Bank notes/certificates of deposit/time deposits1,947 — 1,947 — 
Repurchase agreements100 — 100 — 
6,391 608 5,783 — 
Restricted cash and short-term investments (1), (3)
717 411 306 — 
Long-term investments (4)
137 137 — — 
Total$7,245 $1,156 $6,089 $— 
(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 the cost of improvements at the overhaul and maintenance base at Tulsa International Airport. Restricted short-term investments principally mature in one year or less.
(4)Long-term investments primarily include our equity investment in China Southern Airlines Company Limited (China Southern Airlines). 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 carrying value and estimated fair value of our long-term debt, including current maturities, were as follows (in millions):
 March 31, 2026
Fair Value
 
Carrying
Value
TotalLevel 1Level 2Level 3
Long-term debt, including current maturities$27,017 $26,955 $— $23,455 $3,500 
December 31, 2025
Fair Value
Carrying
Value
TotalLevel 1Level 2Level 3
Long-term debt, including current maturities$28,280 $28,582 $— $25,051 $3,531 
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
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 three months ended March 31, 2026.
Assets measured at fair value on a recurring basis are summarized below (in millions):
 Fair Value Measurements as of March 31, 2026
 TotalLevel 1Level 2Level 3
Short-term investments (1), (2):
Money market funds$606 $606 $— $— 
Corporate obligations3,736 — 3,736 — 
Bank notes/certificates of deposit/time deposits1,946 — 1,946 — 
Repurchase agreements100 — 100 — 
6,388 606 5,782 — 
Restricted cash and short-term investments (1), (3)
717 411 306 — 
Long-term investments (4)
137 137 — — 
Total$7,242 $1,154 $6,088 $— 
(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 the cost of improvements at the overhaul and maintenance base at Tulsa International Airport. Restricted short-term investments principally mature in one year or less.
(4)Long-term investments primarily include American’s equity investment in China Southern Airlines Company Limited (China Southern Airlines). 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):
 March 31, 2026
Fair Value
 
Carrying
Value
TotalLevel 1Level 2Level 3
Long-term debt, including current maturities$23,273 $23,455 $— $23,455 $— 
December 31, 2025
Fair Value
Carrying
Value
TotalLevel 1Level 2Level 3
Long-term debt, including current maturities$24,535 $25,051 $— $25,051 $—