Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2015

Assets and liabilities measured at fair value on a recurring basis are summarized below (in millions):


	Fair Value Measurements as of March 31, 2015
	Total		Level 1		Level 2		Level 3
Short-term investments ^{(1), (2)}:
Money market funds	$	1,130	$	1,130	$	—	$	—
Government agency investments		101		—		101		—
Repurchase agreements		46		—		46		—
Corporate obligations		4,110		—		4,110		—
Bank notes / certificates of deposit / time deposits		2,738		—		2,738		—

		8,125		1,130		6,995		—
Restricted cash and short-term investments ⁽¹⁾		757		757		—		—

Total	$	8,882	$	1,887	$	6,995	$	—

⁽¹⁾	Unrealized gains or losses on short-term investments and restricted cash and short-term investments are recorded in accumulated other comprehensive loss at each measurement date.

⁽²⁾	The Company’s short-term investments mature in one year or less except for $1.0 billion of corporate obligations and $990 million of bank notes/certificates of deposit/time deposits.

The carrying value and estimated fair value of the Company’s long-term debt, including current maturities, were as follows (in millions):


	March 31, 2015				December 31, 2014
	Carrying Value		Fair Value		Carrying Value		Fair Value
Long-term debt, including current maturities	$	18,922	$	19,640	$	17,904	$	18,542

Assets and liabilities measured at fair value on a recurring basis are summarized below (in millions):


	Fair Value Measurements as of March 31, 2015
	Total		Level 1		Level 2		Level 3
Short-term investments ^{(1), (2)}:
Money market funds	$	1,009	$	1,009	$	—	$	—
Repurchase agreements		46		—		46		—
Corporate obligations		2,151		—		2,151		—
Bank notes / certificates of deposit / time deposits		1,647		—		1,647		—

		4,853		1,009		3,844		—
Restricted cash and short-term investments ⁽¹⁾		646		646		—		—

Total	$	5,499	$	1,655	$	3,844	$	—

⁽¹⁾	Unrealized gains or losses on short-term investments and restricted cash and short-term investments are recorded in accumulated other comprehensive loss at each measurement date.

⁽²⁾	American’s short-term investments mature in one year or less except for $338 million of corporate obligations and $476 million of bank notes/certificates of deposit/time deposits.

The carrying value and estimated fair value of American’s long-term debt, including current maturities, were as follows (in millions):


	March 31, 2015				December 31, 2014
	Carrying Value		Fair Value		Carrying Value		Fair Value
Long-term debt, including current maturities	$	11,774	$	12,174	$	11,234	$	11,618