Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2015

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


	Fair Value Measurements as of September 30, 2015
	Total		Level 1		Level 2		Level 3
Short-term investments ^{(1), (2)}:
Money market funds	$	1,486	$	1,486	$	—	$	—
Repurchase agreements		41		—		41		—
Corporate obligations		3,491		—		3,491		—
Bank notes / certificates of deposit / time deposits		2,839		—		2,839		—

		7,857		1,486		6,371		—
Restricted cash and short-term investments ⁽¹⁾		710		710		—		—

Total	$	8,567	$	2,196	$	6,371	$	—

⁽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⁾	All short-term investments are classified as available-for-sale and stated at fair value. In addition, all short-term investments mature in one year or less except for $788 million of corporate obligations and $1.6 billion 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):


	September 30, 2015				December 31, 2014
	Carrying Value		Fair Value		Carrying Value		Fair Value
Long-term debt, including current maturities	$	20,561	$	20,971	$	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 September 30, 2015
	Total		Level 1		Level 2		Level 3
Short-term investments ^{(1), (2)}:
Money market funds	$	1,419	$	1,419	$	—	$	—
Repurchase agreements		41		—		41		—
Corporate obligations		1,977		—		1,977		—
Bank notes / certificates of deposit / time deposits		1,968		—		1,968		—

		5,405		1,419		3,986		—

Restricted cash and short-term investments ⁽¹⁾		657		657		—		—

Total	$	6,062	$	2,076	$	3,986	$	—

⁽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⁾	All short-term investments are classified as available-for-sale and stated at fair value. In addition, all short-term investments mature in one year or less except for $375 million of corporate obligations and $1.3 billion 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):


	September 30, 2015				December 31, 2014
	Carrying Value		Fair Value		Carrying Value		Fair Value
Long-term debt, including current maturities	$	13,252	$	13,461	$	11,234	$	11,618