Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2016

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


	Fair Value Measurements as of September 30, 2016
	Total		Level 1		Level 2		Level 3
Short-term investments ^{(1), (2)}:
Money market funds	$	378	$	378	$	—	$	—
Corporate obligations		2,694		—		2,694		—
Bank notes/certificates of deposit/time deposits		3,052		—		3,052		—
Repurchase agreements		250		—		250		—

		6,374		378		5,996		—
Restricted cash and short-term investments ⁽¹⁾		635		635		—		—

Total	$	7,009	$	1,013	$	5,996	$	—

⁽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. Our short-term investments mature in one year or less except for $100 million of bank notes/certificates of deposit/time deposits and $230 million of corporate obligations.

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


	September 30, 2016				December 31, 2015
	Carrying Value		Fair Value		Carrying Value		Fair Value
Long-term debt, including current maturities	$	23,343	$	24,486	$	20,561	$	21,111

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


	Fair Value Measurements as of September 30, 2016
	Total		Level 1		Level 2		Level 3
Short-term investments ^{(1), (2)}:
Money market funds	$	376	$	376	$	—	$	—
Corporate obligations		2,694		—		2,694		—
Bank notes/certificates of deposit/time deposits		3,051		—		3,051		—
Repurchase agreements		250		—		250		—

		6,371		376		5,995		—
Restricted cash and short-term investments ⁽¹⁾		635		635		—		—

Total	$	7,006	$	1,011	$	5,995	$	—

⁽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⁾	All short-term investments are classified as available-for-sale and stated at fair value. American’s short-term investments mature in one year or less except for $100 million of bank notes/certificates of deposit/time deposits and $230 million of corporate obligations.

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


	September 30, 2016				December 31, 2015
	Carrying Value		Fair Value		Carrying Value		Fair Value
Long-term debt, including current maturities	$	21,576	$	22,650	$	18,826	$	19,378