Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2017

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


	Fair Value Measurements as of March 31, 2017
	Total		Level 1		Level 2		Level 3
Short-term investments ^{(1) (2)}:
Money market funds	$	605	$	605	$	—	$	—
Corporate obligations		2,400		—		2,400		—
Bank notes/certificates of deposit/time deposits		3,297		—		3,297		—

		6,302		605		5,697		—

Restricted cash and short-term investments ⁽¹⁾		543		95		448		—

Total	$	6,845	$	700	$	6,145	$	—

⁽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 $1.1 billion of bank notes/certificates of deposit/time deposits and $421 million of corporate obligations.

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


	March 31, 2017				December 31, 2016
	Carrying Value		Fair Value		Carrying Value		Fair Value
Long-term debt, including current maturities	$	24,543	$	25,113	$	24,344	$	24,983

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


	Fair Value Measurements as of March 31, 2017
	Total		Level 1		Level 2		Level 3
Short-term investments ^{(1) (2)}:
Money market funds	$	601	$	601	$	—	$	—
Corporate obligations		2,400		—		2,400		—
Bank notes/certificates of deposit/time deposits		3,297		—		3,297		—

		6,298		601		5,697		—

Restricted cash and short-term investments ⁽¹⁾		543		95		448		—

Total	$	6,841	$	696	$	6,145	$	—

⁽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 $1.1 billion of bank notes/certificates of deposit/time deposits and $421 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):


	March 31, 2017				December 31, 2016
	Carrying Value		Fair Value		Carrying Value		Fair Value
Long-term debt, including current maturities	$	22,775	$	23,280	$	22,577	$	23,181