Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2017

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


	Fair Value Measurements as of June 30, 2017
	Total			Level 1			Level 2			Level 3
Short-term investments ^(1) (2):
Money market funds		$	348		$	348		$	—		$	—
Corporate obligations			3,007			—			3,007			—
Bank notes/certificates of deposit/time deposits			3,095			—			3,095			—
Repurchase agreements			50			—			50			—

			6,500			348			6,152			—
Restricted cash and short-term investments ⁽¹⁾			554			106			448			—

Total		$	7,054		$	454		$	6,600		$	—

⁽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 $1.7 billion of bank notes/certificates of deposit/time deposits and $441 million of corporate obligations.

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


	June 30, 2017						December 31, 2016
	Carrying Value			Fair Value			Carrying Value			Fair Value
Long-term debt, including current maturities		$	24,859		$	25,440		$	24,344		$	24,983

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


	Fair Value Measurements as of June 30, 2017
	Total			Level 1			Level 2			Level 3
Short-term investments ^(1) (2):
Money market funds		$	347		$	347		$	—		$	—
Corporate obligations			3,007			—			3,007			—
Bank notes/certificates of deposit/time deposits			3,094			—			3,094			—
Repurchase agreements			50			—			50			—

			6,498			347			6,151			—
Restricted cash and short-term investments ⁽¹⁾			554			106			448			—

Total		$	7,052		$	453		$	6,599		$	—

⁽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 $1.7 billion of bank notes/certificates of deposit/time deposits and $441 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):


	June 30, 2017						December 31, 2016
	Carrying Value			Fair Value			Carrying Value			Fair Value
Long-term debt, including current maturities		$	23,089		$	23,582		$	22,577		$	23,181