Financial Instruments and Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2016

Financial Assets and Liabilities Measured at Fair Value on Recurring Basis

The table below presents disclosures about the financial assets and liabilities measured at fair value on a recurring basis in the Company’s financial statements (in millions):

	June 30, 2016								December 31, 2015
	Total		Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3
Cash and cash equivalents	$	2,483	$	2,483	$	—	$	—	$	3,006	$	3,006	$	—	$	—
Short-term investments:
Corporate debt		872		—		872		—		891		—		891		—
Asset-backed securities		710		—		710		—		710		—		710		—
Certificates of deposit placed through an account registry service (“CDARS”)		261		—		261		—		281		—		281		—
U.S. government and agency notes		106		—		106		—		72		—		72		—
Auction rate securities		9		—		—		9		9		—		—		9
Other fixed-income securities		43		—		43		—		26		—		26		—
Other investments measured at NAV (a)		201		—		—		—		201		—		—		—
Enhanced equipment trust certificates (“EETC”)		24		—		—		24		26		—		—		26
Fuel derivatives liability, net		7		—		7		—		124		—		124		—
Foreign currency derivatives liability, net		1		—		1		—		—		—		—		—
Restricted cash		167		167		—		—		206		206		—		—

(a) In accordance with the relevant accounting standards, certain investments that are measured at fair value using the NAV per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the statement of financial position. The investments measured using NAV are shares of mutual funds that invest in fixed-income instruments including bonds, debt securities, and other similar instruments issued by various U.S. and non-U.S. public- or private-sector entities. The Company can redeem its shares at any time at NAV subject to a three-day settlement period.

Carrying Values and Estimated Fair Values of Financial Instruments

The table below presents the carrying values and estimated fair values of financial instruments not presented in the tables above (in millions):

	Fair Value of Debt by Fair Value Hierarchy Level
	June 30, 2016										December 31, 2015
	Carrying Amount		Fair Value								Carrying Amount		Fair Value
			Total		Level 1		Level 2		Level 3				Total		Level 1		Level 2		Level 3
Long-term debt	$	10,547	$	11,141	$	—	$	8,425	$	2,716	$	10,897	$	11,371	$	—	$	8,646	$	2,725