Financial Instruments and Fair Value Measurements (Tables)

9 Months Ended

Sep. 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):

	September 30, 2016								December 31, 2015
	Total		Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3
Cash and cash equivalents	$	2,630	$	2,630	$	—	$	—	$	3,006	$	3,006	$	—	$	—
Short-term investments:
Corporate debt		861		—		861		—		891		—		891		—
Asset-backed securities		764		—		764		—		710		—		710		—
Certificates of deposit placed through an account registry service (“CDARS”)		252		—		252		—		281		—		281		—
U.S. government and agency notes		97		—		97		—		72		—		72		—
Auction rate securities		—		—		—		—		9		—		—		9
Other fixed-income securities		50		—		50		—		26		—		26		—
Other investments measured at NAV (a)		202		—		—		—		201		—		—		—
Restricted cash		124		124		—		—		206		206		—		—
Enhanced equipment trust certificates (“EETC”)		23		—		—		23		26		—		—		26
Fuel derivatives liability, net		4		—		4		—		124		—		124		—
Foreign currency derivatives liability, net		1		—		1		—		—		—		—		—

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
	September 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	$	10,581	$	11,218	$	—	$	8,359	$	2,859	$	10,897	$	11,371	$	—	$	8,646	$	2,725