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Fair Value Measurements
 3 Months Ended
Mar. 31, 2024
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]  
Fair Value Measurements Fair Value Measurements
Assets Measured at Fair Value on a Recurring Basis
We utilize the market approach to measure the fair value of our financial assets. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable assets. Our short-term investments, restricted cash and restricted short-term investments classified as Level 2 utilize significant observable inputs, other than quoted prices in active markets, for valuation of these securities. No changes in valuation techniques or inputs occurred during the three months ended March 31, 2024.
Assets measured at fair value on a recurring basis are summarized below (in millions):
 Fair Value Measurements as of March 31, 2024
 TotalLevel 1Level 2Level 3
Short-term investments (1), (2):
Money market funds$350 $350 $— $— 
Corporate obligations5,010 — 5,010 — 
Bank notes/certificates of deposit/time deposits1,886 — 1,886 — 
Repurchase agreements450 — 450 — 
7,696 350 7,346 — 
Restricted cash and short-term investments (1), (3)
895 436 459 — 
Long-term investments (4)
117 117 — — 
Total$8,708 $903 $7,805 $— 
(1)All short-term investments are classified as available-for-sale and stated at fair value. Unrealized gains and losses are recorded in accumulated other comprehensive loss at each reporting period. There were no credit losses.
(2)Our short-term investments mature in one year or less.
(3)Restricted cash and short-term investments primarily include collateral held to support workers’ compensation obligations and collateral associated with the payment of interest for the AAdvantage Financing. Restricted short-term investments mature in one year or less except for $207 million as of March 31, 2024.
(4)Long-term investments include our equity investments in China Southern Airlines Company Limited (China Southern Airlines), Vertical Aerospace Ltd. (Vertical) and GOL Linhas Aéreas Inteligentes S.A. (GOL). See Note 8 for further information on our equity investments.
Fair Value of Debt
The fair value of our long-term debt was estimated using quoted market prices or discounted cash flow analyses based on our current estimated incremental borrowing rates for similar types of borrowing arrangements. If our long-term debt was measured at fair value, it would have been classified as Level 2 except for $3.7 billion as of March 31, 2024 and December 31, 2023, which would have been classified as Level 3 in the fair value hierarchy. The fair value of the Convertible Notes, which would have been classified as Level 2, was $1.2 billion and $1.1 billion as of March 31, 2024 and December 31, 2023, respectively.
The carrying value and estimated fair value of our long-term debt, including current maturities, were as follows (in millions):
 March 31, 2024December 31, 2023
 
Carrying
Value
Fair
Value
Carrying
Value
Fair
Value
Long-term debt, including current maturities$31,827 $32,159 $32,396 $32,310 
American Airlines, Inc.  
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]  
Fair Value Measurements Fair Value Measurements
Assets Measured at Fair Value on a Recurring Basis
American utilizes the market approach to measure the fair value of its financial assets. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable assets. American’s short-term investments, restricted cash and restricted short-term investments classified as Level 2 utilize significant observable inputs, other than quoted prices in active markets, for valuation of these securities. No changes in valuation techniques or inputs occurred during the three months ended March 31, 2024.
Assets measured at fair value on a recurring basis are summarized below (in millions):
 Fair Value Measurements as of March 31, 2024
 TotalLevel 1Level 2Level 3
Short-term investments (1), (2):
Money market funds$348 $348 $— $— 
Corporate obligations5,010 — 5,010 — 
Bank notes/certificates of deposit/time deposits1,884 — 1,884 — 
Repurchase agreements450 — 450 — 
7,692 348 7,344 — 
Restricted cash and short-term investments (1), (3)
895 436 459 — 
Long-term investments (4)
117 117 — — 
Total$8,704 $901 $7,803 $— 
(1)All short-term investments are classified as available-for-sale and stated at fair value. Unrealized gains and losses are recorded in accumulated other comprehensive loss at each reporting period. There were no credit losses.
(2)American’s short-term investments mature in one year or less.
(3)Restricted cash and short-term investments primarily include collateral held to support workers’ compensation obligations and collateral associated with the payment of interest for the AAdvantage Financing. Restricted short-term investments mature in one year or less except for $207 million as of March 31, 2024.
(4)Long-term investments include American’s equity investments in China Southern Airlines Company Limited (China Southern Airlines), Vertical Aerospace Ltd. (Vertical) and GOL Linhas Aéreas Inteligentes S.A. (GOL). See Note 7 for further information on American’s equity investments.
Fair Value of Debt
The fair value of American’s long-term debt was estimated using quoted market prices or discounted cash flow analyses based on American’s current estimated incremental borrowing rates for similar types of borrowing arrangements. If American’s long-term debt was measured at fair value, it would have been classified as Level 2.
The carrying value and estimated fair value of American’s long-term debt, including current maturities, were as follows (in millions):
 March 31, 2024December 31, 2023
 Carrying
Value		Fair
Value		Carrying
Value		Fair
Value
Long-term debt, including current maturities$26,606 $26,763 $27,177 $27,008