Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2014

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



	Fair Value Measurements as of June 30, 2014
	Total		Level 1		Level 2		Level 3
Short-term investments ^{(1), (2)}
Money market funds	$	195	$	195	$	—	$	—
Government agency investments	921		—		921		—
Repurchase agreements	248		—		248		—
Corporate obligations	5,410		—		5,410		—
Bank notes / Certificates of deposit / Time deposits	1,475		—		1,475		—
	8,249		195		8,054		—
Restricted cash and short-term investments ⁽¹⁾	882		851		31		—
Total	$	9,131	$	1,046	$	8,085	$	—


⁽¹⁾	Unrealized gains or losses on short-term investments and restricted cash and short-term investments are recorded in Accumulated other comprehensive income (loss) at each measurement date.


⁽²⁾	The Company's short-term investments mature in one year or less except for $2.0 billion of corporate obligations, $525 million of Bank notes/Certificates of deposit/Time deposits and $469 million of U.S. government agency investments.

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



	June 30, 2014				December 31, 2013
	Carrying Value		Fair Value		Carrying Value		Fair Value
Long-term debt, including current maturities	$	16,728	$	17,564	$	16,799	$	17,035

AA [Member]

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



	Fair Value Measurements as of June 30, 2014
	Total		Level 1		Level 2		Level 3
Short-term investments ^{(1), (2)}
Money market funds	$	192	$	192	$	—	$	—
Government agency investments	920		—		920		—
Repurchase agreements	133		—		133		—
Corporate obligations	2,918		—		2,918		—
Bank notes / Certificates of deposit / Time deposits	659		—		659		—
	4,822		192		4,630		—
Restricted cash and short-term investments ⁽¹⁾	650		618		32		—
Total	$	5,472	$	810	$	4,662	$	—


⁽¹⁾	Unrealized gains or losses on short-term investments and restricted cash and short-term investments are recorded in Accumulated other comprehensive income (loss) at each measurement date.


⁽²⁾	American's short-term investments mature in one year or less except for $1.7 billion of corporate obligations, $469 million of U.S. government agency investments and $200 million of Bank notes/Certificates of deposit/Time deposits.

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



	June 30, 2014				December 31, 2013
	Carrying Value		Fair Value		Carrying Value		Fair Value
Long-term debt, including current maturities	$	10,588	$	11,113	$	10,809	$	11,045