Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2018

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



	Fair Value Measurements as of March 31, 2018
	Total		Level 1		Level 2		Level 3
Short-term investments ^(1) (2):
Money market funds	$	14	$	14	$	—	$	—
Corporate obligations	1,712		—		1,712		—
Bank notes/certificates of deposit/time deposits	2,843		—		2,843		—
Repurchase agreements	425		—		425		—
	4,994		14		4,980		—
Restricted cash and short-term investments ⁽¹⁾	294		164		130		—
Long-term investments ⁽³⁾	281		281		—		—
Total	$	5,569	$	459	$	5,110	$	—


⁽¹⁾	Unrealized gains or losses on 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 $425 million of bank notes/certificates of deposit/time deposits and $145 million of corporate obligations.


⁽³⁾	Long-term investments primarily include our investment in China Southern Airlines Company Limited and are classified in other assets on our condensed consolidated balance sheets.

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



	March 31, 2018				December 31, 2017
	Carrying Value		Fair Value		Carrying Value		Fair Value
Long-term debt, including current maturities	$	24,739	$	25,286	$	25,065	$	25,848

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



	Fair Value Measurements as of March 31, 2018
	Total		Level 1		Level 2		Level 3
Short-term investments ^(1) (2):
Money market funds	$	4	$	4	$	—	$	—
Corporate obligations	1,712		—		1,712		—
Bank notes/certificates of deposit/time deposits	2,843		—		2,843		—
Repurchase agreements	425		—		425		—
	4,984		4		4,980		—
Restricted cash and short-term investments ⁽¹⁾	294		164		130		—
Long-term investments ⁽³⁾	281		281		—		—
Total	$	5,559	$	449	$	5,110	$	—


⁽¹⁾	Unrealized gains or losses on 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 $425 million of bank notes/certificates of deposit/time deposits and $145 million of corporate obligations.


⁽³⁾	Long-term investments primarily include American's investment in China Southern Airlines Company Limited and are classified in other assets on its condensed consolidated balance sheets.

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



	March 31, 2018				December 31, 2017
	Carrying Value		Fair Value		Carrying Value		Fair Value
Long-term debt, including current maturities	$	22,966	$	23,481	$	23,294	$	24,029