Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2015

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


	Fair Value Measurements as of June 30, 2015
	Total		Level 1		Level 2		Level 3
Short-term investments ^{(1), (2)}:
Money market funds	$	376	$	376	$	—	$	—
Repurchase agreements		43		—		43		—
Corporate obligations		4,512		—		4,512		—
Bank notes / certificates of deposit / time deposits		3,036		—		3,036		—

		7,967		376		7,591		—
Restricted cash and short-term investments ⁽¹⁾		747		747		—		—

Total	$	8,714	$	1,123	$	7,591	$	—

⁽¹⁾	Unrealized gains or losses on short-term investments and restricted cash and 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. In addition, all short-term investments mature in one year or less except for $1.0 billion of corporate obligations and $1.6 billion of bank notes/certificates of deposit/time deposits.

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


	June 30, 2015				December 31, 2014
	Carrying Value		Fair Value		Carrying Value		Fair Value
Long-term debt, including current maturities	$	18,794	$	19,271	$	17,904	$	18,542

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


	Fair Value Measurements as of June 30, 2015
	Total		Level 1		Level 2		Level 3
Short-term investments ^{(1), (2)}:
Money market funds	$	207	$	207	$	—	$	—
Repurchase agreements		43		—		43		—
Corporate obligations		2,778		—		2,778		—
Bank notes / certificates of deposit / time deposits		2,164		—		2,164		—

		5,192		207		4,985		—
Restricted cash and short-term investments ⁽¹⁾		641		641		—		—

Total	$	5,833	$	848	$	4,985	$	—

⁽¹⁾	Unrealized gains or losses on short-term investments and restricted cash and 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. In addition, all short-term investments mature in one year or less except for $424 million of corporate obligations and $1.3 billion 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, 2015				December 31, 2014
	Carrying Value		Fair Value		Carrying Value		Fair Value
Long-term debt, including current maturities	$	11,767	$	12,050	$	11,234	$	11,618