Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2016

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


	Fair Value Measurements as of June 30, 2016
	Total		Level 1		Level 2		Level 3
Short-term investments ^{(1), (2)}:
Money market funds	$	709	$	709	$	—	$	—
Corporate obligations		3,234		—		3,234		—
Bank notes/certificates of deposit/time deposits		2,529		—		2,529		—
Repurchase agreements		200		—		200		—

		6,672		709		5,963		—
Restricted cash and short-term investments ⁽¹⁾		640		640		—		—

Total	$	7,312	$	1,349	$	5,963	$	—

⁽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. Our short-term investments mature in one year or less except for $235 million of bank notes/certificates of deposit/time deposits and $230 million of corporate obligations.

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


	June 30, 2016				December 31, 2015
	Carrying Value		Fair Value		Carrying Value		Fair Value
Long-term debt, including current maturities	$	22,846	$	23,452	$	20,561	$	21,111

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


	Fair Value Measurements as of June 30, 2016
	Total		Level 1		Level 2		Level 3
Short-term investments ^{(1), (2)}:
Money market funds	$	707	$	707	$	—	$	—
Corporate obligations		3,234		—		3,234		—
Bank notes/certificates of deposit/time deposits		2,528		—		2,528		—
Repurchase agreements		200		—		200		—

		6,669		707		5,962		—
Restricted cash and short-term investments ⁽¹⁾		640		640		—		—

Total	$	7,309	$	1,347	$	5,962	$	—

⁽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. American’s short-term investments mature in one year or less except for $235 million of bank notes/certificates of deposit/time deposits and $230 million of corporate obligations.

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


	June 30, 2016				December 31, 2015
	Carrying Value		Fair Value		Carrying Value		Fair Value
Long-term debt, including current maturities	$	21,082	$	21,683	$	18,826	$	19,378