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Financial Instruments and Fair Value Measurements (Tables) | 6 Months Ended
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Jun. 30, 2016
Financial Assets and Liabilities Measured at Fair Value on Recurring Basis | The table below presents disclosures about the financial assets and liabilities measured at fair value on a recurring basis in the Company’s financial statements (in millions):
|  | June 30, 2016 |  |  | December 31, 2015 |
|  | Total |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |
Cash and cash equivalents |  | $ | 2,483 |  |  | $ | 2,483 |  |  | $ | — |  |  | $ | — |  |  | $ | 3,006 |  |  | $ | 3,006 |  |  | $ | — |  |  | $ | — |
Short-term investments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate debt |  |  | 872 |  |  |  | — |  |  |  | 872 |  |  |  | — |  |  |  | 891 |  |  |  | — |  |  |  | 891 |  |  |  | — |
Asset-backed securities |  |  | 710 |  |  |  | — |  |  |  | 710 |  |  |  | — |  |  |  | 710 |  |  |  | — |  |  |  | 710 |  |  |  | — |
Certificates of deposit placed through an account registry service (“CDARS”) |  |  | 261 |  |  |  | — |  |  |  | 261 |  |  |  | — |  |  |  | 281 |  |  |  | — |  |  |  | 281 |  |  |  | — |
U.S. government and agency notes |  |  | 106 |  |  |  | — |  |  |  | 106 |  |  |  | — |  |  |  | 72 |  |  |  | — |  |  |  | 72 |  |  |  | — |
Auction rate securities |  |  | 9 |  |  |  | — |  |  |  | — |  |  |  | 9 |  |  |  | 9 |  |  |  | — |  |  |  | — |  |  |  | 9 |
Other fixed-income securities |  |  | 43 |  |  |  | — |  |  |  | 43 |  |  |  | — |  |  |  | 26 |  |  |  | — |  |  |  | 26 |  |  |  | — |
Other investments measured at NAV (a) |  |  | 201 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 201 |  |  |  | — |  |  |  | — |  |  |  | — |
Enhanced equipment trust certificates (“EETC”) |  |  | 24 |  |  |  | — |  |  |  | — |  |  |  | 24 |  |  |  | 26 |  |  |  | — |  |  |  | — |  |  |  | 26 |
Fuel derivatives liability, net |  |  | 7 |  |  |  | — |  |  |  | 7 |  |  |  | — |  |  |  | 124 |  |  |  | — |  |  |  | 124 |  |  |  | — |
Foreign currency derivatives liability, net |  |  | 1 |  |  |  | — |  |  |  | 1 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Restricted cash |  |  | 167 |  |  |  | 167 |  |  |  | — |  |  |  | — |  |  |  | 206 |  |  |  | 206 |  |  |  | — |  |  |  | — |
(a) In accordance with the relevant accounting standards, certain investments that are measured at fair value using the NAV per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the statement of financial position. The investments measured using NAV are shares of mutual funds that invest in fixed-income instruments including bonds, debt securities, and other similar instruments issued by various U.S. and non-U.S. public- or private-sector entities. The Company can redeem its shares at any time at NAV subject to a three-day settlement period.
Carrying Values and Estimated Fair Values of Financial Instruments | The table below presents the carrying values and estimated fair values of financial instruments not presented in the tables above (in millions):
|  | Fair Value of Debt by Fair Value Hierarchy Level |
|  | June 30, 2016 |  |  | December 31, 2015 |
|  | Carrying Amount |  |  | Fair Value |  |  | Carrying Amount |  |  | Fair Value |
|  |  |  |  | Total |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  |  |  |  | Total |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |
Long-term debt |  | $ | 10,547 |  |  | $ | 11,141 |  |  | $ | — |  |  | $ | 8,425 |  |  | $ | 2,716 |  |  | $ | 10,897 |  |  | $ | 11,371 |  |  | $ | — |  |  | $ | 8,646 |  |  | $ | 2,725 |

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- Definition Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=73719730&loc=d3e13476-108611 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=66048111&loc=d3e19207-110258 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=73719730&loc=d3e13467-108611 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 45 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6447952&loc=d3e13220-108610 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 30 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=6957238&loc=d3e14172-108612 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 10 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=73719730&loc=d3e13433-108611 + Details
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- Definition Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=66048111&loc=d3e19190-110258 + Details
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