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Fair Value Measurements (Tables) | 3 Months Ended
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Mar. 31, 2024
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
Schedule of Assets Measured at Fair Value on Recurring Basis | Assets measured at fair value on a recurring basis are summarized below (in millions):
| Fair Value Measurements as of March 31, 2024
| Total |  | Level 1 |  | Level 2 |  | Level 3
Short-term investments (1), (2): |  |  |  |  |  |  |
Money market funds | $ | 350 |  |  | $ | 350 |  |  | $ | — |  |  | $ | — |
Corporate obligations | 5,010 |  |  | — |  |  | 5,010 |  |  | — |
Bank notes/certificates of deposit/time deposits | 1,886 |  |  | — |  |  | 1,886 |  |  | — |
Repurchase agreements | 450 |  |  | — |  |  | 450 |  |  | — |
| 7,696 |  |  | 350 |  |  | 7,346 |  |  | — |
Restricted cash and short-term investments (1), (3) | 895 |  |  | 436 |  |  | 459 |  |  | — |
Long-term investments (4) | 117 |  |  | 117 |  |  | — |  |  | — |
Total | $ | 8,708 |  |  | $ | 903 |  |  | $ | 7,805 |  |  | $ | — |
(1)All short-term investments are classified as available-for-sale and stated at fair value. Unrealized gains and losses are recorded in accumulated other comprehensive loss at each reporting period. There were no credit losses. (2)Our short-term investments mature in one year or less. (3)Restricted cash and short-term investments primarily include collateral held to support workers’ compensation obligations and collateral associated with the payment of interest for the AAdvantage Financing. Restricted short-term investments mature in one year or less except for $207 million as of March 31, 2024. (4)Long-term investments include our equity investments in China Southern Airlines Company Limited (China Southern Airlines), Vertical Aerospace Ltd. (Vertical) and GOL Linhas Aéreas Inteligentes S.A. (GOL). See Note 8 for further information on our equity investments.
Schedule of Carrying Value and Estimated Fair Value of Long-Term Debt, Including Current Maturities | The carrying value and estimated fair value of our long-term debt, including current maturities, were as follows (in millions):
| March 31, 2024 |  | December 31, 2023
| Carrying Value |  | Fair Value |  | Carrying Value |  | Fair Value
Long-term debt, including current maturities | $ | 31,827 |  |  | $ | 32,159 |  |  | $ | 32,396 |  |  | $ | 32,310 |
American Airlines, Inc. |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
Schedule of Assets Measured at Fair Value on Recurring Basis | Assets measured at fair value on a recurring basis are summarized below (in millions):
| Fair Value Measurements as of March 31, 2024
| Total |  | Level 1 |  | Level 2 |  | Level 3
Short-term investments (1), (2): |  |  |  |  |  |  |
Money market funds | $ | 348 |  |  | $ | 348 |  |  | $ | — |  |  | $ | — |
Corporate obligations | 5,010 |  |  | — |  |  | 5,010 |  |  | — |
Bank notes/certificates of deposit/time deposits | 1,884 |  |  | — |  |  | 1,884 |  |  | — |
Repurchase agreements | 450 |  |  | — |  |  | 450 |  |  | — |
| 7,692 |  |  | 348 |  |  | 7,344 |  |  | — |
Restricted cash and short-term investments (1), (3) | 895 |  |  | 436 |  |  | 459 |  |  | — |
Long-term investments (4) | 117 |  |  | 117 |  |  | — |  |  | — |
Total | $ | 8,704 |  |  | $ | 901 |  |  | $ | 7,803 |  |  | $ | — |
(1)All short-term investments are classified as available-for-sale and stated at fair value. Unrealized gains and losses are recorded in accumulated other comprehensive loss at each reporting period. There were no credit losses. (2)American’s short-term investments mature in one year or less. (3)Restricted cash and short-term investments primarily include collateral held to support workers’ compensation obligations and collateral associated with the payment of interest for the AAdvantage Financing. Restricted short-term investments mature in one year or less except for $207 million as of March 31, 2024. (4)Long-term investments include American’s equity investments in China Southern Airlines Company Limited (China Southern Airlines), Vertical Aerospace Ltd. (Vertical) and GOL Linhas Aéreas Inteligentes S.A. (GOL). See Note 7 for further information on American’s equity investments.
Schedule of Carrying Value and Estimated Fair Value of Long-Term Debt, Including Current Maturities | The carrying value and estimated fair value of American’s long-term debt, including current maturities, were as follows (in millions):
| March 31, 2024 |  | December 31, 2023
| Carrying Value |  | Fair Value |  | Carrying Value |  | Fair Value
Long-term debt, including current maturities | $ | 26,606 |  |  | $ | 26,763 |  |  | $ | 27,177 |  |  | $ | 27,008 |

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