Table of Contents NOTES TO CONSOLIDATED FINANCIAL STATEMENTS OF AMERICAN AIRLINES GROUP INC 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. (1) Our short-term investments as of December 31, 2020 mature in one year or less except for $235 million of bank notes/certificates of deposit/time deposits. (2) Restricted cash and short-term investments primarily include money market funds to be used to finance a substantial portion of the cost of the renovation and expansion of Terminal 8 at JFK and collateral held to support workers' compensation obligations. (3) Long-term investments primarily include our equity investment in China Southern Airlines, in which we presently own a 1.8% equity interest, and are classified in other assets on the consolidated balance sheets. (4) The fair value of our long-term debt was estimated using quoted market prices or discounted cash flow analyses, based on our current estimated incremental borrowing rates for similar types of borrowing arrangements. If our long-term debt was measured at fair value, it would have been classified as Level 2 except for $2.3 billion which would have been classified as Level 3 in the fair value hierarchy. The carrying value and estimated fair value of our long-term debt, including current maturities, were as follows (in millions): Fair Value Measurements as of December 31, 2019 Total Level 1 Level 2 Level 3 Short-term investments  : Money market funds $ 333  $ 333  $ —  $ —  Bank notes/certificates of deposit/time deposits 2,107  —  2,107  —  Corporate obligations 1,021  —  1,021  —  Repurchase agreements 85  —  85  —  3,546  333  3,213  —  Restricted cash and short-term investments  158  10  148  —  Long-term investments  204  204  —  —  Total $ 3,908  $ 547  $ 3,361  $ —  (1) (1) (4) December 31, 2020 December 31, 2019 Carrying Value Fair Value Carrying Value Fair Value Long-term debt, including current maturities $ 32,021  $ 30,454  $ 23,645  $ 24,508  Fair Value of Debt Other Investments We have an approximate 25% ownership interest in Republic Holdings, which we received in 2017 in consideration for our unsecured claim in the Republic Holdings bankruptcy case. This ownership interest is accounted for under the equity method and our portion of Republic Holdings’ financial results is recognized within other, net on the consolidated statements of operations and the investment is reflected within other assets on our consolidated balance sheets. 128