Assets (Liabilities) Measured at Fair Value on a Recurring Basis(1) | | | | | | | | | | | | | | | | December 31, 2019 | Valuation
Technique | | (in millions) | Total | Level 1 | Level 2 | | Cash equivalents | $ | 586 | | $ | 586 | | $ | — | | (a) | | Restricted cash equivalents | 847 | | 847 | | — | | (a) | | Long-term investments | 1,099 | | 881 | | 218 | | (a) | | Hedge derivatives, net | | | | | | Fuel hedge contracts | 1 | | (1) | | 2 | | (a)(b) | | Interest rate contracts | 61 | | — | | 61 | | (a) | | Foreign currency exchange contracts | 6 | | — | | 6 | | (a) |
| | | | | | | | | | | | | | | | December 31, 2018 | Valuation
Technique | | (in millions) | Total | Level 1 | Level 2 | | Cash equivalents | $ | 1,222 | | $ | 1,222 | | $ | — | | (a) | | Restricted cash equivalents | 1,183 | | 1,183 | | — | | (a) | | Short-term investments | | | | | | U.S. government securities | 50 | | 45 | | 5 | | (a) | | Asset- and mortgage-backed securities | 36 | | — | | 36 | | (a) | | Corporate obligations | 90 | | — | | 90 | | (a) | | Other fixed income securities | 27 | | — | | 27 | | (a) | | Long-term investments | 1,090 | | 880 | | 210 | | (a) | | Hedge derivatives, net | | | | | | Fuel hedge contracts | 15 | | 20 | | (5) | | (a)(b) | | Interest rate contracts | 1 | | — | | 1 | | (a) | | Foreign currency exchange contracts | (3) | | — | | (3) | | (a) |
(1)See Note 10, "Employee Benefit Plans," for fair value of benefit plan assets.
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