PART II  ITEM 8 Financial Statements and Supplementary Data The determination of where assets and liabilities fall within this hierarchy  is based upon the lowest level of input that is significant to the fair  value measurement. The following is a listing of our assets and liabilities  required to be measured at fair value on a recurring basis and where  they are classified within the fair value hierarchy, as described in Note 1  (in millions). The carrying values of all other financial instruments approximated  their fair values at December 31, 2013 and 2012. Refer to Note 2 for  fair value information related to our outstanding debt obligations as of  December 31, 2013 and 2012. Our cash and cash equivalents include money market securities, treasury  bills, and commercial papers which are readily convertible into cash with  maturities of three months or less when purchased. All of these instruments  are considered to be highly liquid and easily tradable. These securities are  valued using inputs observable in active markets for identical securities  and are therefore classified as Level 1 within our fair value hierarchy. Included in our available-for-sale investment securities are certificates of  deposits and commercial paper with original maturities greater than 90 days  but less than one year. The fair values of these instruments are based on  observable inputs in non-active markets, which are therefore classified as  Level 2 in the hierarchy. At December 31, 2012, we also held treasury bills  with maturities greater than three months when purchased. The fair value  of the treasury bills are based on actively traded quoted market prices and  are therefore classified as Level 1 in the hierarchy. We did not record any  material gains or losses on these securities during the twelve months ended  December 31, 2013 or 2012. Our jet fuel swaps, jet fuel, heating oil and crude oil collars, and crude oil  caps are not traded on public exchanges. Their fair values are determined  using a market approach based on inputs that are readily available from  public markets for commodities and energy trading activities; therefore,  they are classified as Level 2 inputs. The data inputs are combined into  quantitative models and processes to generate forward curves and  volatilities related to the specific terms of the underlying hedge contracts. The fair values of our interest rate swaps are based on inputs received  from the related counterparty, which are based on observable inputs for  active swap indications in quoted markets for similar terms. Their fair  values are determined using a market approach based on inputs that  are readily available from public markets; therefore, they are classified  as Level 2 inputs. Interest rate swaps Cash and Cash Equivalents Available-for-sale investment securities Aircraft fuel derivatives As of December 31, 2013 Level 1 Level 2 Level 3 Total Assets Cash and cash equivalents $ 51 $ — $ — $ 51 Restricted cash — — — — Available-for-sale investment securities — 188 — 188 Aircraft fuel derivatives — 6 — 6 $ 51 $ 194 $ — $ 245 Liabilities Interest rate swap — 3 — 3 $ — $ 3 $ — $ 3 As of December 31, 2012 Level 1 Level 2 Level 3 Total Assets Cash and cash equivalents $ 84 $ — $ — $ 84 Restricted cash 4 — — 4 Available-for-sale investment securities 68 207 — 275 $ 156 $ 207 $ — $ 363 Liabilities Aircraft fuel derivatives $ — $ 1 $ — $ 1 Interest rate swap — 12 — 12 $ — $ 13 $ — $ 13 JETBLUE AIRWAYS CORPORATION  -  2013 Annual Report 62