The following tables present, by level within the fair value hierarchy, TEP’s assets and liabilities accounted for at fair value through net income on a recurring basis classified in their entirety based on the lowest level of input that is significant to the fair value measurement:



	Level 1		Level 2			Level 3		Total
(in millions)	December 31, 2019
Assets
Restricted Cash ⁽¹⁾	$	18	$	—		$	—	$	18
Energy Derivative Contracts, Regulatory Recovery ⁽²⁾	—		3			—		3
Energy Derivative Contracts, No Regulatory Recovery ⁽²⁾	—		3			—		3
Total Assets	18		6			—		24
Liabilities
Energy Derivative Contracts, Regulatory Recovery ⁽²⁾	—		(76		)	—		(76		)
Total Liabilities	—		(76		)	—		(76		)
Total Assets (Liabilities), Net	$	18	$	(70	)	$	—	$	(52	)



(in millions)	December 31, 2018
Assets
Cash Equivalents ⁽¹⁾	$	55	$	—		$	—		$	55
Restricted Cash ⁽¹⁾	15		—			—			15
Energy Derivative Contracts, Regulatory Recovery ⁽²⁾	—		10			—			10
Energy Derivative Contracts, No Regulatory Recovery ⁽²⁾	—		—			2			2
Total Assets	70		10			2			82
Liabilities
Energy Derivative Contracts, Regulatory Recovery ⁽²⁾	—		(35		)	(2		)	(37		)
Total Liabilities	—		(35		)	(2		)	(37		)
Total Assets (Liabilities), Net	$	70	$	(25	)	$	—		$	45

Energy Derivative Contracts include gas swap agreements (Level 2) and forward purchased power and sales contracts (Level 2 as of December 31, 2019 and Level 3 as of December 31, 2018) entered into to reduce exposure to energy price risk. These contracts are included in Derivative Instruments on the Consolidated Balance Sheets. In 2019, Derivative Contract Liabilities increased primarily due to decreases in forward market prices of natural gas and increases in volume.

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