The following table presents our pension plan assets by asset category at July 28, 2019, and July 29, 2018: Fair Value as of July 28, 2019 Fair Value Measurements at July 28, 2019 Using Fair Value Hierarchy Fair Value as of July 29, 2018 Fair Value Measurements at July 29, 2018 Using Fair Value Hierarchy Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Short-term investments $ 78 $ 32 $ 46 $ — $ 61 $ 29 $ 32 $ — Equities: U.S. 267 267 — — 284 284 — — Non-U.S. 217 217 — — 230 230 — — Corporate bonds: U.S. 635 — 635 — 597 — 597 — Non-U.S. 142 — 142 — 138 — 138 — Government and agency bonds: U.S. 73 — 73 — 70 — 70 — Non-U.S. 29 — 29 — 33 — 33 — Municipal bonds 64 — 64 — 61 — 61 — Mortgage and asset backed securities 36 — 36 — 15 — 15 — Real estate 9 5 — 4 10 4 — 6 Hedge funds 32 — 32 34 — — 34 Derivative assets 4 — 4 — 8 — 8 — Derivative liabilities (6) — (6) — (4) — (4) — Total assets at fair value $ 1,580 $ 521 $ 1,023 $ 36 $ 1,537 $ 547 $ 950 $ 40 Investments measured at net asset value: Short-term investments 23 21 Commingled funds: Equities 319 310 Fixed income 35 31 Blended 84 85 Real estate 107 89 Hedge funds 76 95 Total investments measured at net asset value: 644 631 Other items to reconcile to fair value of plan assets (71 ) (14 ) Total pension plan assets at fair value $ 2,153 $ 2,154 Short-term investments —  Investments include cash and cash equivalents, and various short-term debt instruments and short-term investment funds. Institutional short-term investment vehicles valued daily are classified as Level 1 at cost which approximates market value. Short-term debt instruments are classified at Level 2 and are valued based on bid quotations and recent trade data for identical or similar obligations. Other investments valued based upon net asset value are included as a reconciling item to the fair value table. Equities —  Common stocks and preferred stocks are classified as Level 1 and are valued using quoted market prices in active markets. Corporate bonds —  These investments are valued based on quoted market prices, yield curves and pricing models using current market rates. Government and agency bonds —  These investments are generally valued based on bid quotations and recent trade data for identical or similar obligations. 64