Table of Contents Other investments.  These investments include, among others: (i) exchange traded funds, such as gold, and real estate investment trusts and are valued based on the closing price reported in an active market on which the investments are traded (included in Level 1) and (ii) direct investments of discretionary and systematic macro hedge funds and private real estate (includes limited partnerships) and are valued at net asset value. The fair value methods described above may not be indicative of net realizable value or reflective of future fair values. Additionally, while Howmet believes the valuation methods used by the plans’ trustees are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different fair value measurement at the reporting date. The following table presents the fair value of pension plan assets classified under the appropriate level of the fair value hierarchy or net asset value: As of December 31, 2020, the total fair value of pension plans’ assets excludes a net payable of $ 76, which represents securities purchased and sold but not yet settled plus interest and dividends earned on various investments. (1) December 31, 2020 Level 1 Level 2 Net Asset Value Total Equities: Equity securities $ 274  $ 89  $ 68  $ 431  Long/short equity hedge funds —  —  77  77  Private equity —  —  87  87  $ 274  $ 89  $ 232  $ 595  Fixed income: Intermediate and long duration government/credit $ 78  $ 579  $ 31  $ 688  Other 63  254  —  317  $ 141  $ 833  $ 31  $ 1,005  Other investments: Real estate $ 31  $ —  $ 52  $ 83  Discretionary and systematic macro hedge funds —  —  94  94  Other —  —  23  23  $ 31  $ —  $ 169  $ 200  Net plan assets $ 446  $ 922  $ 432  $ 1,800  (1) December 31, 2019 Level 1 Level 2 Net Asset Value Total Equities Equity securities $ 590  $ —  $ 508  $ 1,098  Long/short equity hedge funds —  —  260  260  Private equity —  —  155  155  $ 590  $ —  $ 923  $ 1,513  Fixed income: Intermediate and long duration government/credit $ 121  $ 1,047  $ 1,003  $ 2,171  Other 126  7  144  277  $ 247  $ 1,054  $ 1,147  $ 2,448  Other investments: Real estate $ 104  $ —  $ 165  $ 269  Discretionary and systematic macro hedge funds —  —  405  405  Other —  —  240  240  $ 104  $ —  $ 810  $ 914  Net plan assets $ 941  $ 1,054  $ 2,880  $ 4,875  (2) As of December 31, 2019, the total fair value of pension plans’ assets excludes a net receivable of $7, which represents securities purchased and sold but not yet settled plus interest and dividends earned on various investments. (2) 76