Table of Contents The following table presents U.S. pension plan investments measured at fair value on a recurring basis as of December 31, 2020 and 2019: The following table presents non-U.S. pension plan investments measured at fair value on a recurring basis as of December 31, 2020 and 2019: (1) Level 2 equity and fixed income securities are primarily in pooled asset and mutual funds and are valued based on underlying net asset value multiplied by the number of shares held. The underlying asset values are based on observable inputs and quoted market prices. (2) Cash equivalents represent investment in a collective short term investment fund, which is a cash sweep for uninvested cash that earns interest monthly. For these investments, book value is assumed to equal fair value due to the short duration of the investment term. (3) Represents investments in commingled funds with exposure to a variety of hedge fund strategies, which are not publicly traded and have ongoing redemption restrictions. The Company’s interest in these investments is measured at net asset value per share as a practical expedient for fair value, which is derived from the underlying asset values in these funds, only some of which represent observable inputs and quoted market prices. The Company expects to make contributions totaling $36 to its defined benefit pension plans in 2021. Hexion Inc. |  104  | 2020 Form 10-K Projections of Plan Contributions and Benefit Payments 2020 2019 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Unobserv- able Inputs (Level 3) Total Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Unobserv- able Inputs (Level 3) Total Large cap equity funds  $ —  $ 35  $ —  $ 35  $ —  $ 37  $ —  $ 37  Small/mid cap equity funds  —  5  —  5  —  6  —  6  International equity funds  —  25  —  25  —  27  —  27  Fixed income securities  —  107  —  107  —  103  —  103  Cash equivalents  —  2  —  2  —  2  —  2  $ —  $ 174  $ —  $ 174  $ —  $ 175  $ —  $ 175  Investments measured at fair value using net asset value as a practical expedient: Other funds  $ 23  $ 22  Total $ 197  $ 197  (1) (1) (1) (1) (2) (3) 2020 2019 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Unobserv- able Inputs (Level 3) Total Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Unobserv- able Inputs (Level 3) Total Pooled insurance products with fixed income guarantee  $ —  $ 15  $ —  $ 15  $ —  $ 13  $ —  $ 13  Cash equivalents  —  —  —  —  —  1  —  1  $ —  $ 15  $ —  $ 15  $ —  $ 14  $ —  $ 14  Investments measured at fair value using net asset value as a practical expedient: Other international equity funds  $ 135  $ 108  Other fixed income securities  464  361  Total $ 614  $ 483  (1) (2) (3) (3) Fair Value Measurements Using Fair Value Measurements Using