Table of Contents Pension plan assets measured at fair value on a recurring basis as well as cash are presented in the following tables. (1) Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in this table for these investments are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Plan's Statement of Financial Position. The limited partnership investments held within the plan are recorded at fair value, which represents the plan's share of net asset value of each partnership, as determined by the general partner. Limited partnerships comprising 79% and 81% of the carrying value as of December 31, 2019 and 2018 employ hedge fund strategies that generate returns through investing in marketable securities in the public fixed income and equity markets and the remainder were primarily invested in private debt and equity. Within hedge fund strategies, approximately 62% were equity related, 31% pursued a multi-strategy approach and 7% were focused on distressed investments as of December 31, 2019. For a discussion of the fair value levels and the valuation methodologies used to measure fixed maturity securities, equities, derivatives and short term investments, see Note C to the Consolidated Financial Statements. 116 (In millions) Level 1 Level 2 Level 3 Total Assets Fixed maturity securities: Corporate bonds and other $ — $ 587 $ 10 $ 597 States, municipalities and political subdivisions — 51 — 51 Asset-backed — 154 — 154 Total fixed maturity securities — 792 10 802 Equity securities 458 128 — 586 Short term investments 55 7 — 62 Other assets — 9 — 9 Cash 13 — — 13 Total assets measured at fair value $ 526 $ 936 $ 10 1,472 Total limited partnerships measured at net asset value  (1) 813 Total $ 2,285 December 31, 2019 December 31, 2018 (In millions) Level 1 Level 2 Level 3 Total Assets Fixed maturity securities: Corporate bonds and other $ — $ 472 $ 10 $ 482 States, municipalities and political subdivisions — 58 — 58 Asset-backed — 165 — 165 Total fixed maturity securities — 695 10 705 Equity securities 331 110 — 441 Short term investments 27 54 — 81 Other assets — 9 — 9 Cash — — — — Total assets measured at fair value $ 358 $ 868 $ 10 1,236 Total limited partnerships measured at net asset value  (1) 789 Total $ 2,025