NOTES TO CONSOLIDATED FINANCIAL STATEMENTS OF AMERICAN AIRLINES GROUP INC. Benefit Plan Assets Measured at Fair Value on a Recurring Basis 103 The fair value of our pension plan assets at December 31, 2019 and 2018, by asset category, were as follows (in millions): Fair Value Measurements as of December 31, 2019 Asset Category Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Cash and cash equivalents $ 20 $ — $ — $ 20 Equity securities: International markets  (a), (b) 2,769 — — 2,769 Large-cap companies  (b) 2,312 — — 2,312 Mid-cap companies  (b) 543 — — 543 Small-cap companies  (b) 97 — — 97 Mutual funds  (c) 68 — — 68 Fixed income: Corporate debt  (d) — 2,804 — 2,804 Government securities  (e) — 923 — 923 U.S. municipal securities — 51 — 51 Mortgage backed securities — 4 — 4 Alternative instruments: Private market partnerships  (f) — — 10 10 Private market partnerships measured at net asset value  (f), (g) — — — 1,464 Common/collective trusts  (h) — 358 — 358 Common/collective trusts and 103-12 Investment Trust measured at net asset value  (g), (h) — — — 1,423 Insurance group annuity contracts — — 2 2 Dividend and interest receivable 53 — — 53 Due to/from brokers for sale of securities – net (4) — — (4) Total $ 5,858 $ 4,140 $ 12 $ 12,897 $^{(a)}$  Holdings are diversified as follows: 14% United Kingdom, 8% Switzerland, 8% Ireland, 7% Japan, 7% France, 6% South Korea, 6% Canada, 18% emerging markets and the remaining 26% with no concentration greater than 5% in any one country. $^{(b)}$  There are no significant concentrations of holdings by company or industry. $^{(c)}$  Investment includes mutual funds invested 40% in equity securities of large-cap, mid-cap and small-cap U.S. companies, 33% in U.S. treasuries and corporate bonds and 27% in equity securities of international companies. $^{(d)}$  Includes approximately 76% investments in corporate debt with a S&P rating lower than A and 24% investments in corporate debt with a S&P rating A or higher. Holdings include 86% U.S. companies, 11% international companies and 3% emerging market companies. $^{(e)}$  Includes approximately 79% investments in U.S. domestic government securities, 13% in emerging market government securities and 8% in international government securities. There are no significant foreign currency risks within this classification.