Table of Contents NOTES TO CONSOLIDATED FINANCIAL STATEMENTS OF AMERICAN AIRLINES, INC. 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. (a) There are no significant concentrations of holdings by company or industry. (b) 188 Includes limited partnerships that invest primarily in domestic private equity and private income opportunities. The pension plan’s master trust does not have the right to redeem its limited partnership investment at its net asset value, but rather receives distributions as the underlying assets are liquidated. It is estimated that the underlying assets of these funds will be gradually liquidated over the next one to ten years. Additionally, the pension plan’s master trust has future funding commitments of approximately $1.6 billion over the next ten years. (e) Certain investments that are measured using net asset value per share (or its equivalent) as a practical expedient for fair value have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the notes to the consolidated financial statements. (f) Investment includes 34% in a common/collective trust investing in large market capitalization equity securities within the U.S., 30% in three common/collective trusts investing in emerging country equity securities, 21% in a common/collective trust investing in equity securities of companies located outside the U.S., 9% in a collective interest trust investing primarily in short-term securities, 5% in a common/collective trust investing in smaller market capitalization equity securities within the U.S. and 1% in Canadian segregated balanced value, income growth and diversified pooled funds. For some trusts, requests for withdrawals must meet specific requirements with advance notice of redemption preferred. (g) 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  2,769  —  —  2,769  Large-cap companies  2,312  —  —  2,312  Mid-cap companies  543  —  —  543  Small-cap companies  97  —  —  97  Fixed income: Corporate debt  —  2,804  —  2,804  Government securities  —  923  —  923  U.S. municipal securities —  51  —  51  Mortgage backed securities —  4  —  4  Alternative instruments: Private market partnerships  —  —  10  10  Private market partnerships measured at net asset value  —  —  —  1,464  Common/collective trusts  —  358  —  358  Common/collective trusts and 103-12 Investment Trust measured at net asset value  —  —  —  1,423  Insurance group annuity contracts —  —  2  2  Dividend and interest receivable 53  —  —  53  Due to brokers for sale of securities – net (4) —  —  (4) Total $ 5,790  $ 4,140  $ 12  $ 12,829  (a), (b) (b) (b) (b) (c) (d) (e) (e), (f) (g) (f), (g)