The following tables set forth pension financial assets that are accounted for at fair value by level within the fair value hierarchy. See Note 9, "Fair Value Measurements," for a description of each level of the fair value hierarchy. There were no significant transfers between levels during 2022 and 2021. December 31, 2022 Asset Allocation Level 1 Level 2 Level 3 Total (In millions) Cash and short-term securities $ — $ 714 $ — $ 714 11 % Public equity 1,871 216 — 2,087 33 % Fixed income — 942 — 942 15 % Derivatives (38) 2 — (36) (1)% Total (1) $ 1,833 $ 1,874 $ — $ 3,707 58 % Private - equity and debt funds (2) 1,061 17 % Insurance-linked securities (2) 159 3 % Hedge funds (2) 563 9 % Real estate funds (2) 853 13 % Total Investments $ 6,343 100 % (1) Excludes $350 million as of December 31, 2022, of receivables, payables, taxes, cash collateral for derivatives and accrued income associated with financial instruments reflected within the fair value table. (2) Net Asset Value used as a practical expedient to approximate fair value. December 31, 2021 Asset Allocation Level 1 Level 2 Level 3 Total (In millions) Cash and short-term securities $ — $ 746 $ — $ 746 8 % Public equity 2,867 286 — 3,153 35 % Fixed income — 2,453 — 2,453 27 % Derivatives 20 — — 20 — % Total (1) $ 2,887 $ 3,485 $ — $ 6,372 70 % Private - equity and debt funds (2) 811 9 % Insurance-linked securities (2) 320 4 % Hedge funds (3) 678 7 % Real estate funds (2) 886 10 % Total Investments $ 9,067 100 % (1) Excludes $(47) million as of December 31, 2021, of receivables, payables, taxes and accrued income associated with financial instruments reflected within the fair value table. (2) Net Asset Value used as a practical expedient to approximate fair value. As of December 31, 2022, and 2021, the OPEB trust investments measured at fair value were as follows: December 31, 2022 Asset Allocation Level 1 Level 2 Level 3 Total (In millions) Cash and short-term securities $ — $ 87 $ — $ 87 19 % Public equity 217 — — 217 47 % Fixed income — 157 — 157 34 % Total (1) $ 217 $ 244 $ — $ 461 100 % (1) Excludes $(1) million as of December 31, 2022, of receivables, payables, taxes and accrued income associated with financial instruments reflected within the fair value table. 94
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