content_image/1026912.jpg content_image/1026913.jpg
Other investments.  These investments include, among others: (i) exchange traded funds, such as gold, and real estate investment trusts and are valued based on the closing price reported in an active market on which the investments are traded (included in Level 1) and (ii) direct investments of discretionary and systematic macro hedge funds and private real estate (includes limited partnerships) and are valued at net asset value. 

The fair value methods described above may not be indicative of net realizable value or reflective of future fair values. Additionally, while Howmet believes the valuation methods used by the plans’ trustees are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different fair value measurement at the reporting date. 

The following table presents the fair value of pension plan assets classified under the appropriate level of the fair value hierarchy or net asset value: 

<img src='content_image/1026912.jpg'>

<img src='content_image/1026913.jpg'>

As of December 31, 2020, the total fair value of pension plans’ assets excludes a net payable of $ 76, which represents securities purchased and sold but not yet settled plus interest and dividends earned on various investments. (1) (2) 

As of December 31, 2019, the total fair value of pension plans’ assets excludes a net receivable of $7, which represents securities purchased and sold but not yet settled plus interest and dividends earned on various investments. 

