Notes to Consolidated Financial Statements continued Pension Plans The fair values for the pension plans by asset category at December 31, 2017 are as follows: (dollars in millions) Asset Category Total Level 1 Level 2 Level 3 Cash and cash equivalents $ 2,889 $ 2,874 $ 15 $ Equity securities 2,795 2,794 1 Fixed income securities U.S. Treasuries and agencies 1,382 1,234 148 Corporate bonds 2,961 139 2,718 104 International bonds 1,068 17 1,031 20 Other 396 4 392 Real estate 627 627 Other Private equity 580 580 Hedge funds 845 660 185 Total investments at fair value 13,543 7,062 4,964 1,517 Investments measured at NAV 5,632 Total $ 19,175 $ 7,062 $ 4,964 $ 1,517 The fair values for the pension plans by asset category at December 31, 2016 are as follows: (dollars in millions) Asset Category Total Level 1 Level 2 Level 3 Cash and cash equivalents $ 1,228 $ 1,219 $ 9 $ Equity securities 1,883 1,883 Fixed income securities U.S. Treasuries and agencies 1,251 880 371 Corporate bonds 2,375 152 2,126 97 International bonds 713 20 679 14 Real estate 655 655 Other Private equity 624 624 Hedge funds 526 522 4 Total investments at fair value 9,255 4,154 3,707 1,394 Investments measured at NAV 5,408 Total $ 14,663 $ 4,154 $ 3,707 $ 1,394 The following is a reconciliation of the beginning and ending balance of pension plan assets that are measured at fair value using significant unobservable inputs: (dollars in millions) Equity Securities Corporate Bonds International Bonds Real Estate Private Equity Hedge Funds Total Balance at January 1, 2016 $ 3 $ 128 $ 20 $ 873 $ 609 $ $ 1,633 Actual (loss) gain on plan assets (1) (9) (2) 169 12 169 Purchases and sales (2) (22) (4) (387) 3 4 (408) Balance at December 31, 2016 $ $ 97 $ 14 $ 655 $ 624 $ 4 $ 1,394 Actual (loss) gain on plan assets (1) 76 78 153 Purchases (sales) 119 27 22 (70) (114) 183 167 Transfers out (118) (19) (16) (34) (8) (2) (197) Balance at December 31, 2017 $ 1 $ 104 $ 20 $ 627 $ 580 $ 185 $ 1,517 86 verizon.com/2017AnnualReport
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