Percent of total plan assets foreign plans

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Notes to Consolidated Financial Statements — (Continued)Becton, Dickinson and Company  
  
investments are traded or have a readily determinable fair value based on published prices obtained from fund managers which represent the price at which the instruments can be redeemed at period end. The U.S. pension plan has no future funding commitments associated with these investments and has the right to redeem them upon one day’s notice, at any time and without restriction.Cash and Cash EquivalentsA portion of the U.S. plans’ assets consists of investments in cash and cash equivalents, primarily to accommodate liquidity requirements relating to trade settlement and benefit payment activity, and the values of these assets are based upon quoted market prices.Other SecuritiesOther U.S. pension plan assets include fund investments comprised of hedge funds. The values of such instruments classified within Level 1 are based on the closing price reported on the major market on which the investments are traded. International PlansInternational plan assets comprise 32% of the Company’s total benefit plan assets, based on market value at September 30, 2021. Such plans have local independent fiduciary committees, with responsibility for development and oversight of investment policy, including asset allocation decisions. In making such decisions, consideration is given to local regulations, investment practices and funding rules.The following table provides the fair value measurements of international plan assets, as well as the measurement techniques and inputs utilized to measure fair value of these assets, at September 30, 2021 and 2020.

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|  |  |  |  |  |  |  |  |  | Basis of fair value measurement (See Note 1) |
| (Millions of dollars) | Total InternationalPlan AssetBalances |  | Investments Measured at Net Asset Value |  | Level 1 |  | Level 2 |  | Level 3 (a) |
|  | 2021 |  | 2020 |  | 2021 |  | 2020 |  | 2021 |  | 2020 |  | 2021 |  | 2020 |  | 2021 |  | 2020 |
| Fixed Income: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Corporate bonds | $ | 55  |  |  | $ | 34  |  |  | $ | —  |  |  | $ | —  |  |  | $ | 37  |  |  | $ | 15  |  |  | $ | 18  |  |  | $ | 19  |  |  | $ | —  |  |  | $ | —  |  |
| Government and agency-U.S. | 13  |  |  | 3  |  |  | —  |  |  | —  |  |  | 10  |  |  | —  |  |  | 3  |  |  | 3  |  |  | —  |  |  | —  |  |
| Government and agency-Foreign | 264  |  |  | 212  |  |  | —  |  |  | —  |  |  | 249  |  |  | 115  |  |  | 15  |  |  | 97  |  |  | —  |  |  | —  |  |
| Other fixed income | 121  |  |  | 102  |  |  | —  |  |  | —  |  |  | 72  |  |  | 63  |  |  | 49  |  |  | 39  |  |  | —  |  |  | —  |  |
| Equity securities | 297  |  |  | 335  |  |  | —  |  |  | —  |  |  | 297  |  |  | 335  |  |  | —  |  |  | —  |  |  | —  |  |  | —  |  |
| Cash and cash equivalents | 14  |  |  | 12  |  |  | —  |  |  | —  |  |  | 14  |  |  | 12  |  |  | —  |  |  | —  |  |  | —  |  |  | —  |  |
| Real estate | 44  |  |  | 34  |  |  | —  |  |  | —  |  |  | 2  |  |  | —  |  |  | 31  |  |  | 24  |  |  | 11  |  |  | 10  |  |
| Insurance contracts | 118  |  |  | 131  |  |  | —  |  |  | —  |  |  | —  |  |  | —  |  |  | —  |  |  | —  |  |  | 118  |  |  | 131  |  |
| Other | 107  |  |  | 72  |  |  | —  |  |  | —  |  |  | 84  |  |  | 70  |  |  | 8  |  |  | 1  |  |  | 15  |  |  | —  |  |
| Fair value of plan assets | $ | 1,033  |  |  | $ | 935  |  |  | $ | —  |  |  | $ | —  |  |  | $ | 765  |  |  | $ | 611  |  |  | $ | 124  |  |  | $ | 183  |  |  | $ | 145  |  |  | $ | 141  |  |

86
