Let $A$ and $B$ be $n\times n$ complex Hermitian (or real symmetric) matrices with eigenvalues $a_1 \ge \dots \ge a_n$ and $b_1 \ge \dots \ge b_n$. All possible inertia values, ranks, and multiple eigenvalues of $A + B$ are determined. Extension of the results to the sum of $k$ matrices with $k > 2$ and connections of the results to other subjects such as algebraic combinatorics are also discussed.