Pepsi 2015 Annual Report Download - page 123

Download and view the complete annual report

Please find page 123 of the 2015 Pepsi annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 168

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122
  • 123
  • 124
  • 125
  • 126
  • 127
  • 128
  • 129
  • 130
  • 131
  • 132
  • 133
  • 134
  • 135
  • 136
  • 137
  • 138
  • 139
  • 140
  • 141
  • 142
  • 143
  • 144
  • 145
  • 146
  • 147
  • 148
  • 149
  • 150
  • 151
  • 152
  • 153
  • 154
  • 155
  • 156
  • 157
  • 158
  • 159
  • 160
  • 161
  • 162
  • 163
  • 164
  • 165
  • 166
  • 167
  • 168

Table of Contents
106
Plan assets measured at fair value as of fiscal year-end 2015 and 2014 are categorized consistently by level
in both years, and are as follows:
2015 2014
Total
Quoted Prices in
Active Markets for
Identical Assets
(Level 1)
Significant
Other
Observable
Inputs (Level 2)
Significant
Unobservable
Inputs (Level 3) Total
U.S. plan assets (a)
Equity securities:
U.S. common stock (b) $ 1,415 $ 1,415 $ — $ — $ 966
U.S. commingled funds (c) (d) 2,369 — 2,369 — 3,437
International common stock (b) 1,203 1,203 — — 1,488
International commingled fund (e) 1,113 — 1,113 — 876
Preferred stock (f) 9— 9 — 22
Fixed income securities:
Government securities (f) 1,181 — 1,181 — 1,279
Corporate bonds (f) (g) 3,191 — 3,191 — 3,338
Mortgage-backed securities (f) 207 — 207 — 274
Other:
Contracts with insurance companies (h) 7— — 76
Real estate commingled funds (i) 735 — — 735 629
Cash and cash equivalents 267 267 — — 267
Sub-total U.S. plan assets 11,697 $ 2,885 $ 8,070 $ 742 12,582
Dividends and interest receivable 54 57
Total U.S. plan assets $ 11,751 $ 12,639
International plan assets
Equity securities:
U.S. common stock (b) $4
$ 4$ —$ —$ 5
U.S. commingled funds (c) 198 — 198 — 373
International common stock (b) 148 148 — — 171
International commingled funds (e) 1,142 — 1,142 — 918
Preferred stock (f) ————1
Fixed income securities:
Government securities (f) 433 — 433 — 454
Corporate bonds (f) 439 — 439 — 320
Fixed income commingled funds (j) 308 — 308 — 517
Other:
Contracts with insurance companies (h) 32 — — 32 36
Currency commingled fund (k) ————87
Real estate commingled fund (i) 100 — — 100 92
Cash and cash equivalents 12 12 — — 21
Sub-total international plan assets 2,816 $ 164 $ 2,520 $ 132 2,995
Dividends and interest receivable 77
Total international plan assets $ 2,823 $ 3,002
(a) 2015 and 2014 amounts include $354 million and $415 million, respectively, of retiree medical plan assets that are restricted for purposes of
providing health benefits for U.S. retirees and their beneficiaries.
(b) Based on quoted market prices in active markets.
(c) Based on the fair value of the investments owned by these funds that track various U.S. large, mid-cap and small company indices.
(d) Includes one large-cap fund that represents 18% and 25% of total U.S. plan assets for 2015 and 2014, respectively.
(e) Based on the fair value of the investments owned by these funds that track various non-U.S. equity indices.
(f) Based on quoted bid prices for comparable securities in the marketplace and broker/dealer quotes in active markets.
(g) Corporate bonds of U.S.-based companies represent 23% of total U.S. plan assets for both 2015 and 2014.
(h) Based on the fair value of the contracts as determined by the insurance companies using inputs that are not observable.
(i) Based on the appraised value of the investments owned by these funds as determined by independent third parties using inputs that are not observable.
(j) Based on the fair value of the investments owned by these funds that track various government and corporate bond indices.
(k) Based on the fair value of the investments owned by this fund that invests primarily in derivatives to hedge currency exposure.