Coca Cola 2015 Annual Report Download - page 132
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December 31, 2014
Level 1
Level 2
Level 3
Netting
Adjustment1
Fair Value
Measurements
Assets:
Trading securities2$ 228
$ 177
$ 4
$ —
$ 409
Available-for-sale securities24,116
3,627
136 3 —
7,879
Derivatives4
9
1,721
—
(437)
1,293 5
Total assets $ 4,353
$ 5,525
$ 140
$ (437)
$ 9,581
Liabilities:
Derivatives4
$ 2
$ 558
$ —
$ (437)
$ 123 5
Total liabilities $ 2
$ 558
$ —
$ (437)
$ 123
1 Amounts represent the impact of legally enforceable master netting agreements that allow the Company to settle net positive and negative positions and also cash collateral held or
placed with the same counterparties. There are no amounts subject to legally enforceable master netting agreements that management has chosen not to offset or that do not meet
the offsetting requirements. Refer to Note 5.
2 Refer to Note 3 for additional information related to the composition of our trading securities and available-for-sale securities.
3 Primarily related to long-term debt securities that mature in 2018.
4 Refer to Note 5 for additional information related to the composition of our derivative portfolio.
5 The Company's derivative financial instruments are recorded at fair value in our consolidated balance sheet as follows: $567 million in the line item prepaid expenses and other
assets; $726 million in the line item other assets; $14 million in the line item accounts payable and accrued expenses; and $109 million in the line item other liabilities. Refer to
Note 5 for additional information related to the composition of our derivative portfolio.
Gross realized and unrealized gains and losses on Level 3 assets and liabilities were not significant for the years ended December 31, 2015 and 2014.
The Company recognizes transfers between levels within the hierarchy as of the beginning of the reporting period. Gross transfers between levels within the
hierarchy were not significant for the years ended December 31, 2015 and 2014.
Nonrecurring Fair Value Measurements
In addition to assets and liabilities that are recorded at fair value on a recurring basis, the Company records assets and liabilities at fair value on a
nonrecurring basis as required by accounting principles generally accepted in the United States. Generally, assets are recorded at fair value on a nonrecurring
basis as a result of impairment charges.
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