Coca Cola 2015 Annual Report Download - page 135

Other Postretirement Benefit Plan Assets
The following table summarizes the levels within the fair value hierarchy for our other postretirement benefit plan assets as of December 31, 2015 and 2014
(in millions):

December 31, 2014




Level 1
Level 2
Level 3 1
Total
Cash and cash equivalents  
 
 
 
$ 9
$ 1
$ —
$ 10
Equity securities:
U.S.-based companies 



114
—
—
114
International-based companies 



7
—
—
7
Fixed-income securities:
Government bonds 



76
3
—
79
Corporate bonds and debt securities 



—
9
—
9
Mutual, pooled and commingled funds 



10
6
—
16
Hedge funds/limited partnerships 



—
1
4
5
Real estate 



—
—
3
3
Other 



—
—
3
3
Total  
 
 
 
$ 216
$ 20
$ 10
$ 246
1 Level 3 assets are not a significant portion of other postretirement benefit plan assets.
Other Fair Value Disclosures
The carrying amounts of cash and cash equivalents; short-term investments; receivables; accounts payable and accrued expenses; and loans and notes
payable approximate their fair values because of the relatively short-term maturities of these financial instruments.
The fair value of our long-term debt is estimated using Level 2 inputs based on quoted prices for those instruments. Where quoted prices are not available,
fair value is estimated using discounted cash flows and market-based expectations for interest rates, credit risk and the contractual terms of the debt
instruments. As of December 31, 2015, the carrying amount and fair value of our long-term debt, including the current portion, were $31,084 million and
$31,308 million, respectively. As of December 31, 2014, the carrying amount and fair value of our long-term debt, including the current portion, were
$22,615 million and $23,411 million, respectively.

Other Operating Charges
In 2015, the Company incurred other operating charges of $1,657 million. These charges primarily consisted of $691 million due to the Company's
productivity and reinvestment program and $292 million due to the integration of our German bottling operations. In addition, the Company recorded
impairment charges of $418 million primarily due to the discontinuation of the energy products in the glacéau portfolio as a result of the Monster
Transaction and incurred a charge of $100 million due to a cash contribution we made to The Coca-Cola Foundation. The Company also incurred a charge of
$111 million due to the write-down of receivables from our bottling partner in Venezuela and an impairment of a Venezuelan trademark primarily due to
changes in exchange rates as a result of the establishment of the new open market exchange system. Refer to Note 18 for additional information on the
Company's productivity, integration and restructuring initiatives. Refer to Note 2 for additional information on the Monster Transaction. Refer to Note 1 for
additional information on the Venezuelan currency change. Refer to Note 19 for the impact these charges had on our operating segments.
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