Sony 2015 Annual Report Download - page 195
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SONY CORPORATION AND CONSOLIDATED SUBSIDIARIES
*4 Represents annuity contracts with or without profit sharing.
*5 Commingled funds represent pooled institutional investments including mutual funds, common trust funds,
and collective investment funds. They are primarily comprised of foreign equities and fixed income
investments.
*6 Includes primarily private real estate investment trusts.
Each level in the fair value hierarchy in which each plan asset is classified is determined based on inputs
used to measure the fair values of the asset, and does not necessarily indicate the risks or rating of the asset.
The following is a description of the valuation techniques used to measure Japanese and foreign plan assets
at fair value. The valuation techniques are applied consistently from period to period.
Equity securities are valued at the closing price reported in the active market in which the individual
securities are traded. These assets are generally classified as level 1.
The fair value of fixed income securities is typically estimated using pricing models, quoted prices of
securities with similar characteristics or discounted cash flows and are generally classified as level 2.
Commingled funds are typically valued using the net asset value provided by the administrator of the fund
and reviewed by Sony. The net asset value is based on the value of the underlying assets owned by the fund,
minus liabilities and divided by the number of shares or units outstanding. These assets are classified as level 1,
level 2 or level 3 depending on availability of quoted market prices.
Commodity funds are valued using inputs that are derived principally from or corroborated by observable
market data. These assets are generally classified as level 2.
Private equity and private real estate investment trust valuations require significant judgment due to the
absence of quoted market prices, the inherent lack of liquidity and the long-term nature of such assets. These
assets are initially valued at cost and are reviewed periodically utilizing available and relevant market data to
determine if the carrying value of these assets should be adjusted. These investments are classified as level 3.
Hedge funds are valued using the net asset value as determined by the administrator or custodian of the
fund. These investments are classified as level 3.
F-61