Securities and Exchange Commission FORM 11 K: 11 K 1 d948091d11k.htm 11 K

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11K
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SECURITIESANDEXCHANGECOMMISSION
WASHINGTON,D.C.20549
FORM11K
ANNUALREPORTPURSUANTTOSECTION15(d)OFTHESECURITIESEXCHANGEACT
OF1934
ForthefiscalyearendedDecember31,2014
OR
TRANSITIONREPORTPURSUANTTOSECTION15(d)OFTHESECURITIESEXCHANGE
ACTOF1934
A.
FortheTransitionPeriodfromto
CommissionFileNumber:014278
Fulltitleoftheplanandtheaddressoftheplan,ifdifferentfromthatoftheissuernamedbelow:
NokiaRetirementSavingsandInvestmentPlan
NokiaInc.
7000StateHighway161
Irving,TX75039
B.
Nameofissuerofthesecuritiesheldpursuanttotheplanandtheaddressofitsprincipalexecutiveoffice:
NokiaCorporation
Karaportti3
P.O.Box226
FI00045NokiaGroup
Finland
MicrosoftCorporation
OneMicrosoftWay
Redmond,Washington980526399
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TABLEOFCONTENTS
Page
ReportsofIndependentRegisteredPublicAccountingFirms
12
FinancialStatements:
StatementsofNetAssetsAvailableforBenefitsasofDecember31,2014and2013
StatementofChangesinNetAssetsAvailableforBenefitsfortheYearEndedDecember31,2014
NotestoFinancialStatements
513
SupplementalSchedules:
Form5500,ScheduleH,Line4aScheduleofDelinquentParticipantContributionsfortheYearEndedDecember
31,2014
15
Form5500,ScheduleH,Line4iScheduleofAssets(HeldatEndofYear)asofDecember31,2014
16
NOTE:Theaccompanyingfinancialstatementshavebeenpreparedinpartforthepurposeoffilingwiththe
DepartmentofLaborsForm5500.SupplementalschedulesrequiredbySection2520.10310oftheDepartmentof
LaborsRulesandRegulationsforReportingandDisclosureundertheEmployeeRetirementIncomeSecurityActof
1974,otherthanthescheduleslistedabove,areomittedbecauseoftheabsenceoftheconditionsunderwhichthey
arerequired.
SignaturePage
17
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ReportofIndependentRegisteredPublicAccountingFirm
TotheAdministratorandParticipantsofNokiaRetirementSavingsandInvestmentPlan:
WehaveauditedtheaccompanyingstatementofnetassetsavailableforbenefitsofNokiaRetirementSavingsand
InvestmentPlan(thePlan)asofDecember31,2014,andtherelatedstatementofchangesinnetassetsavailablefor
benefitsfortheyearthenended.ThesefinancialstatementsaretheresponsibilityofthePlansmanagement.Our
responsibilityistoexpressanopiniononthesefinancialstatementsbasedonouraudit.
WeconductedourauditinaccordancewithstandardsofthePublicCompanyAccountingOversightBoard(UnitedStates).
Thosestandardsrequirethatweplanandperformtheaudittoobtainreasonableassuranceaboutwhetherthefinancial
statementsarefreeofmaterialmisstatement.ThePlanisnotrequiredtohave,norwereweengagedtoperform,anauditof
itsinternalcontroloverfinancialreporting.Ourauditincludedconsiderationofinternalcontroloverfinancialreportingasa
basisfordesigningauditproceduresthatareappropriateinthecircumstances,butnotforthepurposeofexpressingan
opinionontheeffectivenessofthePlansinternalcontroloverfinancialreporting.Accordingly,weexpressnosuchopinion.
Anauditalsoincludesexamining,onatestbasis,evidencesupportingtheamountsanddisclosuresinthefinancial
statements,assessingtheaccountingprinciplesusedandsignificantestimatesmadebymanagement,aswellasevaluating
theoverallfinancialstatementpresentation.Webelievethatourauditprovidesareasonablebasisforouropinion.
Inouropinion,suchfinancialstatementspresentfairly,inallmaterialrespects,thenetassetsavailableforbenefitsofthe
PlanatDecember31,2014,andthechangesinnetassetsavailableforbenefitsfortheyearthenendedinconformitywith
accountingprinciplesgenerallyacceptedintheUnitedStatesofAmerica.
ThesupplementalschedulesofDelinquentParticipantContributionsandofAssets(HeldatEndofYear)havebeen
subjectedtoauditproceduresperformedinconjunctionwiththeauditofthePlansfinancialstatements.Thesupplemental
schedulesaretheresponsibilityofthePlansmanagement.Ourauditproceduresincludeddeterminingwhetherthe
supplementalschedulesreconciletothefinancialstatementsortheunderlyingaccountingandotherrecords,asapplicable,
andperformingprocedurestotestthecompletenessandaccuracyoftheinformationpresentedinthesupplemental
schedules.Informingouropiniononthesupplementalschedules,weevaluatedwhetherthesupplementalschedules,
includingtheirformandcontent,arepresentedincompliancewiththeDepartmentofLaborsRulesandRegulationsfor
ReportingandDisclosureundertheEmployeeRetirementIncomeSecurityActof1974.Inouropinion,suchschedulesare
fairlystated,inallmaterialrespects,inrelationtothefinancialstatementsasawhole.
/s/Deloitte&ToucheLLP
Seattle,Washington
June29,2015
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ReportofIndependentRegisteredPublicAccountingFirm
TotheAdministratoroftheNokiaRetirementSavingsandInvestmentPlan:
Inouropinion,theaccompanyingstatementofnetassetsavailableforbenefitspresentsfairly,inallmaterialrespects,the
netassetsavailableforbenefitsoftheNokiaRetirementSavingsandInvestmentPlan(thePlan)atDecember31,2013,in
conformitywithaccountingprinciplesgenerallyacceptedintheUnitedStatesofAmerica.Thisfinancialstatementisthe
responsibilityofthePlansmanagement.Ourresponsibilityistoexpressanopiniononthisfinancialstatementbasedonour
audit.WeconductedourauditofthisstatementinaccordancewiththestandardsofthePublicCompanyAccounting
OversightBoard(UnitedStates).Thosestandardsrequirethatweplanandperformtheaudittoobtainreasonableassurance
aboutwhetherthefinancialstatementisfreeofmaterialmisstatement.Anauditincludesexamining,onatestbasis,
evidencesupportingtheamountsanddisclosuresinthefinancialstatement,assessingtheaccountingprinciplesusedand
significantestimatesmadebymanagement,andevaluatingtheoverallfinancialstatementpresentation.Webelievethatour
auditprovidesareasonablebasisforouropinion.
/s/PricewaterhouseCoopersLLP
Dallas,Texas
June30,2014
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StatementsofNetAssetsAvailableforBenefits
AsofDecember31,2014and2013
Assets
Investments,atfairvalue
Receivables:
Participantloans
Employercontributions
Participantcontributions
Totalreceivables
Totalassets
Liabilities
Accruedexpenses
Netassetsavailableforbenefitsatfairvalue
2014
2013
$600,764,345 $
151,722
120,657
4,883,259
605,647,604
7,770,455
803,702
1,154,996
9,729,153
851,358,263
99,458
605,548,146
103,787
851,254,476
Adjustmentfromfairvaluetocontractvalueforfullybenefitresponsiveinvestment
contracts
(681,209)
(936,712)
Netassetsavailableforbenefits
4,610,880
841,629,110
604,866,937 $850,317,764
Theaccompanyingnotesareanintegralpartofthesefinancialstatements.
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StatementofChangesinNetAssetsAvailableforBenefits
FortheYearEndedDecember31,2014
2014
Additions
Netinvestmentincome:
Netappreciationinfairvalueofinvestments
Dividendsandinterest
Netinvestmentincome
Contributions:
Participantcontributions
Employercontributions
Rolloverscontributions
Totalcontributions
Deductions:
Benefitspaidtoparticipants
Administrativeexpensesandother
Totaldeductions
(110,064,168)
(924,534)
(110,988,702)
Decreaseinnetassetsavailableforbenefitsbeforetransfer
(34,110,142)
TransfertoNokiaUSA,Inc.RetirementSavingsandInvestmentPlan
(211,340,685)
Netassetsavailableforbenefits
Beginningofyear
Endofyear
$ 9,196,274
28,393,570
37,589,844
23,022,362
14,888,859
1,377,495
39,288,716
850,317,764
$ 604,866,937
Theaccompanyingnotesareanintegralpartofthesefinancialstatements.
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1.
DescriptionofPlan
ThefollowingdescriptionoftheNokiaRetirementSavingsandInvestmentPlan(asAmendedandRestated2012)(the
Plan)providesonlygeneralinformation.PlanparticipantsshouldrefertothePlanagreementformorecomplete
information.
General
ThePlanisadefinedcontributionretirementplanthatcoveredeligibleemployeesofNokia,Inc.(theCompanyor
Nokia).ThePlanissubjecttotheprovisionsoftheEmployeeRetirementIncomeSecurityActof1974,asamended
(ERISA).
OnApril25,2014,MicrosoftCorporationannouncedithadcompleteditsacquisitionoftheNokiaDevicesandServices
business.TheacquisitionwasapprovedbyNokiashareholdersandbygovernmentalregulatoryagencies.The
completionoftheacquisitionmarksthefirststepinbringingthesetwoorganizationstogetherasoneteam.Attheclose
ofmarketonApril24,2014,participationinNokiaAmericanDepositoryReceipts(NokiaADRshares)wasfrozento
newcontributions.
Asaresultoftheacquisition,PlanassetsattributabletoPlanparticipantsemployedbyNokiaUSAweretransferredto
theNokiaUSA,Inc.RetirementSavingsandInvestmentPlan(NokiaUSAPlan)onApril28,2014.Seediscussionof
thetransferinNote2.
ThePlanadministrator,Nokia,retainedresponsibilityforoversightofthePlanandthePlansdaytodayadministration.
EffectiveApril25,2014,MicrosoftCorporationacquiredNokia,Incandthereforetookresponsibilityforoversightofthe
portionofthePlanrelatedtoNokia.
Eligibility
Employeesscheduledtowork1,000hoursinatwelvemonthperiodwereeligibletoparticipateinthePlanafter
completingonehourofserviceandattainingage18.Employeesscheduledtoworklessthan1,000hourswereeligible
toenterthePlanontheJanuary1orJuly1afterattainingage18andcompleting1,000hoursofservice.Individuals
identifiedasinterns,temporaryemployees,andcooperativesinthepayrollsystemwerenoteligibletoparticipateinthe
Plan.
Contributions
Participantcontributionstooktheformofbeforetaxcontributionsandweredeferredforfederalincometaxpurposes.
ThePlandidnotallowforvoluntaryaftertaxcontributionsforemployeesworkingintheUnitedStates.Voluntaryafter
taxcontributionswerepermittedwithrespecttothoseparticipantswhowereworkingoutsidetheUnitedStateson
temporaryassignments.
Participantscontributedapercentageoftheircompensation,asdefinedinthePlanagreement.Themaximum
contributionratewas50%ofeligiblecompensationofwhichupto$17,500(themaximumannualsalarydeferral
contributionlimitassetforthbytheInternalRevenueCode(theCode)forthe2014planyear(thePlanYear))could
bemadepretax.AllparticipantswhowereeligibletomakeelectivedeferralsunderthePlanandthosewhohave
attainedage50beforethecloseofthePlanYearwereeligibletomakeadditionalcatchupcontributionsofupto$5,500
duringthePlanYear.
ParticipantcontributionswerematchedbytheCompanyincashattherateofonedollarperdollarupto8%ofthe
participantseligibleearnings.ContributionsmadebyparticipantsandtherelatedCompanymatchwereinvestedbased
oneachparticipantselectionandcouldbeinanycombinationofinvestmentoptionsunderthePlanincluding20mutual
funds,acommoncollectivetrust,NokiaADRshares(nonewcontributionsallowedfollowingcompletionofsaleto
MicrosoftCorporationonApril25,2014),andcommonstocksandothermutualfundsthroughaselfdirectedbrokerage
option(BrokerageLink).ThePlanincludesanautoenrollmentprovisionwherebyallnewlyeligibleemployeeswere
automaticallyenrolledinthePlan
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unlesstheyaffirmativelyelectnottoparticipateinthePlan.Automaticallyenrolledparticipantshavetheirdeferralrate
setat3%ofeligiblecompensationandtheircontributionsinvestedinadesignatedbalancedfunduntilchangedbythe
participant.AdditionaldiscretionaryEmployercontributionscouldbemadeupontheapprovaloftheCompanysBoard
ofDirectors.TheCompanymadenoadditionaldiscretionarycontributionsduringthePlanYear.
Participantscouldalsocontributerollovercontributionsfromotherqualifiedplans.
TherearenorestrictionsonmovingparticipantcontributionsandrelatedCompanycontributionsoutofNokiaADR
shares.
ParticipantandemployercontributionsweresubjecttocertainInternalRevenueService(IRS)limitations.
ParticipantAccounts
Eachparticipantsaccountwascreditedwiththeparticipantsvoluntarycontributions,theemployersmatching
contribution,anallocationoftheemployersdiscretionarycontribution,ifany,andanallocationofinvestmentincome
fromeachfund,asdefinedinthePlanagreement.Planearningswereallocatedtoaparticipantsaccountattherate
attributabletotheparticipantsspecificaccountbalanceoneachdaytheNewYorkStockExchangewasopenfor
businessoranyotherdayselectedbythePlans401(k)committee.Additionally,thePlanhascertainexpensesthatare
deductedfromparticipantaccounts.Thebenefittowhichaparticipantwasentitledwasthebenefitthatcouldbe
providedfromtheparticipantsvestedaccount.
ParticipantLoans
Participantswereabletoborrowfromtheirfundaccountsaminimumof$1,000uptoamaximumofthelesserof
$50,000or50%oftheirvestedaccountbalanceatmarketinterestratespayableundervarioustermlengthsspecifiedin
theloanagreement.Theloans,maturingatvariousdatesthrough2044,werecollateralizedbythebalanceinthe
participantsaccount.Theloansbearinterestratesthatreflecttheprimerateforthemonthwhenissuedandranged
from3.25%to10.25%atDecember31,2014.Principalandinterestisrepaidratablythroughbimonthlypayroll
deductions.Participantloanswerecarriedatunpaidprincipalplusaccruedinterest.
Vesting
Participantsvestinemployercontributionsatarateof25%peryearofservice,reachingfullvestingafterfouryearsof
service.Participantswerealwaysfullyvestedintheircontributionsandearningsthereon.Allparticipantswhowere
employedasofJanuary1,2014were100%vestedintheiremployercontributions.
Forfeitures
AtDecember31,2014and2013,forfeitednonvestedaccountstotaled$422,171and$1,315,880,respectively.These
accountswereavailabletobeusedtoreducefutureemployercontributionsand/orpayPlanadministrativefeesand
certaininvestmentcharges.
During2014,employercontributionswerereducedby$3,221,430andPlanadministrativefeesandcertaininvestment
chargesof$458,445werepaidfromforfeitednonvestedaccounts.
PaymentofBenefits
Uponterminationofemploymentforreasonsotherthandisabilityordeath,participantsbenefitswillbepayableas
follows(subjecttospousalrights,ifany):
NokiaADRsharesarepaidoutincashorcertificatesasrequestedbytheparticipant.Fractionalsharesarepaidin
cash.
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Aparticipantwhosevestedaccountwasmorethan$1,000couldelecttohavebenefitspaidinalumpsum
paymentorcouldchoosetoleavefundsinthePlanuptoage701/2.
Aparticipantwhohasavestedaccountbalanceof$1,000orlesswillautomaticallybepaidinalumpsum
payment.
PlanTermination
UntilthetimeofthemergerofthePlanintotheMicrosoftCorporationSavingsPlus401(k)Plan(MicrosoftPlan),the
CompanycoulddiscontinuethePlanatanytimesubjecttotheprovisionsofERISA.
2.
SummaryofSignificantAccountingPolicies
BasisofPresentation
Theaccompanyingfinancialstatementshavebeenpreparedontheaccrualbasisofaccounting,inaccordancewith
accountingprinciplesgenerallyacceptedintheUnitedStatesofAmerica(U.S.GAAP).
IncomeRecognitionandInvestmentValuation
Purchasesandsalesofsecuritieswererecordedonatradedatebasis.Dividendincomewasrecordedontheex
dividenddate.Interestincomewasrecognizedontheaccrualbasis.
ThePlanpresentsinthestatementofchangesinnetassetsavailableforbenefitsthenetappreciationinthefairvalue
ofitsinvestmentswhichconsistsoftherealizedgainsandlossesandtheunrealizedappreciation(depreciation)on
thoseinvestments.
PlanExpenses
ExpensesincurredbythePlanforauditfees,certainadministrationfees,andcertaininvestmentchargeswerepaidby
thePlan.AllotheroperatingexpensesofthePlanwerepaidbytheCompany.
RisksandUncertainties
ThePlaninvestedinvariousinvestmentsecurities.Investmentsecuritieswereexposedtovariousriskssuchas
interestrate,marketandcreditrisks.Duetothelevelofriskassociatedwithcertaininvestmentsecurities,itwasat
leastreasonablypossiblethatchangesinthevaluesofinvestmentsecuritieswillcontinuetooccurintheneartermand
thatsuchchangecouldmateriallyaffectparticipantsaccountbalancesandtheamountsreportedinthestatementof
netassetsavailableforbenefits.
Financialinstruments,whichmaypotentiallysubjectthePlantoconcentrationsofcreditrisk,consistofthePlans
investmentsandcontributionsreceivable.
UseofEstimates
ThepreparationoffinancialstatementsinconformitywithU.S.GAAPrequiresmanagementtomakeestimatesand
assumptionsthataffectthereportedamountsofassetsandliabilitiesanddisclosureofcontingentassetsandliabilities
atthedateofthefinancialstatements.Estimatesalsoaffectthereportedamountsofrevenuesandexpensesduring
thereportingperiod.Actualresultscoulddifferfromthoseestimates.
Benefits
Benefitdistributionstoparticipantswererecordedwhenpaid.
TransfertoNokiaUSAPlan
ThetransferofparticipantaccountsofparticipantsemployedbyNokiaUSAtotheNokiaUSAPlantotaled
$211,340,685andispresentedonthestatementofchangesinnetassetsavailableforbenefits.
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3.
Investments
Investmentsthatrepresent5%ormoreofthePlansnetassetsavailableforbenefitasofDecember31,2014and2013
areasfollows:
2014
CommonCollectiveTrust
FidelityManagedIncomePortfolioIIFund
$ 47,330,870
MutualFunds
VanguardInstitutionalIndexFund
AmericanEuroPacificGrowthFund
PIMCOTotalReturnFund
AllianzNFJSmallCapValueFund
AmericanBalancedFund
SpartanExtendedMarketIndexFund
VanguardSmallGrowthInstitutionalIndexFund
122,355,847
47,392,898
45,568,631
44,925,035
38,256,911
31,392,733
Other
NokiaADRShares
30,289,430
2013
$ 66,544,863
166,278,203
76,457,092
69,955,073
62,169,231
57,036,080
51,045,504
42,868,855
* Indicatesinvestmentsthatrepresentlessthan5%ofthePlansnetassetsavailableforbenefits.
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DuringtheyearendedDecember31,2014,thePlansinvestments(includinginvestmentsbought,soldandheldduring
theyear)appreciated(depreciated)infairvalueasfollows:
NokiaADRshares
Mutualfunds
CommonstockinBrokerageLink
Netappreciationinfairvalueofinvestments
2014
$ (1,611,855)
11,259,440
(451,311)
$ 9,196,274
AtDecember31,2014and2013,approximately5%ofthePlansassetswereinvestedinNokiaADRshares.ThePlan
owned3,853,617shareswithafairvalueof$7.86pershareatDecember31,2014and5,018,183shareswithafair
valueof$8.11pershareatDecember31,2013.
4.
FairValue
AccountingStandardsCodificationNo.820,FairValueMeasurementsandDisclosures,providesaframeworkfor
measuringfairvalue.Thatframeworkprovidesathreetierfairvaluehierarchy,whichprioritizestheinputsusedin
measuringfairvalue.Thesetiersinclude:Level1,definedasobservableinputssuchasquotedpricesinactive
marketsLevel2,definedasinputsotherthanquotedpricesinactivemarketsthatwereeitherdirectlyorindirectly
observableandLevel3,definedasunobservableinputsinwhichlittleornomarketdataexists,thereforerequiringan
entitytodevelopitsownassumptions.
Thefollowingisadescriptionofthevaluationmethodologiesusedfortheinvestmentsmeasuredatfairvalue,including
thegeneralclassificationofsuchinstrumentspursuanttothevaluationhierarchy.Therehavebeennochangesinthe
methodologiesusedatDecember31,2014and2013.
RegisteredInvestmentCompanies
Thesharesofregisteredinvestmentcompanieswereinvestedinmutualfundswhichwerevaluedatthedailyclosing
priceasreportedbythefund.MutualfundsheldbythePlanwereopenendmutualfundsthatwereregisteredwiththe
SecuritiesandExchangeCommission.Thesefundswererequiredtopublishtheirdailynetassetvalue(NAV)andto
transactatthatprice.ThemutualfundsheldbythePlanweredeemedtobeactivelytradedandwereclassifiedas
Level1investments.
Common/CollectiveTrust(CCT)
TheFidelityManagedIncomePortfolioIIFund,aCCT,iscomposedofafullybenefitresponsiveinvestmentcontract
andclassifiedasLevel2investment.TheCCTisvaluedataconstantNAVof$1perunit,andisprimarilyinvestedin
fixedincomesecurities.TheCCTisnotavailableinanexchangeandactivemarkethowever,thefairvalueis
determinedbasedontheobservableinputsofunderlyinginvestmentsastradedinanexchangeandactivemarket.
ThereisnorestrictioninplacewithrespecttothedailyredemptionoftheCCT.
CommonStocks
NokiaADRsharesandcommonstocksheldinparticipantdirectedbrokerageaccountswerestatedatfairvalueas
quotedonarecognizedsecuritiesexchangeandwerevaluedatthelastreportedsalespriceonthelastbusinessdayof
thePlanYearandwereclassifiedasLevel1investments.
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ThefollowingtablespresentthefairvaluehierarchyofthePlansinvestmentsthataremeasuredatfairvalueona
recurringbasisasofDecember31,2014and2013:
December31,2014
MutualFunds:
Mid/LargeCapFund
FixedIncomeFund
SmallCapFund
InternationalFund
TotalMutualFunds
NokiaADRShares
BrokerageLink:
InterestbearingCash
CommonStock
InterestinRegisteredInv.Companies
Other
TotalBrokerageLink
CommonCollectiveTrust:
FixedincomeFund
Total
QuotedPricesinActive
MarketsforIdenticalAssets
(Level1)

SignificantOther
ObservableInputs
(Level2)

267,611,022
100,204,856
74,532,868
47,392,898
489,741,644
30,289,430
10,287,483
16,175,655
6,374,353
564,910
33,402,401
553,433,475
47,330,870
47,330,870
Total
267,611,022
100,204,856
74,532,868
47,392,898
489,741,644
30,289,430
10,287,483
16,175,655
6,374,353
564,910
33,402,401
47,330,870
$600,764,345
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QuotedPrices
inActive
Marketsfor
IdenticalAssets
(Level1)

387,433,138
$
December31,2013
MutualFunds:
Mid/LargeCapFund
FixedIncomeFund
SmallCapFund
InternationalFund
TotalMutualFunds
NokiaADRShares
BrokerageLink:
InterestbearingCash
CommonStock
InterestinRegisteredInv.Companies
Other
TotalBrokerageLink
CommonCollectiveTrust:
FixedincomeFund
Total
129,249,446
105,038,085
76,457,092
698,177,761
40,697,464
10,298,307
18,417,766
6,764,688
728,261
36,209,022
Significant
Other
Observable
Inputs
(Level2)
$775,084,247
Total
387,433,138
129,249,446
105,038,085
76,457,092
698,177,761
40,697,464
10,298,307
18,417,766
6,764,688
728,261
36,209,022
66,544,863
66,544,863
$66,544,863 $841,629,110
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5.
TaxStatus
TheIRShasdeterminedandinformedtheCompanyinaletterdatedNovember16,2009thatthePlan,asthen
designed,wasincompliancewiththeapplicablerequirementsoftheCode.ThePlanhasbeenamendedsincereceipt
ofthedeterminationletterhowever,thePlanadministratorbelievesthatthePlanwascurrentlydesignedandbeing
operatedincompliancewiththeapplicablerequirementsoftheCode.Therefore,noprovisionforincometaxeshasbeen
includedinthePlansfinancialstatements.
U.S.GAAPrequiresplanmanagementtoevaluatetaxpositionstakenbythePlanandrecognizeataxliability(or
asset)ifthePlanhastakenanuncertaintaxpositionthatmorelikelythannotwouldnotbesustaineduponexamination
bytheIRS.ThePlanadministratorhasanalyzedthetaxpositionstakenbythePlan,andhasconcludedthatasof
December31,2014,therearenouncertaintaxpositionstakenorexpectedtobetakenthatwouldrequirerecognitionof
aliability(orasset)ordisclosureinthefinancialstatements.ThePlanwassubjecttoroutineauditsbytaxing
jurisdictionshowever,therearecurrentlynoauditsforanytaxperiodsinprogress.ThePlanadministratorbelievesitis
nolongersubjecttoincometaxexaminationsforyearspriorto2011.
6.
ExemptPartyInInterestTransactions
ThePlanpurchasedandsoldapproximately$2,474,558and$11,314,733,respectively,inNokiaADRsharesduring
2014.TheNokiaADRshareswerepurchased/soldintheopenmarketatquotedfairmarketvaluesatthedateof
purchase/sale.
ThePlanwasadministeredbyFidelityInvestmentsInstitutionalOperationsCompany,astherecordkeeper,andFidelity
ManagementTrustCompany,asthetrustee.Accordingly,transactionswiththeFidelityManagedIncomePortfolioII
Fund,FidelityParticipantInterestBearingCashFundandtheSpartanExtendedMarketIndexFundqualifyaspartyin
interesttransactions.Loanstoparticipantsalsoqualifyaspartyininteresttransactions.
EachofthesetransactionswereexemptfromtheprohibitedtransactionrulesunderERISA.
7.
NonexemptPartyInInterestTransactions
DuringtheyearendedDecember31,2014and2013,theCompanyremittedvariousparticipantcontributionstotaling
$10,913,323and$1,929,159,respectively,tothetrusteelaterthanrequiredbyDepartmentofLabor(DOL)
Regulation2510.3102.TheCompanyisintheprocessoffilingForm5330withtheIRSandpayingtherequiredexcise
taxonthe2014transactions.Inaddition,participantaccountswillbecreditedwiththeamountofinvestmentincome
thatwouldhavebeenearnedhadtheparticipantcontributionsbeenremittedonatimelybasis.Duringtheyearended
December31,2014theCompanyfiledForm5330withtheIRS,paidtherequiredexcisetaxonthe2013transactions
andremittedamountsrepresentinginvestmentincomethatwouldhavebeenearnedhadtheparticipantcontributions
beenremittedonatimelybasis.
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8.
ReconciliationofFinancialStatementstoForm5500
ThefollowingisareconciliationofnetassetsavailableforbenefitsperthefinancialstatementstotheForm5500:
2014
Netassetsavailableforbenefitsperthefinancialstatements
Adjustmentfromcontractvaluetofairvalueforfullybenefitresponsiveinvestment
contracts
NetassetsavailableforbenefitspertheForm5500
$604,866,937 $850,317,765
681,209
936,712
$605,548,146 $851,254,477
2013
Thefollowingisareconciliationofthedecreaseinnetassetsavailableforbenefitsbeforetransferfortheyearended
December31,2014perthefinancialstatementstotheForm5500:
Netdecreaseinnetassetsavailableforbenefitsbeforetransferperthefinancialstatements
Less:Reversalofprioryearadjustmentfromcontractvaluetofairvalue
Add:AdjustmentfromcontractvaluetofairvalueatDecember31,2014
NetlosspertheForm5500
2014
$(34,110,142)
(936,712)
681,209
$(34,365,645)
9.
SubsequentEvent
ThePlanwasmergedintotheMicrosoftPlanonApril15,2015.Themergerresultedinatransferofparticipant
accountstotaling$555,466,696fromthe4,336participantsinthePlanintotheMicrosoftPlan.
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SupplementalSchedules
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Form5500,ScheduleH,Line4aScheduleofDelinquentParticipantContributions
FortheYearEndedDecember31,2014
Participant
Contributions
TransferredLateto
Plan
CheckHereifLate
ParticipantLoan
Repaymentsare
Included:
2013:$1,929,159*
2014:$10,913,323**
*
**
TotalthatConstituteNonexemptProhibitedTransactions
Contributions
NotCorrected
$10,913,323
Contributions
CorrectedOutside
VFCP

1,929,159
Contributions
PendingCorrection
inVFCP
TotalFully
CorrectedUnder
VFCPandPTE
200251
Representsdelinquentparticipantcontributionsandloanrepaymentsfromvarious2013payperiods.TheCompany
transmittedlostearningstothePlanandfiledtherequiredForm5330during2014.
Representsdelinquentparticipantcontributionsandloanrepaymentsfromvarious2014payperiods.TheCompanywill
transmitlostearningstothePlanandfiletherequiredForm5330during2015.
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11K
TableofContents
Form5500,ScheduleH,Line4iScheduleofAssets(HeldatEndofYear)
AsofDecember31,2014
IdentityofIssue,Borrower,LessororSimilarParty
*
*
*
AllianzNFJSmallCapValueFund
AmericanBalancedFund
AmericanEuroPacificGrowthFund
FidelityManagedIncomePortfolioIIFund
NokiaADRShares
FidelityParticipantAccountInterestBearingCash
PIMCOTotalReturnFund
SpartanExtendedMarketIndexFund
VanguardInstitutionalIndexFund
VanguardSmallGrowthInstitutionalIndexFund
VanguardTargetRetirement2010
VanguardTargetRetirementFunds
VanguardWindsorIIFund
BrokerageLink
Subtotal
ParticipantLoans
DescriptionofInvestment
Mutualfund
Mutualfund
Mutualfund
CommonCollectivetrust
ADRshares
Mutualfund
Mutualfund
Mutualfund
Mutualfund
Mutualfund
Mutualfund
Mutualfund
Mutualfund
Mutualfund
Mutualfund
Mutualfund
Mutualfund
Mutualfund
Mutualfund
Mutualfund
Mutualfund
Mutualfund
Commonstocks&mutualfunds
TotalInvestments
Interestrate3.25%10.25%,
maturingthrough2044
Cost**
CurrentValue
44,925,035
38,256,911
47,392,898
47,330,870
30,289,430
1,483,141
45,568,631
31,392,733
122,355,847
29,607,833
525,531
3,419,400
4,377,935
15,052,934
11,422,136
28,602,886
12,276,910
15,356,842
3,431,429
1,772,622
4,255,711
28,264,279
33,402,401
600,764,345
4,610,880
$605,375,225
*
**
Partyininterest
Notapplicableduetoinvestmentsbeingparticipantdirected.
16
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11K
TableofContents
SIGNATURES
ThePlan.PursuanttotherequirementsoftheSecuritiesandExchangeActof1934,thetrustees(orotherpersonswho
administertheemployeebenefitplan)havedulycausedthisannualreporttobesignedonitsbehalfbytheundersigned
hereuntodulyauthorized.
Date:June29,2015
/s/BenOrndorff
BenOrndorff
AssistantSecretary
17
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Securities and Exchange Commission FORM 11 K: 11 K 1 d948091d11k.htm 11 K

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