The 364-Day Credit Agreement enables us and our borrowing subsidiaries to borrow up to $3.75 billion , subject to customary terms and conditions. Certain income and expenses are not reported in tax returns and financial statements in the same year. Unrealized losses from domestic and international equities are due to market price movements. Xbox Live revenue is mainly affected by subscriptions and sales of Xbox Live enabled content, as well as advertising. The amount of impairment loss is equal to the excess of the carrying value of the goodwill over the implied fair value of that goodwill. We also purchase or license technology that we incorporate into our products and services. The credit risk and average maturity of our fixed-income portfolio are managed to achieve economic returns that correlate to certain fixed-income indices. It provides a scalable and complete collaboration suite that transforms the way teams work. We may from time to time update the list of channels we will use to communicate information that could be deemed material and will post information about any such change on www.pepsico.com .
We adjust these reserves, as well as the related interest, in light of changing facts and circumstances, such as the progress of a tax audit. The annual financial reports of the Pepsi-Cola Company from 1938 to its merger with Frito-Lay in 1964, of The Frito Company from 1958 to its name change in 1960, of Frito-Lay from 1961 to its merger with the Pepsi-Cola Company in 1964, of PepsiCo from 1965 to 2017, and of its spinoff Tricon Global Restaurants and its successor Yum! For options designated as cash flow hedges, changes in the time value are excluded from the assessment of hedge effectiveness and are recognized in earnings. These arrangements provide us with the right to charge our independent bottlers for concentrate, finished goods and Aquafina royalties and specify the manufacturing process required for product quality. This global approach helps us remain competitive in local markets and enables us to continue to attract top talent from across the world. Localizing a product may require modifying the user interface, altering dialog boxes, and translating text.As part of our strategic objectives, we are committed to designing and marketing first-party devices to help drive innovation, create new categories, and stimulate demand in the Windows ecosystem. These funds are based on the net asset value of the appraised value of investments owned by these funds as determined by independent third parties using inputs that are not observable. The 2012 Productivity Plan was completed in 2016 and all cash payments were paid by the end of 2016.Consumer preferences have been evolving, and are expected to continue to evolve, due to a variety of factors, including: changes in consumer demographics, including the aging of the general population and the emergence of the millennial and younger generations who have differing spending and consumption habits; consumer concerns or perceptions regarding the nutrition profile of certain of our products, including the presence of added sugar, sodium and saturated fat in certain of our products; growing demand for organic or locally sourced ingredients, or consumer concerns or perceptions (whether or not valid) regarding the health effects of ingredients or substances present in certain of our products, such as 4-MeI, acrylamide, artificial flavors and colors, artificial sweeteners, aspartame, caffeine, furfuryl alcohol, high-fructose corn syrup, partially hydrolyzed oils, saturated fat, sodium, sugar, trans fats or other product ingredients, substances or attributes, including genetically engineered ingredients; taxes or other restrictions, including labeling requirements, imposed on our products; consumer concerns or perceptions regarding packaging materials, including their environmental impact; changes in package or portion size; changes in social trends that impact travel, vacation or leisure activity patterns; changes in weather patterns or seasonal consumption cycles; the continued acceleration of e-commerce and other methods of purchasing products; negative publicity (whether or not valid) resulting from regulatory actions, litigation against us or other companies in our industry or negative or inaccurate posts or comments in the media, including social media, about us, our employees, our products or advertising campaigns and marketing programs; perception of social media posts or other information disseminated by us or our employees and agents, customers, suppliers, bottlers, distributors, joint venture partners or other third parties; perception of our employees, agents, customers, suppliers, bottlers, distributors, joint venture partners or other third parties or the business practices of such parties; product boycotts; or a downturn in economic conditions.