Notes to the consolidated financial statements
109
23 Pensions and other post-employment benefits (continued)
205
267
80
62
107
6
1,012
1,017
18
40
45
30
684
360
(45)
105
3,993
184
166
87
68
100
4
840
861
14
41
48
31
602
(22)
10
163
(2)
3,195
48
58
66
29
32
46
146
174
38
54
33
316
17
1,057
45
48
59
27
30
41
106
143
37
23
19
265
854
Ahold at a glance
Business review
Governance
Financials
Ahold
Annual Report 2014
Plan assets
The pension plan asset allocation differs per plan. On a weighted average basis, the allocation of plan assets was as follows:
The Netherlands
2014
2013
2014
United States
2013
Equity instruments:
Consumer goods
Financial services
Telecommunications and information
Energy and utilities
Industry
Other
Debt instruments:
Government
Corporate bonds (investment grade)
Corporate bonds (non-investment grade)
Other
Real estate:
Retail
Offices
Residential
Other
Investment funds
Derivatives:
Interest rate swaps
Forward foreign exchange contracts
Cash and cash equivalents
Other
Total
Virtually all equity and debt instruments have quoted prices in active markets. Derivatives can be classified as level 2 instruments and real estate and some investment funds as level 3 instruments based on the definitions
in IFRS 13, Fair value measurement. It is the policy of the Dutch pension plan to use interest rate swaps to hedge its exposure to interest rate risk. Foreign currency exposures are hedged by the use of forward foreign
exchange contracts.