Notes to the
consolidated
financial statements
continued
23 Pensions and other post-employment benefits continued
Offices
Overview
Business review
Governance
Financials
Investors
Ahold Delhaize Annual Report 2016
The Netherlands
United States
Rest of world
2016
2015
2016
2015
2016
2015
917
665
25
11
1,208
1,103
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. The other instruments in the rest of the world represent funds administered by independent insurance companies, providing
a minimum guaranteed return.
1,177
1,238
13
152
344
44
48
341
42
331
47
68
72
23
32
51
Plan assets
The pension plan asset allocation differs per plan. On a weighted average basis, the allocation of plan assets was as follows:
196
214
90
62
101
5
20
18
11
1,051
1,276
13
32
60
68
22
21
51
140
185
41
60
211
236
94
55
90
4
24
40
15
199
199
96
(15)
131
(9)
3,977
million
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
Residential
Other
Investment funds
Derivatives:
Interest rate swaps
Forward foreign exchange contracts
Cash and cash equivalents
Other
Total
9
(37)
403
(6)
4,431
