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Employees (Tables) | 12 Months Ended
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Dec. 31, 2020
Text Block [Abstract] |
Summary of Staff Cost, Average Number of Employees and Key Management Compensation |
|  | € million |  |  | € million |  |  | € million |
Staff costs |  | 2020 |  |  | 2019 |  |  | 2018 |
Wages and salaries |  |  | (5,051 | ) |  |  | (5,364 | ) |  |  | (5,346 | )
Social security costs |  |  | (519 | ) |  |  | (541 | ) |  |  | (571 | )
Other pension costs |  |  | (419 | ) |  |  | (334 | ) |  |  | (439 | )
Share-based compensation costs |  |  | (108 | ) |  |  | (151 | ) |  |  | (196 | )
|  |  | (6,097 | ) |  |  | (6,390 | ) |  |  | (6,552 | )
|  | ‘000 |  |  | ‘000 |  |  | ‘000 |
Average number of employees during the year |  | 2020 |  |  | 2019 |  |  | 2018 |
Asia/AMET/RUB |  |  | 83 |  |  |  | 84 |  |  |  | 88 |
The Americas |  |  | 38 |  |  |  | 40 |  |  |  | 40 |
Europe |  |  | 29 |  |  |  | 29 |  |  |  | 30 |
|  |  | 150 |  |  |  | 153 |  |  |  | 158 |
|  | € million |  |  | € million |  |  | € million |
Key management compensation |  | 2020 |  |  | 2019 |  |  | 2018 |
Salaries and short-term employee benefits |  |  | (28 | ) |  |  | (42 | ) |  |  | (40 | )
Post-employment benefits |  |  | — |  |  |  | — |  |  |  | — |
Share-based benefits (a) |  |  | (5 | ) |  |  | (16 | ) |  |  | (13 | )
|  |  | (33 | ) |  |  | (58 | ) |  |  | (53 | )
Of which: Executive Directors |  |  | (6 | ) |  |  | (9 | ) |  |  | (13 | )
Other (b) |  |  | (27 | ) |  |  | (49 | ) |  |  | (40 | )
Non-Executive Directors’ fees |  |  | (2 | ) |  |  | (2 | ) |  |  | (2 | )
|  |  | (35 | ) |  |  | (60 | ) |  |  | (55 | )
(a) | Share-based benefits are expenses recognised for the period. Share-based benefits compensation on a vesting basis is € 10 million (2019: € 17 million; 2018: € 19 million).
(b) | Other includes all members of the Unilever Leadership Executive, other than Executive Directors.
Summary of Assumptions, Weighted by Liabilities for Valuation of Defined Benefit Plans | The following table shows the assumptions, weighted by liabilities, used to value the principal defined benefit plans (representing approximately 96% of total pension liabilities and other post-employment benefit liabilities).
|  | 31 December 2020 |  |  | 31 December 2019 |
|  | Defined benefit pension plans |  |  | Other post- employment benefit plans |  |  | Defined benefit pension plans |  |  | Other post- employment benefit plans |
Discount rate |  |  | 1.3 | % |  |  | 3.3 | % |  |  | 1.9 | % |  |  | 3.9 | %
Inflation |  |  | 2.2 | % |  |  | n/a |  |  |  | 2.3 | % |  |  | n/a |
Rate of increase in salaries |  |  | 2.9 | % |  |  | 3.0 | % |  |  | 2.9 | % |  |  | 3.0 | %
Rate of increase for pensions in payment (where provided) |  |  | 2.1 | % |  |  | n/a |  |  |  | 2.2 | % |  |  | n/a |
Rate of increase for pensions in deferment (where provided) |  |  | 2.3 | % |  |  | n/a |  |  |  | 2.4 | % |  |  | n/a |
Long-term medical cost inflation |  |  | n/a |  |  |  | 5.1 | % |  |  | n/a |  |  |  | 5.4 | %
For the UK and Netherlands pension plans, representing approximately 70% of all defined benefit pension liabilities, the assumptions used at 31 December 2020 and 2019 were:
|  | United Kingdom |  |  | Netherlands |
|  | 2020 |  |  | 2019 |  |  | 2020 |  |  | 2019 |
Discount rate |  |  | 1.4 | % |  |  | 2.0 | % |  |  | 0.7 | % |  |  | 1.1 | %
Inflation |  |  | 2.7 | % |  |  | 2.9 | % |  |  | 1.5 | % |  |  | 1.5 | %
Rate of increase in salaries |  |  | 3.3 | % |  |  | 3.2 | % |  |  | 2.0 | % |  |  | 2.0 | %
Rate of increase for pensions in payment (where provided) |  |  | 2.7 | % |  |  | 2.8 | % |  |  | 1.5 | % |  |  | 1.5 | %
Rate of increase for pensions in deferment (where provided) |  |  | 2.7 | % |  |  | 2.8 | % |  |  | 1.5 | % |  |  | 1.5 | %
Number of years a current pensioner is expected to live beyond age 65: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Men |  |  | 21.7 |  |  |  | 21.6 |  |  |  | 21.5 |  |  |  | 22.6 |
Women |  |  | 23.4 |  |  |  | 23.4 |  |  |  | 23.6 |  |  |  | 24.1 |
Number of years a future pensioner currently aged 45 is expected to live beyond age 65: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Men |  |  | 22.7 |  |  |  | 22.6 |  |  |  | 23.4 |  |  |  | 24.5 |
Women |  |  | 24.6 |  |  |  | 24.6 |  |  |  | 25.4 |  |  |  | 26.2 |
Summary of Charge to Operating Profit | The charge to the income statement comprises:
|  |  |  |  | € million |  |  | € million |  |  | € million |
|  | Notes |  |  | 2020 |  |  | 2019 |  |  | 2018 |
Charged to operating profit: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Defined benefit pension and other benefit plans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current service cost |  |  |  |  |  |  | (223 | ) |  |  | (216 | ) |  |  | (220 | )
Employee contributions |  |  |  |  |  |  | 17 |  |  |  | 17 |  |  |  | 17 |
Special termination benefits |  |  |  |  |  |  | (37 | ) |  |  | (5 | ) |  |  | (16 | )
Past service cost including (losses)/gains on curtailments |  |  |  |  |  |  | 20 |  |  |  | 65 |  |  |  | (41 | )
Settlements |  |  |  |  |  |  | 7 |  |  |  | (2 | ) |  |  | — |
Defined contribution plans |  |  |  |  |  |  | (203 | ) |  |  | (193 | ) |  |  | (179 | )
Total operating cost |  |  | 4A |  |  |  | (419 | ) |  |  | (334 | ) |  |  | (439 | )
Finance income/(cost) (a) |  |  | 5 |  |  |  | (9 | ) |  |  | (30 | ) |  |  | (25 | )
Net impact on the income statement (before tax) |  |  |  |  |  |  | (428 | ) |  |  | (364 | ) |  |  | (464 | )
(a) This includes the impact of interest on asset ceiling.
Summary of Amounts Recognised in Statement of Comprehensive Income on Remeasurement of Net Defined Benefit Liability | Amounts recognised in the statement of comprehensive income on the remeasurement of the net defined benefit liability/asset.
|  | € million 2020 |  |  | € million 2019 |  |  | € million 2018 |
Return on plan assets excluding amounts included in net finance income/(cost) |  |  | 1,494 |  |  |  | 2,385 |  |  |  | (1,108 | )
Change in asset ceiling, excluding amounts included in finance cost |  |  | 2 |  |  |  | (37 | ) |  |  | — |
Actuarial gains/(losses) arising from changes in demographic assumptions |  |  | 246 |  |  |  | 183 |  |  |  | 42 |
Actuarial gains/(losses) arising from changes in financial assumptions |  |  | (1,414 | ) |  |  | (2,138 | ) |  |  | 611 |
Experience gains/(losses) arising on pension plan and other benefit plan liabilities |  |  | (78 | ) |  |  | (12 | ) |  |  | 18 |
Total of defined benefit costs recognised in other comprehensive income |  |  | 250 |  |  |  | 381 |  |  |  | (437 | )
Summary of Assets, Liabilities and Surplus/ (Deficit) Position of Pension and Other Post-Employment Benefit Plans at Balance Sheet Date | The assets, liabilities and surplus/(deficit) position of the pension and other post-employment benefit plans at the balance sheet date were:
|  | € million 2020 |  |  | € million 2019 |
|  | Pension plans |  |  | Other post- employment benefit plans |  |  | Pension plans |  |  | Other post- employment benefit plans |
Fair value of assets |  |  | 24,023 |  |  |  | 9 |  |  |  | 23,749 |  |  |  | 14 |
Present value of liabilities |  |  | (23,272 | ) |  |  | (447 | ) |  |  | (23,438 | ) |  |  | (484 | )
Computed net assets/(liabilities) |  |  | 751 |  |  |  | (438 | ) |  |  | 311 |  |  |  | (470 | )
Irrecoverable surplus (a) |  |  | (26 | ) |  |  | — |  |  |  | (37 | ) |  |  | — |
Net pension assets/(liabilities) |  |  | 725 |  |  |  | (438 | ) |  |  | 274 |  |  |  | (470 | )
Of which in respect of: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Funded plans in surplus: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Liabilities |  |  | (18,043 | ) |  |  | — |  |  |  | (17,772 | ) |  |  | — |
Assets |  |  | 20,790 |  |  |  | 1 |  |  |  | 20,229 |  |  |  | 2 |
Aggregate Surplus: |  |  | 2,747 |  |  |  | 1 |  |  |  | 2,457 |  |  |  | 2 |
Irrecoverable surplus |  |  | (26 | ) |  |  | — |  |  |  | (37 | ) |  |  | — |
Pension asset net of liabilities |  |  | 2,721 |  |  |  | 1 |  |  |  | 2,420 |  |  |  | 2 |
Funded plans in deficit: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Liabilities |  |  | (4,310 | ) |  |  | (40 | ) |  |  | (4,657 | ) |  |  | (32 | )
Assets |  |  | 3,233 |  |  |  | 8 |  |  |  | 3,520 |  |  |  | 12 |
Pension liability net of assets |  |  | (1,077 | ) |  |  | (32 | ) |  |  | (1,137 | ) |  |  | (20 | )
Unfunded plans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pension liability |  |  | (919 | ) |  |  | (407 | ) |  |  | (1,009 | ) |  |  | (452 | )
(a) | A surplus is deemed recoverable to the extent that the Group can benefit economically from the surplus. Unilever assesses the maximum economic benefit available through a combination of refunds and reductions in future contributions in accordance with local legislation and individual financing arrangements with each of our funded defined benefit plans.
Summary of Movements in Assets | The group of plans within ‘Rest of world’ category in the tables below are not materially different with respect to their risks that would require disaggregated disclosure. Movements in assets during the year:
|  | UK |  |  | Netherlands |  |  | Rest of world |  |  | € million 2020 Total |  |  | UK |  |  | Netherlands |  |  | Rest of world |  |  | € million 2019 Total |
1 January |  |  | 12,122 |  |  |  | 5,522 |  |  |  | 6,082 |  |  |  | 23,726 |  |  |  | 10,329 |  |  |  | 4,996 |  |  |  | 5,555 |  |  |  | 20,880 |
Employee contributions |  |  | — |  |  |  | — |  |  |  | 17 |  |  |  | 17 |  |  |  | — |  |  |  | — |  |  |  | 17 |  |  |  | 17 |
Settlements |  |  | — |  |  |  | — |  |  |  | (67 | ) |  |  | (67 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Actual return on plan assets (excluding amounts in net finance income/charge) |  |  | 1,109 |  |  |  | 206 |  |  |  | 179 |  |  |  | 1,494 |  |  |  | 1,233 |  |  |  | 588 |  |  |  | 564 |  |  |  | 2,385 |
Change in asset ceiling, excluding amounts included in finance cost |  |  | — |  |  |  | — |  |  |  | 2 |  |  |  | 2 |  |  |  | — |  |  |  | — |  |  |  | (37 | ) |  |  | (37 | )
Interest income (a) |  |  | 230 |  |  |  | 60 |  |  |  | 146 |  |  |  | 436 |  |  |  | 292 |  |  |  | 89 |  |  |  | 192 |  |  |  | 573 |
Employer contributions |  |  | 104 |  |  |  | 12 |  |  |  | 282 |  |  |  | 398 |  |  |  | 94 |  |  |  | 14 |  |  |  | 293 |  |  |  | 401 |
Benefit payments |  |  | (467 | ) |  |  | (166 | ) |  |  | (507 | ) |  |  | (1,140 | ) |  |  | (455 | ) |  |  | (165 | ) |  |  | (588 | ) |  |  | (1,208 | )
Others |  |  | 46 |  |  |  | (47 | ) |  |  | 21 |  |  |  | 20 |  |  |  | — |  |  |  | — |  |  |  | 2 |  |  |  | 2 |
Currency retranslation |  |  | (645 | ) |  |  | — |  |  |  | (235 | ) |  |  | (880 | ) |  |  | 629 |  |  |  | — |  |  |  | 84 |  |  |  | 713 |
31 December |  |  | 12,499 |  |  |  | 5,587 |  |  |  | 5,920 |  |  |  | 24,006 |  |  |  | 12,122 |  |  |  | 5,522 |  |  |  | 6,082 |  |  |  | 23,726 |
(a) | This includes the impact of interest on asset ceiling.
Summary of Movements in Liabilities | Movements in liabilities during the year:
|  | UK |  |  | Netherlands |  |  | Rest of world |  |  | € million 2020 Total |  |  | UK |  |  | Netherlands |  |  | Rest of world |  |  | € million 2019 Total |
1 January |  |  | (11,001 | ) |  |  | (5,097 | ) |  |  | (7,824 | ) |  |  | (23,922 | ) |  |  | (9,739 | ) |  |  | (4,664 | ) |  |  | (7,351 | ) |  |  | (21,754 | )
Current service cost |  |  | (114 | ) |  |  | (3 | ) |  |  | (106 | ) |  |  | (223 | ) |  |  | (104 | ) |  |  | (4 | ) |  |  | (108 | ) |  |  | (216 | )
Special termination benefits |  |  | — |  |  |  | — |  |  |  | (37 | ) |  |  | (37 | ) |  |  | — |  |  |  | — |  |  |  | (5 | ) |  |  | (5 | )
Past service costs including (losses)/gains on curtailments |  |  | 17 |  |  |  | — |  |  |  | 3 |  |  |  | 20 |  |  |  | 56 |  |  |  | — |  |  |  | 9 |  |  |  | 65 |
Settlements |  |  | — |  |  |  | — |  |  |  | 74 |  |  |  | 74 |  |  |  | — |  |  |  | — |  |  |  | (2 | ) |  |  | (2 | )
Interest cost |  |  | (208 | ) |  |  | (55 | ) |  |  | (182 | ) |  |  | (445 | ) |  |  | (276 | ) |  |  | (82 | ) |  |  | (245 | ) |  |  | (603 | )
Actuarial gain/(loss) arising from changes in demographic assumptions |  |  | (1 | ) |  |  | 245 |  |  |  | 2 |  |  |  | 246 |  |  |  | 157 |  |  |  | 14 |  |  |  | 12 |  |  |  | 183 |
Actuarial gain/(loss) arising from changes in financial assumptions |  |  | (806 | ) |  |  | (354 | ) |  |  | (254 | ) |  |  | (1,414 | ) |  |  | (955 | ) |  |  | (511 | ) |  |  | (672 | ) |  |  | (2,138 | )
Actuarial gain/(loss) arising from experience adjustments |  |  | (67 | ) |  |  | (6 | ) |  |  | (5 | ) |  |  | (78 | ) |  |  | (44 | ) |  |  | (15 | ) |  |  | 47 |  |  |  | (12 | )
Benefit payments |  |  | 467 |  |  |  | 166 |  |  |  | 507 |  |  |  | 1,140 |  |  |  | 455 |  |  |  | 165 |  |  |  | 588 |  |  |  | 1,208 |
Others |  |  | (44 | ) |  |  | 44 |  |  |  | (38 | ) |  |  | (38 | ) |  |  | — |  |  |  | — |  |  |  | (20 | ) |  |  | (20 | )
Currency retranslation |  |  | 609 |  |  |  | — |  |  |  | 349 |  |  |  | 958 |  |  |  | (551 | ) |  |  | — |  |  |  | (77 | ) |  |  | (628 | )
31 December |  |  | (11,148 | ) |  |  | (5,060 | ) |  |  | (7,511 | ) |  |  | (23,719 | ) |  |  | (11,001 | ) |  |  | (5,097 | ) |  |  | (7,824 | ) |  |  | (23,922 | )
Summary of Movements in (Deficit)/Surplus | Movements in (deficit)/surplus during the year:
|  | UK |  |  | Netherlands |  |  | Rest of world |  |  | € million 2020 Total |  |  | UK |  |  | Netherlands |  |  | Rest of world |  |  | € million 2019 Total |
1 January |  |  | 1,121 |  |  |  | 425 |  |  |  | (1,742 | ) |  |  | (196 | ) |  |  | 590 |  |  |  | 332 |  |  |  | (1,796 | ) |  |  | (874 | )
Current service cost |  |  | (114 | ) |  |  | (3 | ) |  |  | (106 | ) |  |  | (223 | ) |  |  | (104 | ) |  |  | (4 | ) |  |  | (108 | ) |  |  | (216 | )
Employee contributions |  |  | — |  |  |  | — |  |  |  | 17 |  |  |  | 17 |  |  |  | — |  |  |  | — |  |  |  | 17 |  |  |  | 17 |
Special termination benefits |  |  | — |  |  |  | — |  |  |  | (37 | ) |  |  | (37 | ) |  |  | — |  |  |  | — |  |  |  | (5 | ) |  |  | (5 | )
Past service costs including (losses)/gains on curtailments |  |  | 17 |  |  |  | — |  |  |  | 3 |  |  |  | 20 |  |  |  | 56 |  |  |  | — |  |  |  | 9 |  |  |  | 65 |
Settlements |  |  | — |  |  |  | — |  |  |  | 7 |  |  |  | 7 |  |  |  | — |  |  |  | — |  |  |  | (2 | ) |  |  | (2 | )
Actual return on plan assets (excluding amounts in net finance income/charge) |  |  | 1,109 |  |  |  | 206 |  |  |  | 179 |  |  |  | 1,494 |  |  |  | 1,233 |  |  |  | 588 |  |  |  | 564 |  |  |  | 2,385 |
Change in asset ceiling, excluding amounts included in finance cost |  |  | — |  |  |  | — |  |  |  | 2 |  |  |  | 2 |  |  |  | — |  |  |  | — |  |  |  | (37 | ) |  |  | (37 | )
Interest cost |  |  | (208 | ) |  |  | (55 | ) |  |  | (182 | ) |  |  | (445 | ) |  |  | (276 | ) |  |  | (82 | ) |  |  | (245 | ) |  |  | (603 | )
Interest income (a) |  |  | 230 |  |  |  | 60 |  |  |  | 146 |  |  |  | 436 |  |  |  | 292 |  |  |  | 89 |  |  |  | 192 |  |  |  | 573 |
Actuarial gain/(loss) arising from changes in demographic assumptions |  |  | (1 | ) |  |  | 245 |  |  |  | 2 |  |  |  | 246 |  |  |  | 157 |  |  |  | 14 |  |  |  | 12 |  |  |  | 183 |
Actuarial gain/(loss) arising from changes in financial assumptions |  |  | (806 | ) |  |  | (354 | ) |  |  | (254 | ) |  |  | (1,414 | ) |  |  | (955 | ) |  |  | (511 | ) |  |  | (672 | ) |  |  | (2,138 | )
Actuarial gain/(loss) arising from experience adjustments |  |  | (67 | ) |  |  | (6 | ) |  |  | (5 | ) |  |  | (78 | ) |  |  | (44 | ) |  |  | (15 | ) |  |  | 47 |  |  |  | (12 | )
Employer contributions |  |  | 104 |  |  |  | 12 |  |  |  | 282 |  |  |  | 398 |  |  |  | 94 |  |  |  | 14 |  |  |  | 293 |  |  |  | 401 |
Benefit payments |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Others |  |  | 2 |  |  |  | (3 | ) |  |  | (17 | ) |  |  | (18 | ) |  |  | — |  |  |  | — |  |  |  | (18 | ) |  |  | (18 | )
Currency retranslation |  |  | (36 | ) |  |  | — |  |  |  | 114 |  |  |  | 78 |  |  |  | 78 |  |  |  | — |  |  |  | 7 |  |  |  | 85 |
31 December |  |  | 1,351 |  |  |  | 527 |  |  |  | (1,591 | ) |  |  | 287 |  |  |  | 1,121 |  |  |  | 425 |  |  |  | (1,742 | ) |  |  | (196 | )
(a) | This includes the impact of interest on asset ceiling.
Movements In Irrevocable Surplus | Movements in irrecoverable surplus during the year:
|  | UK |  |  | Netherlands |  |  | Rest of world |  |  | € million 2020 Total |  |  | UK |  |  | Netherlands |  |  | Rest of world |  |  | € million 2019 Total |
1 January |  |  | — |  |  |  | — |  |  |  | (37 | ) |  |  | (37 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Interest income |  |  | — |  |  |  | — |  |  |  | (1 | ) |  |  | (1 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Change in irrecoverable surplus in excess of interest |  |  | — |  |  |  | — |  |  |  | 2 |  |  |  | 2 |  |  |  | — |  |  |  | — |  |  |  | (37 | ) |  |  | (37 | )
Currency retranslations |  |  | — |  |  |  | — |  |  |  | 10 |  |  |  | 10 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
31 December |  |  | — |  |  |  | — |  |  |  | (26 | ) |  |  | (26 | ) |  |  | — |  |  |  | — |  |  |  | (37 | ) |  |  | (37 | )
Summary of Principal Defined Benefit Liabilities and Split of Liabilities Between Different Categories of Plan Participants | The duration of the principal defined benefit plan liabilities (representing 96% of total pension liabilities and other post-employment benefit liabilities) and the split of liabilities between different categories of plan participants are:
|  | UK |  |  | Netherlands |  |  | Rest of world (a) |  |  | 2020 Total |  |  | UK |  |  | Netherlands |  |  | Rest of world (a) |  |  | 2019 Total |
Duration (years) |  |  | 18 |  |  |  | 18 |  |  |  | 13 |  |  |  | 7 to 22 |  |  |  | 18 |  |  |  | 19 |  |  |  | 13 |  |  |  | 7 to 23 |
Active members |  |  | 12 | % |  |  | 12 | % |  |  | 20 | % |  |  | 14 | % |  |  | 14 | % |  |  | 14 | % |  |  | 21 | % |  |  | 16 | %
Deferred members |  |  | 35 | % |  |  | 43 | % |  |  | 17 | % |  |  | 32 | % |  |  | 34 | % |  |  | 41 | % |  |  | 17 | % |  |  | 31 | %
Retired members |  |  | 53 | % |  |  | 45 | % |  |  | 63 | % |  |  | 54 | % |  |  | 52 | % |  |  | 45 | % |  |  | 62 | % |  |  | 53 | %
(a) | Rest of world numbers shown are weighted averages by liabilities.
Schedule of Fair Value of Plans Assets, Which Are Reported Net of Fund Liabilities That Are Not Employee Benefits | The group of plans within ‘Rest of world’ category in the tables below are not materially different with respect to their risks that would require disaggregated disclosure. The fair value of plan assets, which are reported net of fund liabilities that are not employee benefits, at the end of the reporting period for each category are as follows:
|  | € million 31 December 2020 |  |  | € million 31 December 2019 |
|  | UK |  |  | Netherlands |  |  | Rest of world |  |  | 2020 Total |  |  | UK |  |  | Netherlands |  |  | Rest of world |  |  | 2019 Total |
Total plan assets |  |  | 12,499 |  |  |  | 5,587 |  |  |  | 5,937 |  |  |  | 24,023 |  |  |  | 12,122 |  |  |  | 5,522 |  |  |  | 6,105 |  |  |  | 23,749 |
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equities total |  |  | 4,653 |  |  |  | 1,837 |  |  |  | 1,694 |  |  |  | 8,184 |  |  |  | 4,173 |  |  |  | 1,831 |  |  |  | 1,752 |  |  |  | 7,756 |
Europe |  |  | 921 |  |  |  | 437 |  |  |  | 506 |  |  |  | 1,864 |  |  |  | 930 |  |  |  | 517 |  |  |  | 583 |  |  |  | 2,030 |
North America |  |  | 2,740 |  |  |  | 894 |  |  |  | 747 |  |  |  | 4,381 |  |  |  | 2,312 |  |  |  | 825 |  |  |  | 707 |  |  |  | 3,844 |
Other |  |  | 992 |  |  |  | 506 |  |  |  | 441 |  |  |  | 1,939 |  |  |  | 931 |  |  |  | 489 |  |  |  | 462 |  |  |  | 1,882 |
Fixed income total |  |  | 5,819 |  |  |  | 2,766 |  |  |  | 3,108 |  |  |  | 11,693 |  |  |  | 5,317 |  |  |  | 2,795 |  |  |  | 3,250 |  |  |  | 11,362 |
Government bonds |  |  | 3,292 |  |  |  | 798 |  |  |  | 1,367 |  |  |  | 5,457 |  |  |  | 2,711 |  |  |  | 765 |  |  |  | 1,369 |  |  |  | 4,845 |
Investment grade corporate bonds |  |  | 1,167 |  |  |  | 540 |  |  |  | 1,111 |  |  |  | 2,818 |  |  |  | 1,120 |  |  |  | 542 |  |  |  | 1,272 |  |  |  | 2,934 |
Other fixed income |  |  | 1,360 |  |  |  | 1,428 |  |  |  | 630 |  |  |  | 3,418 |  |  |  | 1,486 |  |  |  | 1,488 |  |  |  | 609 |  |  |  | 3,583 |
Private equity |  |  | 274 |  |  |  | 64 |  |  |  | 9 |  |  |  | 347 |  |  |  | 325 |  |  |  | 65 |  |  |  | 6 |  |  |  | 396 |
Property and real estate |  |  | 835 |  |  |  | 456 |  |  |  | 332 |  |  |  | 1,623 |  |  |  | 916 |  |  |  | 491 |  |  |  | 321 |  |  |  | 1,728 |
Hedge funds |  |  | 318 |  |  |  | — |  |  |  | 62 |  |  |  | 380 |  |  |  | 688 |  |  |  | — |  |  |  | 69 |  |  |  | 757 |
Other |  |  | 470 |  |  |  | 320 |  |  |  | 377 |  |  |  | 1,167 |  |  |  | 454 |  |  |  | 289 |  |  |  | 415 |  |  |  | 1,158 |
Other plans |  |  | — |  |  |  | — |  |  |  | 370 |  |  |  | 370 |  |  |  | — |  |  |  | — |  |  |  | 300 |  |  |  | 300 |
Assets/fund (liabilities) that are not employee benefits |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Derivatives |  |  | 130 |  |  |  | 144 |  |  |  | (15 | ) |  |  | 259 |  |  |  | 249 |  |  |  | 51 |  |  |  | (8 | ) |  |  | 292 |
Schedule of Sensitivity of Pension Liabilities to Changes in the Weighted Key Assumptions | The sensitivity of the overall pension liabilities to changes in the weighted key assumptions are:
|  |  |  |  | Change in liabilities |
|  | Change in assumption |  |  | UK |  |  | Netherlands |  |  | Total |
Discount rate |  |  | Increase by 0.5 | % |  |  | (8 | )% |  |  | (9 | )% |  |  | (8 | )%
Inflation rate |  |  | Increase by 0.5 | % |  |  | 6 | % |  |  | 9 | % |  |  | 6 | %
Life expectancy |  |  | Increase by 1 year |  |  |  | 5 | % |  |  | 5 | % |  |  | 5 | %
Long-term medical cost inflation (a) |  |  | Increase by 1.0 | % |  |  | 0 | % |  |  | 0 | % |  |  | 3 | %
(a) | Long-term medical cost inflation only relates to post-retirement medical plans and its impact on these liabilities.
Schedule of Cash Flow in Respect of Pensions and Similar Post-employment Benefits | The table below sets out these amounts:
|  | € million 2021 |  |  | € million |  |  | € million |  |  | € million |
|  | Estimate |  |  | 2020 |  |  | 2019 |  |  | 2018 |
Company contributions to funded plans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Defined benefit (a) |  |  | 285 |  |  |  | 266 |  |  |  | 244 |  |  |  | 238 |
Defined contributions |  |  | 220 |  |  |  | 203 |  |  |  | 193 |  |  |  | 179 |
Benefits paid by the company in respect of unfunded plans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Defined benefit |  |  | 135 |  |  |  | 132 |  |  |  | 157 |  |  |  | 144 |
Group cash flow in respect of pensions and similar benefits |  |  | 640 |  |  |  | 601 |  |  |  | 594 |  |  |  | 561 |
(a) | Following the conclusion of the 2019 Funding valuation of the US Unicare Pension Plan, the Group contributed $100 million into the plan in 2020. Deficit contributions to the US Pension plan are expected to be nil for the following few years.
Schedule of Income Statement Charge | The charge in each of the last three years is shown below, and relates to equity-settled plans:
|  | € million |  |  | € million |  |  | € million |
Income statement charge |  | 2020 |  |  | 2019 |  |  | 2018 |
Performance share plans |  |  | (98 | ) |  |  | (142 | ) |  |  | (183 | )
Other plans |  |  | (10 | ) |  |  | (9 | ) |  |  | (13 | )
|  |  | (108 | ) |  |  | (151 | ) |  |  | (196 | )
Summary of Status of Performance Share Plans, Related Changes and Share Award Value Information | A summary of the status of the Performance Share Plans as at 31 December 2020, 2019 and 2018 and changes during the years ended on these dates is presented below:
|  | 2020 Number of shares |  |  | 2019 Number of shares |  |  | 2018 Number of shares |
Outstanding at 1 January |  |  | 11,137,801 |  |  |  | 13,634,518 |  |  |  | 13,684,747 |
Awarded |  |  | 4,395,633 |  |  |  | 4,538,771 |  |  |  | 6,870,882 |
Vested |  |  | (3,240,738 | ) |  |  | (6,041,011 | ) |  |  | (5,854,388 | )
Forfeited |  |  | (921,260 | ) |  |  | (994,477 | ) |  |  | (1,066,723 | )
Outstanding at 31 December |  |  | 11,371,436 |  |  |  | 11,137,801 |  |  |  | 13,634,518 |
|  | 2020 |  |  | 2019 |  |  | 2018 |
Share award value information |  |  |  |  |  |  |  |  |  |  |  |
Fair value per share award during the year |  | € | 43.91 |  |  | € | 48.22 |  |  | € | 42.44 |

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