through reimbursement from customers for penalty payments to the supplier should the customer not take delivery.
These amounts are also included in our forecasts of costs for program and contract accounting.
Some inventory procurement contracts may include escalation adjustments.
In these limited cases, we have included our best estimate of the effect of the escalation adjustment in the amounts disclosed in the table above.
Industrial Participation Agreements We have entered into various industrial participation agreements with certain customers outside of the U. S.  to facilitate economic flow back and/or technology transfer to their businesses or government agencies as the result of their procurement of goods and/or services from us.
These commitments may be satisfied by our placement of direct work or vendor orders for supplies, opportunities to bid on supply contracts, transfer of technology or other forms of assistance.
However, in certain cases, our commitments may be satisfied through other parties (such as our vendors) who purchase supplies from our non-U.
S.  customers.
We do not commit to industrial participation agreements unless a contract for sale of our products or services is signed.
In certain cases, penalties could be imposed if we do not meet our industrial participation commitments.
During 2008, we incurred no such penalties.
As of December 31, 2008, we have outstanding industrial participation agreements totaling $9 billion that extend through 2024.
Purchase order commitments associated with industrial participation agreements are included in the table above.
To be eligible for such a purchase order commitment from us, a foreign supplier must have sufficient capability to meet our requirements and must be competitive in cost, quality and schedule.
Purchase Obligations Recorded on the Consolidated Statement of Financial Position Purchase obligations recorded on the Consolidated Statement of Financial Position primarily include accounts payable and certain other liabilities including accrued compensation and dividends payable.
Commercial Commitments The following table summarizes our commercial commitments outstanding as of December 31, 2008.
## Table 0 ##
Commercial aircraft financing commitments include commitments to arrange or provide financing related to aircraft on order, under option for deliveries or proposed as part of sales campaigns based on estimated earliest funding dates.
Based on historical experience, we currently do not anticipate that all of these commitments will be exercised by our customers, see Note 11.
Industrial Revenue Bonds We utilize Industrial Revenue Bonds (IRB) to finance the purchase and/or construction of real and personal property, see Note 12.
Contingent Obligations We have significant contingent obligations that arise in the ordinary course of business, which include the following: Legal Various legal proceedings, claims and investigations are pending against us.
Legal contingencies are discussed in Note 20, including our contesting the default termination of the A-12 aircraft, employment and benefits litigation brought by several of our employees, and litigation/ arbitration involving BSSI programs.
The actual allocations for the pension assets at December 31 and target allocations by asset class, were as follows:
## Table 1 ##
Fixed income securities are invested broadly and primarily in long duration instruments.
Global equity securities are invested broadly in U. S.  and non-U.
S.  companies which are in various industries and countries and through a range of market capitalizations.
Real estate and real assets include global private investments and publicly traded investments (such as Real Estate Investment Trusts (REIT) and global infrastructure stocks).
Real estate includes but is not limited to investments in office, retail, apartment and industrial properties.
Real assets include but are not limited to investments in natural resources (such as energy, farmland and timber), commodities and infrastructure.
Private equity investment vehicles are primarily limited partnerships (LPs) and fund-of-funds that mainly invest in U. S.  and non-U.
S.  leveraged buyout, venture capital and special situation strategies.
Global strategies seek to capitalize on inefficiencies identified across different asset classes or markets, primarily using long-short positions in derivatives and physical securities.
Hedge fund strategy types include, but are not limited to, event driven, relative value, long-short and market neutral.
Investment managers are retained for explicit investment roles specified by contractual investment guidelines.
Certain investment managers are authorized to invest in derivatives, such as equity or bond futures, swaps, options and currency futures or forwards.
Derivatives are used to achieve the desired market exposure of a security or an index, transfer value-added performance between asset classes, achieve the desired currency exposure, adjust portfolio duration or rebalance the total portfolio to the target asset allocation.
As a percentage of total plan assets, derivative net notional amounts were 10.0% and 3.9% for fixed income, including to-be-announced mortgage-backed securities and treasury forwards, and (0.3%) and 3.5% for global equity, currency overlay and commodities at December 31, 2012 and 2011.
Risk Management In managing the plan assets, we review and manage risk associated with funded status risk, interest rate risk, market risk, counterparty risk, liquidity risk and operational risk.
Liability matching and asset class diversification are central to our risk management approach and are integral to the overall investment strategy.
Further, asset classes are constructed to achieve diversification by investment strategy, by investment manager, by industry or sector and by holding.
Investment manager guidelines for publicly traded assets are specified and are monitored regularly through the custodian.
Credit parameters for counterparties have been established for managers permitted to trade over-the-counter derivatives.
Valuation is governed through several types of procedures, including reviews of manager valuation policies, custodian valuation processes, pricing vendor practices, pricing reconciliation, and periodic, securityspecific valuation testing.
The actual and target allocations by asset class for the pension assets at December 31 were as follows:
## Table 2 ##
Fixed income securities are invested broadly and primarily in long duration instruments.
Global equity securities are invested broadly in U. S.  and non-U.
S.  companies, across various industries and market capitalizations.
Real estate and real assets include global private investments that may be held through an investment in a limited partnership (LP) or other fund structures and publicly traded investments (such as Real Estate Investment Trusts (REIT) in the case of real estate).
Real estate includes, but is not limited to, investments in office, retail, apartment and industrial properties.
Real assets include, but are not limited to, investments in natural resources (such as energy, farmland and timber), commodities and infrastructure.
Private equity investment vehicles are primarily limited partnerships (LPs) and fund-of-funds that mainly invest in U. S.  and non-U.
S.  leveraged buyout, venture capital and special situation strategies.
Global strategies investments seek to capitalize on inefficiencies identified across different asset classes or markets, primarily using long-short positions in derivatives and physical securities.
Hedge fund strategy types include, but are not limited to, event driven, relative value, long-short and multi-strategy.
Investment managers are retained for explicit investment roles specified by contractual investment guidelines.
Certain investment managers are authorized to invest in derivatives, such as equity or bond futures, swaps, options and currency futures or forwards.
Derivatives are used to achieve the desired market exposure of a security or an index, transfer value-added performance between asset classes, achieve the desired currency exposure, adjust portfolio duration or rebalance the total portfolio to the target asset allocation.
As a percentage of total pension plan assets, derivative net notional amounts were 3.5% and 18.3% for fixed income, including to-be-announced mortgage-backed securities and treasury forwards, and 2.0% and (2.2)% for global equity and commodities at December 31, 2014 and 2013.
Risk Management In managing the plan assets, we review and manage risk associated with funded status risk, interest rate risk, market risk, counterparty risk, liquidity risk and operational risk.
Liability matching and asset class diversification are central to our risk management approach and are integral to the overall investment strategy.
Further, asset classes are constructed to achieve diversification by investment strategy, by investment manager, by industry or sector and by holding.
Investment manager guidelines for publicly traded assets are specified and are monitored regularly through the custodian.
Credit parameters for counterparties have been established for managers permitted to trade over-the-counter derivatives.
Valuation is governed through several types of procedures, including reviews of manager valuation policies, custodian valuation processes, pricing vendor practices, pricing reconciliation, and periodic, securityspecific valuation testing.
Ralph Lauren Restaurants Ralph Lauren's restaurants translate Mr.  Ralph Lauren's distinctive vision into places to gather with family and friends to enjoy fine food.
In 1999, the first RL restaurant opened, adjacent to the Ralph Lauren Chicago store on Michigan Avenue.
This restaurant exemplifies the timeless design sensibility of Ralph Lauren's world and features classic American "city club" cuisine.
In 2010, Ralph's was opened in the courtyard and converted stables of our Paris store on the Blvd.
Saint Germain.
Ralph's presents Mr.  Lauren's favorite American classics in an elegant and glamorous French environment.
In August 2014, we opened Ralph's Coffee on the second floor of our Polo Flagship store in New York City, featuring private custom coffee roasts, sandwiches, and sweet treats.
The Polo Bar, adjacent to our New York City Polo Flagship store, opened in January 2015 with a menu dedicated to serving seasonal American classics in a setting that pays homage to the sophisticated equestrian heritage of the Ralph Lauren world.
Our Wholesale Segment Our Wholesale segment sells our products globally to leading upscale and certain mid-tier department stores, specialty stores, and golf and pro shops.
We have continued to focus on elevating our brand by improving in-store product assortment and presentation, as well as full-price sell-throughs to consumers.
As of the end of Fiscal 2015, our wholesale products were sold through approximately 13,000 doors worldwide and we invested $48 million of capital in related shop-within-shops during Fiscal 2015, primarily in domestic and international department and specialty stores.
Our products are also sold through the e-commerce sites of certain of our wholesale customers.
The primary product offerings sold through our wholesale channels of distribution include apparel, accessories, and home furnishings.
Our collection brands — Ralph Lauren Women's Collection and Black Label and Men's Purple Label and Black Label — are distributed worldwide through a limited number of premier fashion retailers.
Department stores are our major wholesale customers in North America.
In Latin America, our wholesale products are sold in department stores and specialty stores.
In Europe, our wholesale sales are comprised of a varying mix of sales to both department stores and specialty stores, depending on the country.
In Japan, our wholesale products are distributed primarily through shop-within-shops at premier and top-tier department stores.
In the Greater China and Southeast Asia region, Australia, and New Zealand, our wholesale products are sold mainly at mid and top-tier department stores.
We also distribute our wholesale products to certain licensed stores operated by our partners in Latin America, Asia, Europe, and the Middle East.
We sell the majority of our excess and out-of-season products through secondary distribution channels worldwide, including our retail factory stores.
Worldwide Wholesale Distribution Channels The following table presents the number of doors by geographic location in which products distributed by our Wholesale segment were sold to consumers in our primary channels of distribution as of March 28, 2015:

<table><tr><td><i>(Dollars in millions)</i></td><td>Total AmountsCommitted/MaximumAmount of Loss</td><td>Less than1 year</td><td>1-3years</td><td>4-5years</td><td>After 5years</td></tr><tr><td>Standby letters of credit and surety bonds</td><td>$5,763</td><td>$5,027</td><td>$616</td><td></td><td>$120</td></tr><tr><td>Commercial aircraft financing commitments</td><td>10,145</td><td>2,445</td><td>2,621</td><td>$3,054</td><td>2,025</td></tr><tr><td>Total commercial commitments</td><td>$15,908</td><td>$7,472</td><td>$3,237</td><td>$3,054</td><td>$2,145</td></tr></table>
<table><tr><td></td><td colspan="2">Percentage of Plan Assets</td><td colspan="2">Target Allocations</td></tr><tr><td>Asset Class</td><td>2012</td><td>2011</td><td>2012</td><td>2011</td></tr><tr><td>Fixed income</td><td>49%</td><td>53%</td><td>47%</td><td>49%</td></tr><tr><td>Global equity</td><td>29</td><td>26</td><td>26</td><td>30</td></tr><tr><td>Private equity</td><td>5</td><td>6</td><td>6</td><td>6</td></tr><tr><td>Real estate and real assets</td><td>8</td><td>6</td><td>11</td><td>6</td></tr><tr><td>Global strategies</td><td>4</td><td>4</td><td>4</td><td>4</td></tr><tr><td>Hedge funds</td><td>5</td><td>5</td><td>6</td><td>5</td></tr><tr><td>Total</td><td>100%</td><td>100%</td><td>100%</td><td>100%</td></tr></table>
<table><tr><td></td><td colspan="2">Actual Allocations</td><td colspan="2">Target Allocations</td></tr><tr><td>Asset Class</td><td>2014</td><td>2013</td><td>2014</td><td>2013</td></tr><tr><td>Fixed income</td><td>48%</td><td>49%</td><td>47%</td><td>47%</td></tr><tr><td>Global equity</td><td>29</td><td>29</td><td>26</td><td>26</td></tr><tr><td>Private equity</td><td>5</td><td>5</td><td>6</td><td>6</td></tr><tr><td>Real estate and real assets</td><td>9</td><td>8</td><td>11</td><td>11</td></tr><tr><td>Global strategies</td><td>4</td><td>4</td><td>4</td><td>4</td></tr><tr><td>Hedge funds</td><td>5</td><td>5</td><td>6</td><td>6</td></tr><tr><td>Total</td><td>100%</td><td>100%</td><td>100%</td><td>100%</td></tr></table>

Question: Which year for Percentage of Plan Assets is Global equity the most?