|
Defined benefit plan (Tables)
|
12 Months Ended |
|
Dec. 31, 2012
|
| Defined benefit plan |
|
| Schedule of components of net annual periodic pension cost |
The net annual periodic pension cost related to the pension plan for the years ended December 31, 2012 and 2011 includes the following components:
|
|
|
|
|
|
|
|
|
|
2012 |
|
2011 |
|
|
Service cost benefits earned |
|
$ |
782 |
|
$ |
103 |
|
|
Interest cost on benefit obligation |
|
|
613 |
|
|
91 |
|
|
Expected return on plan assets |
|
|
(622 |
) |
|
(89 |
) |
| |
|
|
|
|
|
|
Net period benefit cost |
|
$ |
773 |
|
$ |
105 |
|
| |
|
|
|
|
|
|
| Schedule of comparison of the pension benefit obligation and related plan assets |
|
|
|
|
|
|
|
|
|
|
2012 |
|
2011 |
|
|
Benefit obligation at January 1 |
|
$ |
(12,725 |
) |
$ |
(11,909 |
) |
|
Service cost |
|
|
(782 |
) |
|
(103 |
) |
|
Interest cost |
|
|
(613 |
) |
|
(90 |
) |
|
Actuarial loss |
|
|
(2,301 |
) |
|
(599 |
) |
|
Employee contributions |
|
|
(74 |
) |
|
(11 |
) |
|
Benefits paid |
|
|
27 |
|
|
— |
|
|
Foreign currency translation adjustment |
|
|
(282 |
) |
|
(13 |
) |
| |
|
|
|
|
|
|
Benefit obligation at December 31 |
|
|
(16,750 |
) |
|
(12,725 |
) |
| |
|
|
|
|
|
|
Fair value of plan assets at January 1 |
|
$ |
10,482 |
|
$ |
10,525 |
|
|
Actual return on plan assets |
|
|
815 |
|
|
(65 |
) |
|
Employer contributions |
|
|
363 |
|
|
— |
|
|
Employee contributions |
|
|
74 |
|
|
11 |
|
|
Benefits paid |
|
|
(27 |
) |
|
— |
|
|
Foreign currency translation adjustment |
|
|
232 |
|
|
11 |
|
| |
|
|
|
|
|
|
Fair value of plan assets at December 31 |
|
|
11,939 |
|
|
10,482 |
|
| |
|
|
|
|
|
|
Funded status at December 31—excess of obligation over assets |
|
$ |
(4,811 |
) |
$ |
(2,243 |
) |
| |
|
|
|
|
|
|
| Schedule of amount recognized in the balance sheet |
|
|
|
|
|
|
|
|
|
|
2012 |
|
2011 |
|
|
Non-current liabilities |
|
$ |
4,811 |
|
$ |
2,243 |
|
|
| Schedule of amounts recognized in accumulated OCI that have not yet been recognized as components of net periodic benefit cost |
|
|
|
|
|
|
|
|
|
|
2012 |
|
2011 |
|
|
Unrecognized loss |
|
$ |
1,263 |
|
$ |
489 |
|
|
| Schedule of significant components of pension plan |
|
|
|
|
|
|
|
|
|
|
2012 |
|
2011 |
|
|
Projected benefit obligation |
|
$ |
16,750 |
|
$ |
12,725 |
|
|
Accumulated benefit obligation |
|
|
13,061 |
|
|
9,900 |
|
|
Fair value of plan assets |
|
|
11,939 |
|
|
10,482 |
|
|
| Schedule of fair values of the pension plan's assets by asset category and level within the fair value hierarchy |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2012 |
|
|
|
Level 1 |
|
Level 2 |
|
Level 3 |
|
Total |
|
|
Canadian equity investments |
|
$ |
— |
|
$ |
3,555 |
|
$ |
— |
|
$ |
3,555 |
|
|
U.S. equity investments |
|
|
— |
|
|
1,618 |
|
|
— |
|
|
1,618 |
|
|
International equity investments |
|
|
— |
|
|
1,658 |
|
|
— |
|
|
1,658 |
|
|
Corporate bond investment-fixed income |
|
|
— |
|
|
4,745 |
|
|
— |
|
|
4,745 |
|
|
Other fixed income |
|
|
— |
|
|
363 |
|
|
— |
|
|
363 |
|
| |
|
|
|
|
|
|
|
|
|
|
Total |
|
$ |
— |
|
$ |
11,939 |
|
$ |
— |
|
$ |
11,939 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2011 |
|
|
|
Level 1 |
|
Level 2 |
|
Level 3 |
|
Total |
|
|
Canadian equity investments |
|
$ |
— |
|
$ |
3,166 |
|
$ |
— |
|
$ |
3,166 |
|
|
U.S. equity investments |
|
|
— |
|
|
1,429 |
|
|
— |
|
|
1,429 |
|
|
International equity investments |
|
|
— |
|
|
1,383 |
|
|
— |
|
|
1,383 |
|
|
Corporate bond investment-fixed income |
|
|
— |
|
|
4,200 |
|
|
— |
|
|
4,200 |
|
|
Other fixed income |
|
|
— |
|
|
304 |
|
|
— |
|
|
304 |
|
| |
|
|
|
|
|
|
|
|
|
|
Total |
|
$ |
— |
|
$ |
10,482 |
|
$ |
— |
|
$ |
10,482 |
|
| |
|
|
|
|
|
|
|
|
|
|
| Schedule of significant assumptions used to calculate benefit obligations |
|
|
|
|
|
|
|
|
|
|
2012 |
|
2011 |
|
|
Weighted-Average Assumptions |
|
|
|
|
|
|
|
|
Discount rate |
|
|
4.00% |
|
|
4.75% |
|
|
Rate of compensation increase |
|
|
3.00% - 4.00% |
|
|
3.00% - 4.00% |
|
|
| Schedule of significant assumptions used to calculate benefit expense |
|
|
|
|
|
|
|
|
|
|
2012 |
|
2011 |
|
|
Weighted-Average Assumptions |
|
|
|
|
|
|
|
|
Discount rate |
|
|
4.00% |
|
|
4.75% |
|
|
Rate of return on plan assets |
|
|
5.50% |
|
|
5.50% |
|
|
Rate of compensation increase |
|
|
3.00% - 4.00% |
|
|
3.00% - 4.00% |
|
|
| Schedule of pension plan assets weighted average allocations |
|
|
|
|
|
|
|
|
|
|
2012 |
|
2011 |
|
|
Canadian equity |
|
|
30 |
% |
|
30 |
% |
|
U.S. equity |
|
|
13 |
% |
|
14 |
% |
|
International equity |
|
|
14 |
% |
|
13 |
% |
|
Canadian fixed income |
|
|
40 |
% |
|
40 |
% |
|
International fixed income |
|
|
3 |
% |
|
3 |
% |
| |
|
|
|
|
|
|
|
|
|
100 |
% |
|
100 |
% |
|
| Schedule of expected future benefit payments |
Our expected future benefit payments for each of the next five years and in the aggregate for the five years thereafter, are as follows in Cdn$:
|
|
|
|
|
|
|
2012 |
|
|
2013 |
|
$ |
252 |
|
|
2014 |
|
|
293 |
|
|
2015 |
|
|
319 |
|
|
2016 |
|
|
362 |
|
|
2017 |
|
|
412 |
|
|
2018-2022 |
|
|
3,003 |
|
|