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Employee Defined Benefit Obligations (Tables)
 12 Months Ended
Dec. 31, 2019
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Summary of Employee Defined Benefit Obligations
 
  
 
 
 
          December 31
 
 
            December 31 
   
2019
  2018 
    
$
  $ 
Net defined benefit pension asset
  
 
(26.0
) 
  (10.0) 
Net defined benefit pension liability
  
 
69.8
 
  55.5 
End of employment benefit plans
  
 
15.4
 
  13.1 
   
 
85.2
 
  68.6 
Summary of Reconciliation for Net Defined Benefit Liability
The following table presents a reconciliation from the opening balances to the closing balances for the net defined benefit liability and its components:
 
   
 
2019
  
2018
 
   
Defined
Benefit
    Obligation
 
$
  
Fair Value
of Plan
Assets
 
$
  
Net
Defined
Benefit
Liability
$
  
Defined
Benefit
Obligation
 
$
  
Fair Value
of Plan
Assets
 
$
  
Net
Defined
Benefit
Liability
 
$
 
 Balance, beginning of the year
  
 
494.3
 
 
 
(448.8
) 
 
 
45.5
 
  397.7   (379.2)   18.5 
 Acquisitions
  
 
-
 
 
 
-
 
 
 
-
 
  80.9   (64.4)   16.5 
 Included in
pre-tax
profit or loss
       
 Interest expense (income)
  
 
13.0
 
 
 
(12.1
) 
 
 
0.9
 
  10.8   (10.2)   0.6 
 Past service cost
  
 
-
 
 
 
-
 
 
 
-
 
  10.5   -   10.5 
 Administrative expenses paid by the Plans
  
 
-
 
 
 
1.1
 
 
 
1.1
 
  -   1.7   1.7 
   
 
13.0
 
 
 
(11.0
) 
 
 
2.0
 
  21.3   (8.5)   12.8 
 
Included in other comprehensive loss (income)
       
 Return on the plan assets, excluding interest income
  
 
-
 
 
 
(55.5
) 
 
 
(55.5
) 
  -   17.4   17.4 
 Actuarial (gains) losses arising from:
       
 Changes in demographic assumptions
  
 
(1.9
) 
 
 
-
 
 
 
(1.9
) 
  (0.8)   -   (0.8) 
 Changes in financial assumptions
  
 
81.9
 
 
 
-
 
 
 
81.9
 
  (9.3)   -   (9.3) 
 Experience adjustments
  
 
(4.4
) 
 
 
-
 
 
 
(4.4
) 
  5.5   -   5.5 
 Remeasurement loss on net employee defined benefit liability, before tax
  
 
75.6
 
 
 
(55.5
) 
 
 
20.1
 
  (4.6)   17.4   12.8 
 Effect of movement in exchange rates
  
 
(5.0
) 
 
 
4.2
 
 
 
(0.8
) 
  11.5   (10.3)   1.2 
   
 
70.6
 
 
 
(51.3
) 
 
 
19.3
 
  6.9   7.1   14.0 
 
Other
       
 Benefits paid
  
 
(14.8
) 
 
 
14.8
 
 
 
-
 
  (12.5)   12.3   (0.2) 
 Contributions by employer
  
 
-
 
 
 
(23.0
) 
 
 
(23.0
) 
  -   (16.1)   (16.1) 
   
 
(14.8
) 
 
 
(8.2
) 
 
 
(23.0
) 
  (12.5)   (3.8)   (16.3) 
 
Balance, end of the year
  
 
563.1
 
 
 
(519.3
) 
 
 
43.8
 
  494.3   (448.8)   45.5 
   
 
December 31
  
            December 31
 
   
2019
  2018 
    
$
  $ 
Included in the consolidated statement of financial position within:
   
Net defined benefit asset
  
 
(26.0
) 
  (10.0) 
Net defined benefit liability
  
 
69.8
 
  55.5 
   
 
43.8
 
  45.5 
Summary of Net Defined Benefit Asset
       
For the year ended December 31
 
       
2019
   2018 
    Note   
$
   $ 
Included in the consolidated statement of income as:
      
 Continuing operations - administrative and marketing expenses
    
 
2.0
 
   6.6 
 Discontinued operations
   8   
 
-
 
   6.2 
        
 
2.0
 
   12.8 
Summary of Major Categories of Plan Assets, Measured at Fair Value
Major categories of plan assets, measured at fair value, are as follows:
 
       
      December 31
           December 31 
       
2019
   2018 
         
$
   $ 
Cash and cash equivalents
    
 
7.6
 
   3.3 
Investments quoted in active markets (mutual, exchange-traded, and pooled funds):
      
  Equities
    
 
163.4
 
   138.1 
  Corporate bonds and fixed income
    
 
73.3
 
   57.5 
  Pooled fund liability-driven investments
    
 
13.2
 
   15.5 
  Property funds
    
 
14.4
 
   10.6 
Unquoted investments:
      
  Annuity policies
    
 
123.2
 
   110.8 
  Insurance contract:
      
    Equities and property
    
 
85.0
 
   80.2 
    Corporate bonds
    
 
29.9
 
   19.2 
    Cash and cash equivalents
       
 
9.3
 
   13.6 
  Fair value of the plan assets
       
 
519.3
 
  
 
448.8
 
Summary of Principal Assumptions Used In Determining Pension Benefit Obligations
The principal assumptions used in determining pension benefit obligations for the Plans are shown below (expressed as weighted averages):
 
   
      December 31  
          December 31  
    
2019  
  2018  
Discount rate
  
1.89% 
  2.77%
Rate of increase in salaries
  
4.34% 
  4.47%
Rate of inflation,
pre-retirement
  
2.60% 
  2.55%
Rate of increase in future pensions payment
  
3.44% 
  3.51%
Life expectancy at age 65 for current pensioners:
    
  Male
  
22 years 
  22 years
  Female
  
24 years 
  24 years
Life expectancy at age 65 for current members aged 45:
    
  Male
  
23 years 
  23 years
  Female
  
25 years 
  25 years
Summary of Quantitative Sensitivity Analyses Impact on Defined Benefit Obligation for Significant Assumptions
Quantitative sensitivity analyses showing the impact on the defined benefit obligation for significant assumptions are as follows:
 
   
December 31
  December 31
   
2019
  2018
   
    Increase
  
  Decrease
          Increase      Decrease
    
$
  
$
  $  $
Change in discount rate by 0.25%
  
 
(18.9
) 
 
 
19.6
 
  (15.6)  17.0 
Change in
pre-retirement
inflation rate by 0.25%
  
 
5.7
 
 
 
(5.5
) 
  5.0  (4.8)
Change in salary growth by 0.25%
  
 
1.0
 
 
 
(1.0
) 
  0.9  (0.8)
Change in pension increase assumption by 0.25%
  
 
10.5
 
 
 
(9.2
) 
  8.4  (8.1)
Increase of one year in the life expectancy
  
 
11.8
 
 
 
n/a
 
  9.4  n/a