Employee Defined Benefit Obligations (Tables)

12 Months Ended

Dec. 31, 2020

Summary of Employee Defined Benefit Obligations


	December 31, 2020	December 31, 2019
	$	$
Net defined benefit pension asset	(47.3)	(26.0)
Net defined benefit pension liability	73.7	69.8
End of employment benefit plans	17.5	15.4
	91.2	85.2


	December 31, 2020	December 31, 2019
	$	$
Included in the consolidated statement of financial position within:
Net defined benefit asset	(47.3)	(26.0)
Net defined benefit liability	73.7	69.8
	26.4	43.8

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:


	2020			2019
	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	563.1	(519.3)	43.8	494.3	(448.8)	45.5

Administrative and marketing expenses
Interest expense (income)	10.6	(10.0)	0.6	13.0	(12.1)	0.9
Past service cost	0.3	—	0.3	—	—	—
Administrative expenses paid by the Plans	—	1.1	1.1	—	1.1	1.1
	10.9	(8.9)	2.0	13.0	(11.0)	2.0
Other comprehensive loss (income)
Return on the plan assets, excluding interest income	—	(41.1)	(41.1)	—	(55.5)	(55.5)
Actuarial (gains) losses arising from:
Changes in demographic assumptions	1.0	—	1.0	(1.9)	—	(1.9)
Changes in financial assumptions	40.0	—	40.0	81.9	—	81.9
Experience adjustments	0.6	—	0.6	(4.4)	—	(4.4)
Remeasurement loss on net employee defined benefit liability, before tax	41.6	(41.1)	0.5	75.6	(55.5)	20.1
Effect of movement in exchange rates	6.1	(5.8)	0.3	(5.0)	4.2	(0.8)
	47.7	(46.9)	0.8	70.6	(51.3)	19.3
Other
Benefits paid	(20.1)	20.1	—	(14.8)	14.8	—
Contributions by employer	—	(20.2)	(20.2)	—	(23.0)	(23.0)
	(20.1)	(0.1)	(20.2)	(14.8)	(8.2)	(23.0)
Balance, end of the year	601.6	(575.2)	26.4	563.1	(519.3)	43.8

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,
	2020	2019
	$	$
Cash and cash equivalents	9.6	7.6
Investments quoted in active markets (mutual, exchange-traded, and pooled funds):
Equities	149.1	163.4
Corporate bonds and fixed income	130.6	73.3
Pooled fund liability-driven investments	21.2	13.2
Property funds	10.1	14.4
Unquoted investments:
Annuity policies	127.0	123.2
Insurance contracts:
Equities and property	85.5	85.0
Corporate bonds	41.2	29.9
Cash and cash equivalents	0.9	9.3
Fair value of plan assets	575.2	519.3

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, 2020		December 31, 2019
Discount rate	1.15	%	1.89	%
Rate of increase in salaries	4.17	%	4.34	%
Rate of inflation, pre-retirement	2.40	%	2.60	%
Rate of increase in future pensions payment	3.41	%	3.44	%
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, 2020		December 31, 2019
	Increase $	Decrease $	Increase $	Decrease $
Change in discount rate by 0.25%	(19.6)	20.3	(18.9)	19.6
Change in pre-retirement inflation rate by 0.25%	5.6	(5.3)	5.7	(5.5)
Change in salary growth by 0.25%	1.2	(1.2)	1.0	(1.0)
Change in pension increase assumption by 0.25%	12.9	(12.3)	10.5	(9.2)
Change in one year in the life expectancy	13.3	(13.3)	11.8	(11.8)