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EMPLOYEE BENEFITS OBLIGATIONS (Tables) | 12 Months Ended
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Mar. 31, 2018
Disclosure of share-based payments arrangements [Abstract] |
Disclosure of net defined benefit liability (asset) | The employee benefits obligations are as follows:
| 2018 |  |  | 2017 |
Funded defined benefit pension obligations | $ | 612.0 |  |  | $ | 541.3 |
Fair value of plan assets | 497.2 |  |  | 462.7 |
Funded defined benefit pension obligations – net | $ | 114.8 |  |  | $ | 78.6 |
Unfunded defined benefit pension obligations | 85.8 |  |  | 79.1 |
Employee benefits obligations | $ | 200.6 |  |  | $ | 157.7 |
The changes in the funded defined benefit pension obligations and the fair value of plan assets are as follows:
|  |  |  |  |  |  | 2018 |  |  |  |  |  |  |  |  | 2017 |
Canadian |  |  | Foreign |  |  | Total |  | Canadian |  |  | Foreign |  |  | Total |
Pension obligations, beginning of year | $ | 487.4 |  |  | $ | 53.9 |  |  | $ | 541.3 |  |  | $ | 468.9 |  |  | $ | 52.3 |  |  | $ | 521.2 |
Current service cost | 22.3 |  |  | 1.5 |  |  | 23.8 |  |  | 22.0 |  |  | 1.2 |  |  | 23.2 |
Interest cost | 16.7 |  |  | 1.2 |  |  | 17.9 |  |  | 16.5 |  |  | 1.3 |  |  | 17.8 |
Actuarial loss (gain) arising from: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Experience adjustments | 0.3 |  |  | 0.2 |  |  | 0.5 |  |  | 1.4 |  |  | 0.3 |  |  | 1.7 |
Economic assumptions | 27.1 |  |  | 3.0 |  |  | 30.1 |  |  | 13.5 |  |  | 1.8 |  |  | 15.3 |
Demographic assumptions | 4.8 |  |  | — |  |  | 4.8 |  |  | (19.1 | ) |  | 0.5 |  |  | (18.6 | )
Employee contributions | 6.0 |  |  | 0.2 |  |  | 6.2 |  |  | 5.7 |  |  | 0.2 |  |  | 5.9 |
Pension benefits paid | (17.8 | ) |  | (1.2 | ) |  | (19.0 | ) |  | (21.5 | ) |  | (1.1 | ) |  | (22.6 | )
Exchange differences | — |  |  | 6.4 |  |  | 6.4 |  |  | — |  |  | (2.6 | ) |  | (2.6 | )
Pension obligations, end of year | $ | 546.8 |  |  | $ | 65.2 |  |  | $ | 612.0 |  |  | $ | 487.4 |  |  | $ | 53.9 |  |  | $ | 541.3 |
Fair value of plan assets, beginning of year | $ | 415.9 |  |  | $ | 46.8 |  |  | $ | 462.7 |  |  | $ | 382.9 |  |  | $ | 46.9 |  |  | $ | 429.8 |
Interest income | 14.1 |  |  | 1.1 |  |  | 15.2 |  |  | 13.6 |  |  | 1.1 |  |  | 14.7 |
Return on plan assets, excluding amounts |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
included in interest income | 3.8 |  |  | 2.9 |  |  | 6.7 |  |  | 19.1 |  |  | 0.3 |  |  | 19.4 |
Employer contributions | 20.1 |  |  | 1.1 |  |  | 21.2 |  |  | 17.2 |  |  | 1.7 |  |  | 18.9 |
Employee contributions | 6.0 |  |  | 0.2 |  |  | 6.2 |  |  | 5.7 |  |  | 0.2 |  |  | 5.9 |
Pension benefits paid | (17.8 | ) |  | (1.2 | ) |  | (19.0 | ) |  | (21.5 | ) |  | (1.1 | ) |  | (22.6 | )
Administrative costs | (1.2 | ) |  | (0.2 | ) |  | (1.4 | ) |  | (1.1 | ) |  | (0.1 | ) |  | (1.2 | )
Exchange differences | — |  |  | 5.6 |  |  | 5.6 |  |  | — |  |  | (2.2 | ) |  | (2.2 | )
Fair value of plan assets, end of year | $ | 440.9 |  |  | $ | 56.3 |  |  | $ | 497.2 |  |  | $ | 415.9 |  |  | $ | 46.8 |  |  | $ | 462.7 |
The changes in the unfunded defined benefit pension obligations are as follows:
|  |  |  |  | 2018 |  |  |  |  |  |  |  |  | 2017 |
Canadian |  |  | Foreign |  |  | Total |  | Canadian |  |  | Foreign |  |  | Total |
Pension obligations, beginning of year | $ | 66.2 |  |  | $ | 12.9 |  |  | $ | 79.1 |  |  | $ | 62.9 |  |  | $ | 13.7 |  |  | $ | 76.6 |
Current service cost | 2.3 |  |  | — |  |  | 2.3 |  |  | 2.2 |  |  | — |  |  | 2.2 |
Interest cost | 2.0 |  |  | 0.2 |  |  | 2.2 |  |  | 1.9 |  |  | 0.2 |  |  | 2.1 |
Past service cost, settlements |  |  |  |  |  |  |  |  |  |  |  |  |
and curtailments | — |  |  | — |  |  | — |  |  | — |  |  | 0.1 |  |  | 0.1 |
Actuarial loss (gain) arising from: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Experience adjustments | 0.3 |  |  | 0.1 |  |  | 0.4 |  |  | 1.1 |  |  | — |  |  | 1.1 |
Economic assumptions | 3.8 |  |  | (0.3 | ) |  | 3.5 |  |  | 1.0 |  |  | 0.3 |  |  | 1.3 |
Demographic assumptions | 0.4 |  |  | — |  |  | 0.4 |  |  | — |  |  | — |  |  | — |
Pension benefits paid | (2.8 | ) |  | (0.8 | ) |  | (3.6 | ) |  | (2.9 | ) |  | (0.7 | ) |  | (3.6 | )
Exchange differences | — |  |  | 1.5 |  |  | 1.5 |  |  | — |  |  | (0.7 | ) |  | (0.7 | )
Pension obligations, end of year | $ | 72.2 |  |  | $ | 13.6 |  |  | $ | 85.8 |  |  | $ | 66.2 |  |  | $ | 12.9 |  |  | $ | 79.1 |
Disclosure of additional information about defined benefit plans | The net pension cost is as follows:
|  |  |  |  |  |  | 2018 |  |  |  |  |  |  |  |  | 2017 |
Canadian |  |  | Foreign |  |  | Total |  | Canadian |  |  | Foreign |  |  | Total |
Funded plans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current service cost | $ | 22.3 |  |  | $ | 1.5 |  |  | $ | 23.8 |  |  | $ | 22.0 |  |  | $ | 1.2 |  |  | $ | 23.2 |
Interest cost | 16.7 |  |  | 1.2 |  |  | 17.9 |  |  | 16.5 |  |  | 1.3 |  |  | 17.8 |
Interest income | (14.1 | ) |  | (1.1 | ) |  | (15.2 | ) |  | (13.6 | ) |  | (1.1 | ) |  | (14.7 | )
Administrative cost | 1.2 |  |  | 0.2 |  |  | 1.4 |  |  | 1.1 |  |  | 0.1 |  |  | 1.2 |
Net pension cost | $ | 26.1 |  |  | $ | 1.8 |  |  | $ | 27.9 |  |  | $ | 26.0 |  |  | $ | 1.5 |  |  | $ | 27.5 |
Unfunded plans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current service cost | $ | 2.3 |  |  | $ | — |  |  | $ | 2.3 |  |  | $ | 2.2 |  |  | $ | — |  |  | $ | 2.2 |
Interest cost | 2.0 |  |  | 0.2 |  |  | 2.2 |  |  | 1.9 |  |  | 0.2 |  |  | 2.1 |
Past service cost, settlements |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
and curtailments | — |  |  | — |  |  | — |  |  | — |  |  | 0.1 |  |  | 0.1 |
Net pension cost | $ | 4.3 |  |  | $ | 0.2 |  |  | $ | 4.5 |  |  | $ | 4.1 |  |  | $ | 0.3 |  |  | $ | 4.4 |
Total net pension cost | $ | 30.4 |  |  | $ | 2.0 |  |  | $ | 32.4 |  |  | $ | 30.1 |  |  | $ | 1.8 |  |  | $ | 31.9 |
Disclosure of fair value of plan assets | The fair value of the plan assets, by major categories, are as follows:
(amounts in millions) |  |  |  |  | 2018 |  |  |  |  |  |  | 2017 |
| Quoted |  | Unquoted |  |  | Total |  |  | Quoted |  | Unquoted |  |  | Total |
Canadian plans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity funds |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Canadian | $ | — |  |  | $ | 52.2 |  |  | $ | 52.2 |  |  | $ | — |  |  | $ | 110.0 |  |  | $ | 110.0 |
Foreign | — |  |  | 191.8 |  |  | 191.8 |  |  | — |  |  | 122.3 |  |  | 122.3 |
Bond funds |  |  |  |  |  |  |  |  |  |  |  |
Government | — |  |  | 100.1 |  |  | 100.1 |  |  | — |  |  | 116.4 |  |  | 116.4 |
Corporate | — |  |  | 66.4 |  |  | 66.4 |  |  | — |  |  | 34.6 |  |  | 34.6 |
Cash and cash equivalents | — |  |  | 4.4 |  |  | 4.4 |  |  | — |  |  | — |  |  | — |
Other | — |  |  | 26.0 |  |  | 26.0 |  |  | — |  |  | 32.6 |  |  | 32.6 |
Total Canadian plans | $ | — |  |  | $ | 440.9 |  |  | $ | 440.9 |  |  | $ | — |  |  | $ | 415.9 |  |  | $ | 415.9 |
Foreign plans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Insured annuities | $ | — |  |  | $ | 50.1 |  |  | $ | 50.1 |  |  | $ | — |  |  | $ | 41.3 |  |  | $ | 41.3 |
Equity instruments | 2.6 |  |  | — |  |  | 2.6 |  |  | 2.4 |  |  | — |  |  | 2.4 |
Debt instruments |  |  |  |  |  |  |  |  |  |  |
Corporate | 3.1 |  |  | — |  |  | 3.1 |  |  | 1.5 |  |  | — |  |  | 1.5 |
Other | — |  |  | — |  |  | — |  |  | 1.2 |  |  | — |  |  | 1.2 |
Other | — |  |  | 0.5 |  |  | 0.5 |  |  | — |  |  | 0.4 |  |  | 0.4 |
Total Foreign plans | $ | 5.7 |  |  | $ | 50.6 |  |  | $ | 56.3 |  |  | $ | 5.1 |  |  | $ | 41.7 |  |  | $ | 46.8 |
Total plans | $ | 5.7 |  |  | $ | 491.5 |  |  | $ | 497.2 |  |  | $ | 5.1 |  |  | $ | 457.6 |  |  | $ | 462.7 |
Assumptions for defined benefit plans | Significant assumptions (weighted average):
|  | Canadian |  |  |  |  | Foreign |
| 2018 |  |  | 2017 |  |  | 2018 |  |  | 2017 |
Pension obligations as at March 31: |  |  |  |  |  |  |  |
Discount rate | 3.48 | % |  | 3.78 | % |  | 1.88 | % |  | 2.05 | %
Compensation rate increases | 3.66 | % |  | 3.50 | % |  | 2.86 | % |  | 2.82 | %
Net pension cost for years ended March 31: |  |  |  |  |  |  |
Discount rate | 3.78 | % |  | 3.96 | % |  | 2.05 | % |  | 2.26 | %
Compensation rate increases | 3.50 | % |  | 3.50 | % |  | 2.82 | % |  | 2.86 | %
Assumptions regarding future mortality are based on actuarial advice in accordance with published statistics and mortality tables and experience in each territory. The mortality tables and the average life expectancy in years for a member age 45 and 65 are as follows:
As at March 31, 2018 |  |  | Life expectancy over 65 for a member |
(in years) |  |  |  |  | Male |  |  |  |  | Female |
Country | Mortality table | at age 45 |  | at age 65 |  | at age 45 |  | at age 65 |
Canada | CPM private tables MI 2017 (employees) |  | 23.0 |  |  | 21.5 |  |  | 25.4 |  |  | 24.0 |
Canada | CPM private tables MI 2017 (designated executives) |  | 24.6 |  |  | 23.1 |  |  | 26.1 |  |  | 24.8 |
Canada | CPM private tables MI 2017 (CMAT) |  | 23.3 |  |  | 21.9 |  |  | 25.7 |  |  | 24.4 |
Netherlands | AG2016 |  | 23.9 |  |  | 21.7 |  |  | 26.3 |  |  | 23.9 |
Germany | Heubeck RT2005G |  | 21.9 |  |  | 19.3 |  |  | 25.8 |  |  | 23.3 |
Norway | K2013 |  | 23.1 |  |  | 22.2 |  |  | 26.8 |  |  | 25.5 |
United Kingdom | S1PA |  | 24.4 |  |  | 22.6 |  |  | 26.9 |  |  | 25.0 |
As at March 31, 2017 |  |  | Life expectancy over 65 for a member |
(in years) |  |  |  |  | Male |  |  |  |  | Female |
Country | Mortality table | at age 45 |  | at age 65 |  | at age 45 |  | at age 65 |
Canada | CPM private tables (employees) |  | 22.4 |  |  | 21.3 |  |  | 24.7 |  |  | 23.7 |
Canada | CPM private tables (designated executives) |  | 23.9 |  |  | 22.9 |  |  | 25.4 |  |  | 24.4 |
Canada | CPM private tables (CMAT) |  | 22.7 |  |  | 21.6 |  |  | 25.0 |  |  | 24.0 |
Netherlands | AG2016 |  | 23.8 |  |  | 21.5 |  |  | 26.2 |  |  | 23.8 |
Germany | Heubeck RT2005G |  | 21.8 |  |  | 19.3 |  |  | 25.7 |  |  | 23.2 |
Norway | K2013 |  | 22.8 |  |  | 22.1 |  |  | 26.5 |  |  | 25.4 |
United Kingdom | S1PA |  | 24.3 |  |  | 22.6 |  |  | 26.8 |  |  | 24.9 |
Disclosure of sensitivity analysis for actuarial assumptions | The following table summarizes the impact on the defined benefit obligation as a result of a 0.25% change in the significant assumptions as at March 31, 2018:
|  | Funded plans |  |  | Unfunded plans |  |  |  |
Canadian |  |  | Foreign |  | Canadian |  |  | Foreign |  |  | Total |
Discount rate: |  |  |  |  |  |  |  |  |
Increase | $ | (24.9 | ) |  | $ | (3.2 | ) |  | $ | (2.4 | ) |  | $ | (0.4 | ) |  | $ | (30.9 | )
Decrease | 26.7 |  |  | 3.5 |  |  | 2.6 |  |  | 0.4 |  |  | 33.2 |
Compensation rate: |  |  |  |  |  |  |  |  |  |
Increase | 7.1 |  |  | 0.2 |  |  | 0.5 |  |  | — |  |  | 7.8 |
Decrease | (6.7 | ) |  | (0.2 | ) |  | (0.5 | ) |  | — |  |  | (7.4 | )
Expected future employer contribution | Contributions reflect actuarial assumptions of future investment returns, salary projections and future service benefits. The expected employer contributions and expected benefits paid for the next fiscal year are as follows:
|  |  | Canadian |  |  | Foreign |  |  | Total |
Funded plans - Expected contributions in fiscal 2019 |  |  |  |  | $ | 18.6 |  |  | $ | 1.8 |  |  | $ | 20.4 |
Unfunded plans - Expected benefits paid in fiscal 2019 |  |  |  |  | $ | 2.6 |  |  | $ | 0.7 |  |  | $ | 3.3 |

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- Definition The disclosure of additional information about defined benefit plans necessary to meet the objectives of IAS 19. [Refer: Defined benefit plans [member]] + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Name IAS -Number 19 -IssueDate 2017-01-01 -Paragraph 137 -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&num=19&date=2017-03-01&anchor=para_137&doctype=Standard -URIDate 2017-03-09 + Details
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- Definition The disclosure of a net defined benefit liability (asset). [Refer: Net defined benefit liability (asset)] + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Name IAS -Number 19 -IssueDate 2017-01-01 -Paragraph 140 -Subparagraph a -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&num=19&date=2017-03-01&anchor=para_140_a&doctype=Standard -URIDate 2017-03-09 + Details
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