EMPLOYEE BENEFITS OBLIGATIONS (Tables)

12 Months Ended

Mar. 31, 2019

Disclosure of share-based payments arrangements [Abstract]

Disclosure of net defined benefit liability (asset)

The employee benefits obligations are as follows:



		2019		2018
Funded defined benefit pension obligations	$	664.4	$	612.0
Fair value of plan assets		543.7		497.2
Funded defined benefit pension obligations – net	$	120.7	$	114.8
Unfunded defined benefit pension obligations		91.9		85.8
Employee benefits obligations	$	212.6	$	200.6

The changes in the funded defined benefit pension obligations and the fair value of plan assets are as follows:



								2019									2018
Canadian					Foreign			Total		Canadian				Foreign			Total
Pension obligations, beginning of year	$	546.8		$	65.2		$	612.0		$	487.4		$	53.9		$	541.3
Current service cost		27.2			1.8			29.0			22.3			1.5			23.8
Interest cost		17.4			1.2			18.6			16.7			1.2			17.9
Past service cost		1.7			—			1.7			—			—			—
Actuarial loss (gain) arising from:
Experience adjustments		1.4			0.1			1.5			0.3			0.2			0.5
Economic assumptions		13.3			4.1			17.4			27.1			3.0			30.1
Demographic assumptions		—			(0.8	)		(0.8	)		4.8			—			4.8
Employee contributions		6.9			0.5			7.4			6.0			0.2			6.2
Pension benefits paid		(17.5	)		(1.3	)		(18.8	)		(17.8	)		(1.2	)		(19.0	)
Exchange differences		—			(3.6	)		(3.6	)		—			6.4			6.4
Pension obligations, end of year	$	597.2		$	67.2		$	664.4		$	546.8		$	65.2		$	612.0
Fair value of plan assets, beginning of year	$	440.9		$	56.3		$	497.2		$	415.9		$	46.8		$	462.7
Interest income		14.3			1.0			15.3			14.1			1.1			15.2
Return on plan assets, excluding amounts
included in interest income		21.3			2.9			24.2			3.8			2.9			6.7
Employer contributions		20.3			2.1			22.4			20.1			1.1			21.2
Employee contributions		6.9			0.5			7.4			6.0			0.2			6.2
Pension benefits paid		(17.5	)		(1.3	)		(18.8	)		(17.8	)		(1.2	)		(19.0	)
Administrative costs		(0.9	)		(0.1	)		(1.0	)		(1.2	)		(0.2	)		(1.4	)
Exchange differences		—			(3.0	)		(3.0	)		—			5.6			5.6
Fair value of plan assets, end of year	$	485.3		$	58.4		$	543.7		$	440.9		$	56.3		$	497.2

The changes in the unfunded defined benefit pension obligations are as follows:



								2019									2018
Canadian					Foreign			Total		Canadian				Foreign			Total
Pension obligations, beginning of year	$	72.2		$	13.6		$	85.8		$	66.2		$	12.9		$	79.1
Current service cost		3.4			0.1			3.5			2.3			—			2.3
Interest cost		2.2			0.2			2.4			2.0			0.2			2.2
Past service cost		(1.7	)		1.7			—			—			—			—
Actuarial loss (gain) arising from:
Experience adjustments		—			0.1			0.1			0.3			0.1			0.4
Economic assumptions		1.2			0.5			1.7			3.8			(0.3	)		3.5
Demographic assumptions		—			0.1			0.1			0.4			—			0.4
Pension benefits paid		(2.8	)		(0.9	)		(3.7	)		(2.8	)		(0.8	)		(3.6	)
Acquisition of subsidiaries (Note 3)		2.7			—			2.7			—			—			—
Exchange differences		—			(0.7	)		(0.7	)		—			1.5			1.5
Pension obligations, end of year	$	77.2		$	14.7		$	91.9		$	72.2		$	13.6		$	85.8

Disclosure of additional information about defined benefit plans

The net pension cost is as follows:



								2019									2018
Canadian					Foreign			Total		Canadian				Foreign			Total
Funded plans
Current service cost	$	27.2		$	1.8		$	29.0		$	22.3		$	1.5		$	23.8
Interest cost		17.4			1.2			18.6			16.7			1.2			17.9
Interest income		(14.3	)		(1.0	)		(15.3	)		(14.1	)		(1.1	)		(15.2	)
Past service cost		1.7			—			1.7			—			—			—
Administrative cost		0.9			0.1			1.0			1.2			0.2			1.4
Net pension cost	$	32.9		$	2.1		$	35.0		$	26.1		$	1.8		$	27.9
Unfunded plans
Current service cost	$	3.4		$	0.1		$	3.5		$	2.3		$	—		$	2.3
Interest cost		2.2			0.2			2.4			2.0			0.2			2.2
Past service cost		(1.7	)		1.7			—			—			—			—
Net pension cost	$	3.9		$	2.0		$	5.9		$	4.3		$	0.2		$	4.5
Total net pension cost	$	36.8		$	4.1		$	40.9		$	30.4		$	2.0		$	32.4

Disclosure of fair value of plan assets

The fair value of the plan assets, by major categories, are as follows:



(amounts in millions)						2019						2018
		Quoted	Unquoted			Total		Quoted	Unquoted			Total
Canadian plans
Equity funds
Canadian	$	—	$	58.1	$	58.1	$	—	$	52.2	$	52.2
Foreign		—		210.5		210.5		—		191.8		191.8
Bond funds
Government		—		109.7		109.7		—		100.1		100.1
Corporate		—		68.8		68.8		—		66.4		66.4
Cash and cash equivalents		—		9.7		9.7		—		4.4		4.4
Other		—		28.5		28.5		—		26.0		26.0
Total Canadian plans	$	—	$	485.3	$	485.3	$	—	$	440.9	$	440.9
Foreign plans
Insured annuities	$	—	$	52.2	$	52.2	$	—	$	50.1	$	50.1
Equity instruments		2.5		—		2.5		2.6		—		2.6
Debt instruments
Corporate		3.3		—		3.3		3.1		—		3.1
Other		—		—		—		—		—		—
Other		—		0.4		0.4		—		0.5		0.5
Total Foreign plans	$	5.8	$	52.6	$	58.4	$	5.7	$	50.6	$	56.3
Total plans	$	5.8	$	537.9	$	543.7	$	5.7	$	491.5	$	497.2

Assumptions for defined benefit plans

Significant assumptions (weighted average):



			Canadian					Foreign
	2019			2018		2019		2018
Pension obligations as at March 31:
Discount rate	3.33	%		3.48	%	1.64	%	1.88	%
Compensation rate increases	3.65	%		3.66	%	2.92	%	2.86	%
Net pension cost for years ended March 31:
Discount rate	3.48	%		3.78	%	1.88	%	2.05	%
Compensation rate increases	3.65	%		3.50	%	2.86	%	2.82	%

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, 2019			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)		23.1		21.6		25.4		24.1
Canada	CPM private tables (designated executives)		24.7		23.2		26.2		24.8
Canada	CPM private tables (CMAT)		23.4		21.9		25.8		24.4
Netherlands	AG2018		23.8		21.7		25.8		23.6
Germany	Heubeck RT2018G		22.8		20.0		25.8		23.6
Norway	K2013		23.2		22.3		26.9		25.6
United Kingdom	S1PA		23.5		22.4		25.5		24.2
United States	CPM private tables		23.4		21.9		25.8		24.4



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 (employees)		23.0		21.5		25.4		24.0
Canada	CPM private tables (designated executives)		24.6		23.1		26.1		24.8
Canada	CPM private tables (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

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, 2019:



				Funded plans				Unfunded plans
Canadian					Foreign		Canadian				Foreign			Total
Discount rate:
Increase	$	(27.4	)	$	(3.4	)	$	(2.4	)	$	(0.5	)	$	(33.7	)
Decrease		29.5			3.7			2.8			0.5			36.5
Compensation rate:
Increase		8.3			0.2			0.5			—			9.0
Decrease		(7.9	)		(0.2	)		(0.5	)		—			(8.6	)

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 2020	$	19.2	$	2.5	$	21.7
Unfunded plans - Expected benefits paid in fiscal 2020		2.8		0.8		3.6