EMPLOYEE BENEFITS OBLIGATIONS (Tables)

12 Months Ended

Mar. 31, 2020

Disclosure of share-based payments arrangements [Abstract]

Disclosure of net defined benefit liability (asset)

The employee benefits obligations are as follows:



		2020		2019
Funded defined benefit pension obligations	$	649.2	$	664.4
Fair value of plan assets		530.1		543.7
Funded defined benefit pension obligations – net	$	119.1	$	120.7
Unfunded defined benefit pension obligations		93.7		91.9
Employee benefits obligations	$	212.8	$	212.6

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



								2020									2019
Canadian					Foreign			Total		Canadian				Foreign			Total
Pension obligations, beginning of year	$	597.2		$	67.2		$	664.4		$	546.8		$	65.2		$	612.0
Current service cost		30.4			2.1			32.5			27.2			1.8			29.0
Interest cost		18.0			1.1			19.1			17.4			1.2			18.6
Past service cost		—			—			—			1.7			—			1.7
Actuarial loss (gain) arising from:
Experience adjustments		9.2			0.4			9.6			1.4			0.1			1.5
Economic assumptions		(64.3	)		0.5			(63.8	)		13.3			4.1			17.4
Demographic assumptions		—			(0.4	)		(0.4	)		—			(0.8	)		(0.8	)
Employee contributions		7.2			0.6			7.8			6.9			0.5			7.4
Pension benefits paid		(20.8	)		(1.5	)		(22.3	)		(17.5	)		(1.3	)		(18.8	)
Foreign currency exchange differences		—			2.3			2.3			—			(3.6	)		(3.6	)
Pension obligations, end of year	$	576.9		$	72.3		$	649.2		$	597.2		$	67.2		$	664.4
Fair value of plan assets, beginning of year	$	485.3		$	58.4		$	543.7		$	440.9		$	56.3		$	497.2
Interest income		14.9			0.9			15.8			14.3			1.0			15.3
Return on plan assets, excluding amounts
included in interest income		(40.0	)		(0.2	)		(40.2	)		21.3			2.9			24.2
Employer contributions		22.1			2.3			24.4			20.3			2.1			22.4
Employee contributions		7.2			0.6			7.8			6.9			0.5			7.4
Pension benefits paid		(20.8	)		(1.5	)		(22.3	)		(17.5	)		(1.3	)		(18.8	)
Administrative costs		(0.9	)		(0.2	)		(1.1	)		(0.9	)		(0.1	)		(1.0	)
Foreign currency exchange differences		—			2.0			2.0			—			(3.0	)		(3.0	)
Fair value of plan assets, end of year	$	467.8		$	62.3		$	530.1		$	485.3		$	58.4		$	543.7

Changes in unfunded defined benefit pension obligations are as follows:



								2020									2019
Canadian					Foreign			Total		Canadian				Foreign			Total
Pension obligations, beginning of year	$	77.2		$	14.7		$	91.9		$	72.2		$	13.6		$	85.8
Current service cost		3.3			0.6			3.9			3.4			0.1			3.5
Interest cost		2.1			0.2			2.3			2.2			0.2			2.4
Past service cost		—			(0.1	)		(0.1	)		(1.7	)		1.7			—
Actuarial loss (gain) arising from:
Experience adjustments		7.7			(0.6	)		7.1			—			0.1			0.1
Economic assumptions		(7.2	)		1.1			(6.1	)		1.2			0.5			1.7
Demographic assumptions		—			—			—			—			0.1			0.1
Pension benefits paid		(2.8	)		(0.7	)		(3.5	)		(2.8	)		(0.9	)		(3.7	)
Business combinations (Note 3)		(2.3	)		—			(2.3	)		2.7			—			2.7
Foreign currency exchange differences		—			0.5			0.5			—			(0.7	)		(0.7	)
Pension obligations, end of year	$	78.0		$	15.7		$	93.7		$	77.2		$	14.7		$	91.9

Disclosure of additional information about defined benefit plans

Net pension cost is as follows:



								2020									2019
Canadian					Foreign			Total		Canadian				Foreign			Total
Funded plans
Current service cost	$	30.4		$	2.1		$	32.5		$	27.2		$	1.8		$	29.0
Interest cost		18.0			1.1			19.1			17.4			1.2			18.6
Interest income		(14.9	)		(0.9	)		(15.8	)		(14.3	)		(1.0	)		(15.3	)
Past service cost		—			—			—			1.7			—			1.7
Administrative cost		0.9			0.2			1.1			0.9			0.1			1.0
Net pension cost of funded plans	$	34.4		$	2.5		$	36.9		$	32.9		$	2.1		$	35.0
Unfunded plans
Current service cost	$	3.3		$	0.6		$	3.9		$	3.4		$	0.1		$	3.5
Interest cost		2.1			0.2			2.3			2.2			0.2			2.4
Past service cost		—			(0.1	)		(0.1	)		(1.7	)		1.7			—
Net pension cost of unfunded plans	$	5.4		$	0.7		$	6.1		$	3.9		$	2.0		$	5.9
Total net pension cost	$	39.8		$	3.2		$	43.0		$	36.8		$	4.1		$	40.9

Disclosure of fair value of plan assets

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



(amounts in millions)						2020						2019
		Quoted	Unquoted			Total		Quoted	Unquoted			Total
Canadian plans
Equity funds
Canadian	$	—	$	55.2	$	55.2	$	—	$	58.1	$	58.1
Foreign		—		165.7		165.7		—		210.5		210.5
Bond funds
Government		—		92.2		92.2		—		109.7		109.7
Corporate		—		85.2		85.2		—		68.8		68.8
Cash and cash equivalents		—		4.3		4.3		—		9.7		9.7
Other		—		65.2		65.2		—		28.5		28.5
Total Canadian plans	$	—	$	467.8	$	467.8	$	—	$	485.3	$	485.3
Foreign plans
Insured annuities	$	—	$	55.9	$	55.9	$	—	$	52.2	$	52.2
Equity instruments		2.4		—		2.4		2.5		—		2.5
Debt instruments
Corporate		3.5		—		3.5		3.3		—		3.3
Other		—		0.5		0.5		—		0.4		0.4
Total Foreign plans	$	5.9	$	56.4	$	62.3	$	5.8	$	52.6	$	58.4
Total plans	$	5.9	$	524.2	$	530.1	$	5.8	$	537.9	$	543.7

Assumptions for defined benefit plans

Significant assumptions (weighted average) used are as follows:



			Canadian					Foreign
	2020			2019		2020		2019
Pension obligations as at March 31:
Discount rate	3.96	%		3.33	%	1.46	%	1.64	%
Compensation rate increases	3.66	%		3.65	%	2.92	%	2.92	%
Net pension cost for years ended March 31:
Discount rate	3.33	%		3.48	%	1.64	%	1.88	%
Compensation rate increases	3.66	%		3.65	%	2.92	%	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, 2020			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		23.5		22.0		25.6		24.3
Netherlands	AG2018		23.9		21.8		25.9		23.7
Germany	Heubeck RT2018G		23.0		20.2		25.9		23.7
United Kingdom	S2PxA CMI 2018		23.1		22.0		25.1		22.0
United States	CPM private tables		24.7		23.3		26.2		24.9



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		23.4		21.9		25.5		24.2
Netherlands	AG2018		23.8		21.7		25.8		23.6
Germany	Heubeck RT2018G		22.8		20.0		25.8		23.6
United Kingdom	S2PxA CMI 2018		23.5		22.4		25.5		24.2
United States	CPM private tables		23.4		21.9		25.8		24.4

Disclosure of sensitivity analysis for actuarial assumptions

The impact on the defined benefit obligation as a result of a 0.25% change in the significant assumptions as at March 31, 2020 are as follows:



				Funded plans				Unfunded plans
Canadian					Foreign		Canadian				Foreign			Total
Discount rate:
Increase	$	(24.4	)	$	(3.6	)	$	(2.5	)	$	(0.5	)	$	(31.0	)
Decrease		26.1			3.9			2.7			0.5			33.2
Compensation rate:
Increase		6.7			0.3			0.3			—			7.3
Decrease		(6.4	)		(0.3	)		(0.3	)		—			(7.0	)

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
Expected employer contributions in funded plans	$	21.7	$	3.1	$	24.8
Expected benefits paid in unfunded plans		3.3		0.6		3.9