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EMPLOYEE BENEFITS OBLIGATIONS (Tables) | 12 Months Ended
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Mar. 31, 2021
Disclosure of share-based payments arrangements [Abstract] |
Disclosure of net defined benefit liability (asset) | The employee benefits obligations are as follows:
|  | 2021 |  | 2020
Funded defined benefit pension obligations | $ | 761.5 |  | $ | 649.2 |
Fair value of plan assets |  | 641.9 |  |  | 530.1 |
Funded defined benefit pension obligations – net | $ | 119.6 |  | $ | 119.1 |
Unfunded defined benefit pension obligations |  | 102.6 |  |  | 93.7 |
Employee benefits obligations | $ | 222.2 |  | $ | 212.8 |
Changes in funded defined benefit pension obligations and fair value of plan assets are as follows:
|  |  |  |  |  | 2021 |  |  |  |  |  | 2020
Canadian |  | Foreign |  | Total | Canadian |  | Foreign |  | Total
Pension obligations, beginning of year | $ | 576.9 |  | $ | 72.3 |  | $ | 649.2 |  | $ | 597.2 |  | $ | 67.2 |  | $ | 664.4 |
Current service cost |  | 28.4 |  |  | 2.4 |  |  | 30.8 |  |  | 30.4 |  |  | 2.1 |  |  | 32.5 |
Interest cost |  | 20.5 |  |  | 1.1 |  |  | 21.6 |  |  | 18.0 |  |  | 1.1 |  |  | 19.1 |
Past service cost |  | 1.0 |  |  | (2.8) |  |  | (1.8) |  |  | — |  |  | — |  |  | — |
Actuarial loss (gain) arising from: |  |  |  |  |  |  |  |  |  |  |  |
Experience adjustments |  | (0.6) |  |  | (1.7) |  |  | (2.3) |  |  | 9.2 |  |  | 0.4 |  |  | 9.6 |
Economic assumptions |  | 72.3 |  |  | 9.1 |  |  | 81.4 |  |  | (64.3) |  |  | 0.5 |  |  | (63.8) |
Demographic assumptions |  | — |  |  | (1.3) |  |  | (1.3) |  |  | — |  |  | (0.4) |  |  | (0.4) |
Employee contributions |  | 7.4 |  |  | 0.5 |  |  | 7.9 |  |  | 7.2 |  |  | 0.6 |  |  | 7.8 |
Pension benefits paid |  | (18.9) |  |  | (1.4) |  |  | (20.3) |  |  | (20.8) |  |  | (1.5) |  |  | (22.3) |
Foreign currency exchange differences |  | — |  |  | (3.7) |  |  | (3.7) |  |  | — |  |  | 2.3 |  |  | 2.3 |
Pension obligations, end of year | $ | 687.0 |  | $ | 74.5 |  | $ | 761.5 |  | $ | 576.9 |  | $ | 72.3 |  | $ | 649.2 |
Fair value of plan assets, beginning of year | $ | 467.8 |  | $ | 62.3 |  | $ | 530.1 |  | $ | 485.3 |  | $ | 58.4 |  | $ | 543.7 |
Interest income |  | 16.9 |  |  | 1.0 |  |  | 17.9 |  |  | 14.9 |  |  | 0.9 |  |  | 15.8 |
Return on plan assets, excluding amounts |  |  |  |  |  |  |  |  |  |  |  |
included in interest income |  | 79.7 |  |  | 6.3 |  |  | 86.0 |  |  | (40.0) |  |  | (0.2) |  |  | (40.2) |
Employer contributions |  | 22.7 |  |  | 1.9 |  |  | 24.6 |  |  | 22.1 |  |  | 2.3 |  |  | 24.4 |
Employee contributions |  | 7.4 |  |  | 0.5 |  |  | 7.9 |  |  | 7.2 |  |  | 0.6 |  |  | 7.8 |
Pension benefits paid |  | (18.9) |  |  | (1.4) |  |  | (20.3) |  |  | (20.8) |  |  | (1.5) |  |  | (22.3) |
Administrative costs |  | (0.9) |  |  | (0.2) |  |  | (1.1) |  |  | (0.9) |  |  | (0.2) |  |  | (1.1) |
Foreign currency exchange differences |  | — |  |  | (3.2) |  |  | (3.2) |  |  | — |  |  | 2.0 |  |  | 2.0 |
Fair value of plan assets, end of year | $ | 574.7 |  | $ | 67.2 |  | $ | 641.9 |  | $ | 467.8 |  | $ | 62.3 |  | $ | 530.1 |
Changes in unfunded defined benefit pension obligations are as follows:
|  |  |  |  |  | 2021 |  |  |  |  |  | 2020
Canadian |  | Foreign |  | Total | Canadian |  | Foreign |  | Total
Pension obligations, beginning of year | $ | 78.0 |  | $ | 15.7 |  | $ | 93.7 |  | $ | 77.2 |  | $ | 14.7 |  | $ | 91.9 |
Current service cost |  | 3.2 |  |  | 0.6 |  |  | 3.8 |  |  | 3.3 |  |  | 0.6 |  |  | 3.9 |
Interest cost |  | 2.6 |  |  | 0.2 |  |  | 2.8 |  |  | 2.1 |  |  | 0.2 |  |  | 2.3 |
Past service cost |  | — |  |  | — |  |  | — |  |  | — |  |  | (0.1) |  |  | (0.1) |
Actuarial loss (gain) arising from: |  |  |  |  |  |  |  |  |  |  |  |
Experience adjustments |  | — |  |  | — |  |  | — |  |  | 7.7 |  |  | (0.6) |  |  | 7.1 |
Economic assumptions |  | 7.9 |  |  | (0.8) |  |  | 7.1 |  |  | (7.2) |  |  | 1.1 |  |  | (6.1) |
Pension benefits paid |  | (3.1) |  |  | (0.7) |  |  | (3.8) |  |  | (2.8) |  |  | (0.7) |  |  | (3.5) |
Business combinations |  | — |  |  | — |  |  | — |  |  | (2.3) |  |  | — |  |  | (2.3) |
Foreign currency exchange differences |  | — |  |  | (1.0) |  |  | (1.0) |  |  | — |  |  | 0.5 |  |  | 0.5 |
Pension obligations, end of year | $ | 88.6 |  | $ | 14.0 |  | $ | 102.6 |  | $ | 78.0 |  | $ | 15.7 |  | $ | 93.7 |
Disclosure of additional information about defined benefit plans | Net pension cost is as follows:
|  |  |  |  |  | 2021 |  |  |  |  |  | 2020
Canadian |  | Foreign |  | Total | Canadian |  | Foreign |  | Total
Funded plans |  |  |  |  |  |  |  |  |  |  |  |
Current service cost | $ | 28.4 |  | $ | 2.4 |  | $ | 30.8 |  | $ | 30.4 |  | $ | 2.1 |  | $ | 32.5 |
Interest cost |  | 20.5 |  |  | 1.1 |  |  | 21.6 |  |  | 18.0 |  |  | 1.1 |  |  | 19.1 |
Interest income |  | (16.9) |  |  | (1.0) |  |  | (17.9) |  |  | (14.9) |  |  | (0.9) |  |  | (15.8) |
Past service cost |  | 1.0 |  |  | (2.8) |  |  | (1.8) |  |  | — |  |  | — |  |  | — |
Administrative cost |  | 0.9 |  |  | 0.2 |  |  | 1.1 |  |  | 0.9 |  |  | 0.2 |  |  | 1.1 |
Net pension cost of funded plans | $ | 33.9 |  | $ | (0.1) |  | $ | 33.8 |  | $ | 34.4 |  | $ | 2.5 |  | $ | 36.9 |
Unfunded plans |  |  |  |  |  |  |  |  |  |  |  |
Current service cost | $ | 3.2 |  | $ | 0.6 |  | $ | 3.8 |  | $ | 3.3 |  | $ | 0.6 |  | $ | 3.9 |
Interest cost |  | 2.6 |  |  | 0.2 |  |  | 2.8 |  |  | 2.1 |  |  | 0.2 |  |  | 2.3 |
Past service cost |  | — |  |  | — |  |  | — |  |  | — |  |  | (0.1) |  |  | (0.1) |
Net pension cost of unfunded plans | $ | 5.8 |  | $ | 0.8 |  | $ | 6.6 |  | $ | 5.4 |  | $ | 0.7 |  | $ | 6.1 |
Total net pension cost | $ | 39.7 |  | $ | 0.7 |  | $ | 40.4 |  | $ | 39.8 |  | $ | 3.2 |  | $ | 43.0 |
Disclosure of fair value of plan assets | Fair value of the plan assets, by major categories, are as follows:
(amounts in millions) |  |  |  |  |  | 2021 |  |  |  |  |  | 2020
|  | Quoted | Unquoted |  | Total |  | Quoted | Unquoted |  | Total
Canadian plans |  |  |  |  |  |  |  |  |  |  |  |
Equity funds |  |  |  |  |  |  |  |  |  |  |  |
Canadian | $ | — |  | $ | 78.2 |  | $ | 78.2 |  | $ | — |  | $ | 55.2 |  | $ | 55.2 |
Foreign |  | — |  |  | 187.3 |  |  | 187.3 |  |  | — |  |  | 165.7 |  |  | 165.7 |
Bond funds |  |  |  |  |  |  |  |  |  |  |  |
Government |  | — |  |  | 113.0 |  |  | 113.0 |  |  | — |  |  | 92.2 |  |  | 92.2 |
Corporate |  | — |  |  | 104.3 |  |  | 104.3 |  |  | — |  |  | 85.2 |  |  | 85.2 |
Cash and cash equivalents |  | — |  |  | 11.2 |  |  | 11.2 |  |  | — |  |  | 4.3 |  |  | 4.3 |
Other |  | — |  |  | 80.7 |  |  | 80.7 |  |  | — |  |  | 65.2 |  |  | 65.2 |
Total Canadian plans | $ | — |  | $ | 574.7 |  | $ | 574.7 |  | $ | — |  | $ | 467.8 |  | $ | 467.8 |
Foreign plans |  |  |  |  |  |  |  |  |  |  |  |
Insured annuities | $ | — |  | $ | 60.3 |  | $ | 60.3 |  | $ | — |  | $ | 55.9 |  | $ | 55.9 |
Equity instruments |  | 2.6 |  |  | — |  |  | 2.6 |  |  | 2.4 |  |  | — |  |  | 2.4 |
Debt instruments |  |  |  |  |  |  |  |  |  |  |  |
Corporate |  | 3.7 |  |  | — |  |  | 3.7 |  |  | 3.5 |  |  | — |  |  | 3.5 |
Other |  | — |  |  | 0.6 |  |  | 0.6 |  |  | — |  |  | 0.5 |  |  | 0.5 |
Total Foreign plans | $ | 6.3 |  | $ | 60.9 |  | $ | 67.2 |  | $ | 5.9 |  | $ | 56.4 |  | $ | 62.3 |
Total plans | $ | 6.3 |  | $ | 635.6 |  | $ | 641.9 |  | $ | 5.9 |  | $ | 524.2 |  | $ | 530.1 |
Assumptions for defined benefit plans | Significant assumptions (weighted average) used are as follows:
|  | Canadian |  |  |  | Foreign
| 2021 |  | 2020 |  | 2021 |  | 2020
Pension obligations as at March 31: |  |  |  |  |  |  |
Discount rate | 3.32 | % |  | 3.96 | % |  | 1.06 | % |  | 1.46 | %
Compensation rate increases | 3.65 | % |  | 3.66 | % |  | 3.01 | % |  | 2.92 | %
Net pension cost for years ended March 31: |  |  |  |  |  |  |
Discount rate | 3.96 | % |  | 3.33 | % |  | 1.46 | % |  | 1.64 | %
Compensation rate increases | 3.66 | % |  | 3.66 | % |  | 2.92 | % |  | 2.92 | %
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, 2021 |  |  | 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 |  | 22.1 |  | 25.6 |  | 24.3
Netherlands | AG2020 |  | 23.3 |  | 21.4 |  | 25.3 |  | 23.4
Germany | Heubeck RT2018G |  | 23.1 |  | 20.3 |  | 26.0 |  | 23.8
United Kingdom | S2PxA CMI 2020 |  | 23.0 |  | 22.0 |  | 25.2 |  | 23.9
United States | CPM private tables |  | 24.8 |  | 23.4 |  | 26.3 |  | 25.0
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
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, 2021 are as follows:
|  |  | Funded plans |  | Unfunded plans |  |
Canadian |  | Foreign | Canadian |  | Foreign |  | Total
Discount rate: |  |  |  |  |  |  |  |  |  |
Increase | $ | (30.3) |  | $ | (3.8) |  | $ | (2.9) |  | $ | (0.4) |  | $ | (37.4) |
Decrease |  | 32.5 |  |  | 4.1 |  |  | 3.1 |  |  | 0.5 |  |  | 40.2 |
Compensation rate: |  |  |  |  |  |  |  |  |  |
Increase |  | 8.3 |  |  | 0.2 |  |  | 0.5 |  |  | — |  |  | 9.0 |
Decrease |  | (8.5) |  |  | (0.2) |  |  | (0.5) |  |  | — |  |  | (9.2) |
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 |  |  |  | $ | 22.3 |  | $ | 2.3 |  | $ | 24.6 |
Expected benefits paid in unfunded plans |  |  |  |  | 3.5 |  |  | 0.7 |  |  | 4.2 |

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