XML 88 R62.htm IDEA: XBRL DOCUMENT v3.25.2
EMPLOYEE BENEFITS OBLIGATIONS (Tables)
 12 Months Ended
Mar. 31, 2025
Employee Benefits [Abstract]  
Disclosure of net defined benefit liability (asset)
The employee benefits obligations are as follows:
20252024
Funded defined benefit pension obligations$599.2 $476.3 
Fair value of plan assets585.9 542.0 
Funded defined benefit pension obligations (surplus) – net$13.3 $(65.7)
Unfunded defined benefit pension obligations109.2 98.7 
Employee benefits obligations - net$122.5 $33.0 
Employee benefit assets$(11.6)$(65.7)
Employee benefit obligations$134.1 $98.7 

Changes in funded defined benefit pension obligations and fair value of plan assets are as follows:
  2025  2024
CanadianForeignTotalCanadianForeignTotal
Pension obligations, beginning of year$471.3 $5.0 $476.3 $585.5 $5.2 $590.7 
Current service cost32.9 — 32.9 31.9 — 31.9 
Interest cost22.4 0.3 22.7 22.5 0.3 22.8 
Past service cost— — — 2.9 — 2.9 
Actuarial loss (gain) arising from:    
Experience adjustments43.3 0.1 43.4 (3.0)— (3.0)
Economic assumptions23.3 (0.1)23.2 4.6 — 4.6 
Demographic assumptions— — — — (0.1)(0.1)
Employee contributions12.9 — 12.9 9.5 — 9.5 
Pension benefits paid(12.3)(0.3)(12.6)(14.0)(0.4)(14.4)
Settlements— — — (168.9)— (168.9)
Net transfers— — — 0.3 — 0.3 
Foreign currency exchange differences— 0.4 0.4 — — — 
Pension obligations, end of year$593.8 $5.4 $599.2 $471.3 $5.0 $476.3 
Fair value of plan assets, beginning of year$535.0 $7.0 $542.0 $635.3 $6.4 $641.7 
Interest income26.0 0.4 26.4 25.1 0.3 25.4 
Return on plan assets, excluding amounts    
included in interest income14.3 (0.1)14.2 18.2 0.3 18.5 
Employer contributions1.8 — 1.8 24.9 0.3 25.2 
Employee contributions12.9 — 12.9 9.5 — 9.5 
Pension benefits paid(12.3)(0.3)(12.6)(14.0)(0.4)(14.4)
Settlements1.4 — 1.4 (163.5)— (163.5)
Net transfers— — — 0.3 — 0.3 
Administrative costs(0.8)— (0.8)(0.8)— (0.8)
Foreign currency exchange differences— 0.6 0.6 — 0.1 0.1 
Fair value of plan assets, end of year$578.3 $7.6 $585.9 $535.0 $7.0 $542.0 
Changes in unfunded defined benefit pension obligations are as follows:
  2025  2024
 CanadianForeignTotalCanadianForeignTotal
Pension obligations, beginning of year$86.2 $12.5 $98.7 $81.3 $10.5 $91.8 
Current service cost4.1 0.7 4.8 3.9 1.3 5.2 
Interest cost4.0 0.4 4.4 3.9 0.5 4.4 
Past service cost3.6 (1.2)2.4 — — — 
Actuarial loss (gain) arising from:  
Experience adjustments(0.2)(1.0)(1.2)(0.4)0.4 — 
Economic assumptions2.8 0.3 3.1 0.5 0.5 1.0 
Pension benefits paid(3.1)(0.7)(3.8)(3.0)(0.7)(3.7)
Foreign currency exchange differences— 0.8 0.8 — — — 
Pension obligations, end of year$97.4 $11.8 $109.2 $86.2 $12.5 $98.7 
Disclosure of additional information about defined benefit plans
Net pension cost is as follows:
  2025  2024
 CanadianForeignTotalCanadianForeignTotal
Funded plans      
Current service cost$32.9 $— $32.9 $31.9 $— $31.9 
Interest cost22.4 0.3 22.7 22.5 0.3 22.8 
Interest income(26.0)(0.4)(26.4)(25.1)(0.3)(25.4)
Past service cost— — — 2.9 — 2.9 
Settlement gain(1.4)— (1.4)(5.4)— (5.4)
Administrative cost0.8 — 0.8 0.8 — 0.8 
Net pension cost of funded plans$28.7 $(0.1)$28.6 $27.6 $— $27.6 
Unfunded plans     
Current service cost$4.1 $0.7 $4.8 $3.9 $1.3 $5.2 
Interest cost4.0 0.4 4.4 3.9 0.5 4.4 
Past service cost3.6 (1.2)2.4 — — — 
Net pension cost of unfunded plans$11.7 $(0.1)$11.6 $7.8 $1.8 $9.6 
Total net pension cost$40.4 $(0.2)$40.2 $35.4 $1.8 $37.2 
Disclosure of fair value of plan assets
Fair value of the plan assets, by major categories, are as follows:
 (amounts in millions)
20252024
  QuotedUnquotedTotalQuotedUnquotedTotal
Canadian plans       
Equity funds
      
Canadian$— $43.5 $43.5 $— $35.0 $35.0 
Foreign— 157.8 157.8 — 130.8 130.8 
Bond funds
Government— 135.3 135.3 — 117.4 117.4 
Corporate— 63.4 63.4 — 58.7 58.7 
Private and property investments— 151.6 151.6 — 180.9 180.9 
Cash and cash equivalents
— 14.6 14.6 — 9.9 9.9 
Other
— 12.1 12.1 — 2.3 2.3 
Total Canadian plans $— $578.3 $578.3 $— $535.0 $535.0 
Foreign plans       
Equity instruments
$0.4 $— $0.4 $2.5 $— $2.5 
Debt instruments
Corporate6.9 — 6.9 3.4 — 3.4 
Other
— 0.3 0.3 — 1.1 1.1 
Total Foreign plans $7.3 $0.3 $7.6 $5.9 $1.1 $7.0 
Total plans $7.3 $578.6 $585.9 $5.9 $536.1 $542.0 
Assumptions for defined benefit plans
Significant assumptions (weighted average) used are as follows:
 CanadianForeign
 2025202420252024
Pension obligations as at March 31:    
Discount rate4.71 %5.00 %4.25 %4.43 %
Compensation rate increases3.67 %3.69 %2.48 %2.68 %
Net pension cost for years ended March 31:
Discount rate5.00 %5.05 %4.43 %4.70 %
Compensation rate increases3.69 %3.66 %2.68 %2.54 %

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, 2025Life expectancy over 65 for a member
(in years)
 Male  Female
CountryMortality tableat age 45at age 65 at age 45at age 65
CanadaCPM private tables23.922.526.325.0
GermanyHeubeck RT2018G23.821.026.624.4
United KingdomS4PFA M CMI 2023 22.621.224.923.4
United StatesCPM private tables25.123.726.525.2

As at March 31, 2024Life expectancy over 65 for a member
(in years)
   Male Female
CountryMortality tableat age 45at age 65at age 45at age 65
CanadaCPM private tables 23.822.426.325.0
GermanyHeubeck RT2018G23.520.826.424.2
United KingdomS3PFA M CMI 202222.721.424.823.3
United StatesCPM private tables25.023.626.525.5
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, 2025 are as follows:
 Funded plans Unfunded plans 
Canadian ForeignCanadianForeignTotal
Discount rate:       
Increase$(27.9)
$
(0.1)
$
(2.5)
$
(0.3)
$
(30.8)
Decrease30.2 0.1 2.7 0.4 33.4 
Compensation rate:      
Increase11.1 — 0.5 — 11.6 
Decrease(10.6)— (0.5)— (11.1)
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:
CanadianForeignTotal
Expected employer contributions in funded plans

$20.8 $— $20.8 
Expected benefits paid in unfunded plans3.0 0.8 3.8