XML 90 R53.htm IDEA: XBRL DOCUMENT v3.19.1
Defined benefit plans (Tables)
 12 Months Ended
Dec. 31, 2018
Disclosure of defined benefit plans [abstract]  
Summary of Defined Benefit Plans
 
December 31, 2018

 
December 31, 2017

Income statement charge for:
 
 
 
Pension plan
$
3,463

 
$
2,841

Supplemental Pension Plan
92

 
610

 
$
3,555

 
$
3,451

 
 
 
 
Actuarial losses recognised in the statement of other
 
 
 
comprehensive income in the period (before tax)
$
(1,197
)
 
$
(3,121
)
 
 
 
 
Cumulative actuarial losses recognised in the statement of
 
 
 
other comprehensive income (before tax)
$
(19,838
)
 
$
(18,641
)
Summary of Amounts Recognised in the Balance Sheet for All Pension Plans
The amounts recognised in the consolidated statement of financial position for all pension plans are determined as follows:
 
December 31, 2018
 
December 31, 2017
 
Pension Plan

SERP

Total

 
Pension Plan

SERP

Total

 
 
 
 
 
 
 
 
Present value of obligations
$
(16,239
)
$
(37,075
)
$
(53,314
)
 
$
(16,028
)
$
(43,956
)
$
(59,984
)
Fair value of plan assets
1,864

46,195

48,059

 
2,429

53,875

56,304

Asset (liability) on balance sheet
$
(14,375
)
$
9,120

$
(5,255
)
 
$
(13,599
)
$
9,919

$
(3,680
)
Summary of Movement in the Defined Benefit Obligation Over the Year
The movement in the present value of the defined benefit obligation over the years is as follows:
 
2018
 
2017
 
Pension Plan

SERP

Total

 
Pension Plan

SERP

Total

 
 
 
 
 
 
 
 
Balance at January 1,
$
(16,028
)
$
(43,956
)
$
(59,984
)
 
$
(12,936
)
$
(37,686
)
$
(50,622
)
Current service cost
(2,935
)
(269
)
(3,204
)
 
(2,102
)
(877
)
(2,979
)
Past service cost
—

(146
)
(146
)
 
(206
)
(208
)
(414
)
Interest cost
(601
)
(1,403
)
(2,004
)
 
(620
)
(1,508
)
(2,128
)
Actuarial gain (loss)
(1,209
)
2,512

1,303

 
(292
)
(2,390
)
(2,682
)
Benefit payments
1,066

2,829

3,895

 
1,060

1,485

2,545

Exchange gain (loss)
3,468

3,358

6,826

 
(932
)
(2,772
)
(3,704
)
Balance at December 31,
$
(16,239
)
$
(37,075
)
$
(53,314
)
 
$
(16,028
)
$
(43,956
)
$
(59,984
)
Summary of Movement in the Fair Value of Plan Assets of the Year
The movement in the fair value of plan assets over the years is as follows:
 
2018
 
2017
 
Pension Plan

SERP

Total

 
Pension Plan

SERP

Total

 
 
 
 
 
 
 
 
At January 1,
$
2,429

$
53,875

$
56,304

 
$
2,054

$
49,306

$
51,360

Interest income on plan assets
73

1,726

1,799

 
86

1,983

2,069

Actuarial gain (loss)
(64
)
(2,436
)
(2,500
)
 
(55
)
(384
)
(439
)
Contributions by employer
—

—

—

 
219

1,196

1,415

Benefit payments
(399
)
(2,828
)
(3,227
)
 
(57
)
(1,485
)
(1,542
)
Exchange gain (loss)
(175
)
(4,142
)
(4,317
)
 
182

3,259

3,441

At December 31,
$
1,864

$
46,195

$
48,059

 
$
2,429

$
53,875

$
56,304
Summary of Amounts Recognised in the Income Statement
The amounts recognised in the consolidated statement of operations are as follows:
 
2018
 
2017
 
Pension Plan

SERP

Total

 
Pension Plan

SERP

Total

 
 
 
 
 
 
 
 
Current service cost
$
2,935

$
269

$
3,204

 
$
2,102

$
877

$
2,979

Interest cost
601

1,404

2,005

 
620

1,508

2,128

Past Service Cost
—

146

146

 
206

208

414

Expected return on plan assets
(73
)
(1,727
)
(1,800
)
 
(87
)
(1,983
)
(2,070
)
Defined benefit plans expense
$
3,463

$
92

$
3,555

 
$
2,841

$
610

$
3,451
Summary of Principal Actuarial Assumptions
The principal actuarial assumptions used were as follows:
 
2018
 
2017
 
Pension Plan
 
SERP
 
Pension Plan
 
SERP
 
Greece

Turkey

Canada
 
Canada
 
Greece

Turkey

Canada
 
Canada
 
%

%

%
 
%
 
%

%

%
 
%
 
 
 
 
 
 
 
 
 
 
 
 
Expected return on plan assets
—

—

3.4
 
3.4
 
—

—

3.9
 
3.9
Discount rate - beginning of year
1.7

11.0

3.4
 
3.4
 
1.6

10.5

3.9
 
3.9
Discount rate - end of year
1.7

15.0

3.9
 
3.9
 
1.7

11.0

3.4
 
3.4
Rate of salary escalation
2.8

9.0

2.0
 
2.0
 
2.8

6.5

2.0
 
2.0
Average remaining service period of active employees expected to receive benefits
—

—

1.6 years
 
1.6 years
 
—

—

8.2 years
 
8.2 years
Summary of Defined Benefit Plans' Weighted Average Asset Allocation Percentages by Asset Category
The following table summarizes the defined benefit plans’ weighted average asset allocation percentages by asset category:
 
December 31, 2018
 
December 31, 2017
 
Pension Plan
SERP
 
Pension Plan
SERP
Investment funds
 
 
 
 
 
   Money market
2
%
1
%
 
—

6
%
   Canadian fixed income
98
%
6
%
 
100
%
2
%
   Canadian equities
—

22
%
 
—

20
%
   US equities
—

10
%
 
—

19
%
   International equities
—

12
%
 
—

7
%
Other (1)
—

49
%
 
—

46
%
Total
100
%
100
%
 
100
%
100
%

1 Assets held by the Canada Revenue Agency in the refundable tax account

Summary of Sensitivity of the Overall Pension Obligation to Changes in the Weighted Principal Assumptions
The sensitivity of the overall pension obligation to changes in the weighted principal assumptions is:
 
Change in assumption
Impact on overall obligation
Discount rate
Increase by 0.5%
Decrease by $2,189
 
Decrease by 0.5%
Increase by $2,401
Salary escalation rate
Increase by 0.5%
Increase by $nil
 
Decrease by 0.5%
Decrease by $nil