Cogeco 2004 Annual Report Download - page 48

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
46 Cogeco Cable Inc. 2004
12 STATEMENTS OF CASH FLOW (continued)
c) Other information
(amounts are in thousands of dollars) 2004 2003
$$
Interest paid 56,654 58,862
Income taxes paid (refunded) 2,014 (4,287)
13 EMPLOYEES FUTURE BENEFITS
The Corporation and its subsidiaries offer their employees contributory defined benefit pension plans, a defined contribution pension plan
or a collective registered retirement savings plan. With respect to the last two plans, the Corporation and its subsidiaries’ obligations are limited
to the payment of the monthly employer’s portion. Expenses related to these two plans amounted to $1,247,000 ($982,000 in 2003).
The defined benefit pension plans provide pensions based on the number of years of service and the average salary during the employment
of each participant. In addition, the Corporation and its subsidiaries offer certain executives a supplementary pension plan. The Corporation
measures plan assets at fair value and the accrued benefit obligation as at August 31 of each year for all plans. The most recent actuarial
valuation of the pension plans were as of August 31, 2003 and the next required valuation will be as of August 31, 2004.