Shaw 2012 Annual Report Download - page 113

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Shaw Communications Inc.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
August 31, 2012 and 2011
[all amounts in millions of Canadian dollars except share and per share amounts]
Employees are not required to contribute to this plan and there are no minimum required
employer contributions under the plan. Subsequent to year end, the plan became partially
funded as the Company made discretionary contributions of $300 to a Retirement
Compensation Arrangement Trust.
The table below shows the change in benefit obligation for this plan.
2012
$
2011
$
Accrued benefit obligation and plan deficit, beginning of year 334 275
Current service cost 76
Past service cost ––
Interest cost 19 16
Curtailment gain (25) –
Actuarial losses 52 43
Payment of benefits to employees (9) (6)
Accrued benefit obligation and plan deficit, end of year 378 334
Reconciliation of accrued benefit obligation to
Consolidated Statement of Financial Position accrued benefit liability
2012
$
2011
$
Balance of unamortized pension obligation:
Past service costs 11
Accrued pension benefit liability recognized in Consolidated Statement of
Financial Position:
Accounts payable and accrued liabilities 99
Other long-term liabilities 368 324
377 333
Accrued benefit obligation, end of year as above 378 334
The actuarial losses resulted primarily from changes in interest rate assumptions, salary
escalation assumptions, and changes in the mortality table.
The tables below show the significant weighted-average assumptions used to measure the
pension obligation and cost for this plan.
Accrued benefit obligation
2012
%
2011
%
Discount rate 4.50 5.50
Rate of compensation increase 5.00(1) 5.00
Benefit cost for the year
2012
%
2011
%
Discount rate 5.50 5.75
Rate of compensation increase 5.00 5.00
(1) Applies only to incentive compensation component of eligible pensionable earnings.
109