Shaw 2012 Annual Report Download - page 114
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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]
A one percentage point decrease in the discount rate would have increased the accrued benefit
obligation at August 31, 2012 by $65 and 2012 pension expensed by $1.
The net pension benefit plan expense is comprised of the following components:
2012
$
2011
$
Current service cost 76
Interest cost 19 16
Curtailment gain (25) –
Past service costs –1
Pension expense 123
The components of pension expense are included in employee salaries and benefits except for
the curtailment gain which is included in other gains in the income statement.
As part of the broadcasting business acquisition in 2011, the Company assumed a number of
funded defined benefit pension plans which provide pension benefits to certain unionized and
non-unionized employees. Benefits under these plans are based on the employees’ length of
service and final average salary.
The table below shows the change in the benefit obligations, change in fair value of plan assets
and the funded status of these defined benefit plans.
2012
$
2011
$
Accrued benefit obligation, beginning of year 119 –
Media business acquisition –124
Current service cost 44
Interest cost 76
Employee contributions 11
Actuarial losses (gains) 24 (7)
Payment of benefits to employees (6) (9)
Accrued benefit obligation, end of year 149 119
Fair value of plan assets, beginning of year 109 –
Media business acquisition –110
Employer contributions 10 6
Employee contributions 11
Expected return on plan assets 66
Actuarial losses (4) (5)
Payment of benefit and administrative expenses (6) (9)
Fair value of plan assets, end of year 116 109
Accrued benefit liability and plan deficit, end of year 33 10
110