Shaw 2012 Annual Report Download - page 116
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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]
Other benefit plans
As part of the broadcasting business acquisition in fiscal 2011, the Company assumed post
employment benefits plans that provide post retirement health and life insurance coverage.
2012
$
2011
$
Accrued benefit obligation, beginning of year 15 –
Media business acquisition –15
Current service cost 1–
Interest cost 11
Plan amendment –(1)
Actuarial loss 3–
Payment of benefits to employees (1) –
Accrued benefit obligation and plan deficit, end of year 19 15
Reconciliation of accrued benefit obligation to Consolidated Statement of Financial Position
accrued benefit liability
2012
$
2011
$
Balance of unamortized obligation:
Plan amendment –(1)
Accrued post-retirement liability recognized in Consolidated Statement of
Financial Position:
Other long-term liabilities 19 16
Accrued benefit obligation, end of year as above 19 15
The table below shows the components of the post-retirement benefit plan expense. The net
post-retirement benefit plan expense, which is included in employee salaries and benefits
expense, is comprised of the following components:
2012 2011
$$
Current service cost 1–
Interest cost 11
Plan amendment (1) –
Post-retirement expense 11
The discount rates used to measure the post-retirement benefit cost for the year and the
accrued benefit obligation as at August 31, 2012 were 5.50% and 4.50%, respectively (2011
– 5.50% and 5.50%, respectively). The assumed health care cost trend rate for the next year
used to measure expected benefit costs is 6.39% decreasing to an ultimate rate of 4.58% in
2029. A one percentage point increase in the assumed health care cost trend rate would have
increased the service and interest costs and accrued obligation by $nil and $3, respectively. A
one percentage point decrease in the assumed health care cost trend rate would have lowered
the service and interest costs and accrued obligation by $nil and $3, respectively.
112