Shaw 2013 Annual Report Download - page 114

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S
haw
C
ommunications Inc
.
N
O
TE
S
T
OCO
N
SO
LIDATED FINAN
C
IAL
S
TATEMENT
S
August 31, 2013 and 201
2
[all amounts in millions of Canadian dollars exce
p
t share and
p
er share amounts
]
D
uring the current year, the Company established an executive retirement plan (“ERP”) fo
r
certain executives not covered b
y
the SERP. Benefits under this
p
lan are com
p
rised of define
d
contr
i
but
i
on and de
fi
ned bene
fi
t com
p
onents and are based on the em
p
lo
y
ees’ len
g
th o
f
serv
i
c
e
as well as final average earnings during their years of service. Employees are not required to
contribute to this
p
lan. Annuall
y
the em
p
lo
y
er is to fund 90% of the accrued benefit obli
g
ation
.
Subse
q
uent to
y
ear end, the Com
p
an
y
made contributions of $2 to an RCA
.
The table below shows the chan
g
e in benefit obli
g
ation and fundin
g
status and the fair value o
f
pl
an assets.
S
ER
P
$
ERP
$
2013
Total
$
2012
S
ER
P
$
A
ccrued bene
fi
t obl
ig
at
i
on, be
gi
nn
i
n
g
o
fy
ea
r
3
7
8
–
3
7
8
334
C
urrent service cost
8
210
7
P
ast se
rv
ice cost
4
–
4
–
Interest cost 17 – 17
19
G
a
i
n–
p
ast serv
i
ce ad
j
ustment
s
––
–
(2
5
)
Payment of benefits to employee
s
(9) – (9
)
(9
)
Re
m
easu
r
e
m
e
n
ts
:
E
ff
ect o
f
changes
i
n demograph
i
c assumpt
i
on
s
12
–
12
–
Effect of changes in financial assumptions (15) – (15
)
5
6
E
ff
ect o
f
ex
p
er
i
ence ad
j
ustment
s
9
–
9
(
4
)
A
ccrued bene
fi
t obl
ig
at
i
on, end o
fy
ea
r
40
4
2
4
06
3
7
8
Fa
i
r value o
fp
lan assets, be
gi
nn
i
n
g
o
fy
ea
r
––
–
–
Employer contributions
3
00 – 300
–
In
te
r
est i
n
co
m
e
13
–
13
–
Payment of benefit
s
(9) – (9
)
–
Return on
p
lan assets, exclud
i
n
gi
nterest
i
ncome
(2)
–
(2)
–
Fa
i
r value o
fp
lan assets, end o
fy
ea
r
302
–
302
–
A
ccrued bene
fi
tl
i
ab
i
l
i
t
y
and
p
lan de
fi
c
i
t, end o
fy
ear
102 2 104
3
7
8
The weighted average duration of the defined benefit obligation of the SERP and ERP a
t
August 31, 2013 is 15.5 years and 23.4 years, respectively.
The underly
i
ng plan assets o
f
the
S
ERP at August
31
,
2013
are
i
nvested
i
n the
f
ollow
i
ng
:
$
C
ash and cash equ
i
valent
s
160
Fixed income securitie
s
8
0
E
q
u
i
t
y
secur
i
t
i
es –
C
anad
i
a
n
21
Equ
i
ty secur
i
t
i
es – Fore
i
g
n
41
302
All
fi
xed
i
ncome and e
q
u
i
t
y
secur
i
t
i
es have a
q
uoted
p
r
i
ce
i
n act
i
ve market
.
110